Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.010%

Price spread now: Injective against Variational Omni+3.839%61s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 3.839% dearer against Variational Omni than usual: you sell high and buy low (spread +3.839% now, against zero (this spread has no 7-day history yet)): +$384 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	163.08	0.0114	pay 0.0114% / 8h	2h 38m	$1.2M	$2.0M	—
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	38m 11s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee InjectivebpOrdersPrice spread, now +3.839%Rate

Funding earned: −$16.88
Price spread: +3.839% → 0.000%: $383.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $366.98
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Variational Omni RFQ quote, 1 min ago	2.98 bp	doesn't fit	14.6 bp −$146	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	−0.1030%	8h	163.09	+0.006%	$27.0M	$117.7M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	162.81	−0.163%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.88	−0.122%	$4.6M	$19.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.33	+0.153%	$2.8M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.61	−0.288%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+3.839%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.08	0.000%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0043%	1h	162.36	−0.441%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.75	−0.202%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.73	−0.214%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.66	−0.257%	$833K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.78	−0.184%	$1.4M	$7.2M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0086%	8h	162.89	−0.116%	$20.7M	$99.8M	50x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.81	−0.165%	$264K	$443K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.81	−0.167%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.70	−0.233%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.83	−0.153%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.75	−0.202%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.79	−0.179%	$135	—	10x	as long as short
Variational Omni MSTRlong	+0.0114%	8h	163.08	long leg	$1.2M	$2.0M	—
Paradex MSTR-USD-PERP	+0.0136%	8h	162.75	−0.202%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.54	−0.331%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0185%	8h	162.85	−0.142%	$85.0M	$624.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0188%	8h	163.15	+0.045%	$79K	$839K	10x	as long as short
Lighter MSTR	+0.0200%	1h	162.75	−0.202%	$3.4M	$1.9M	10x	as long as short
BloFin MSTR-USDT	+0.0304%	8h	162.75	−0.202%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0354%	8h	162.90	−0.110%	$16.6M	$41.3M	50x	as long as short
Nado MSTR-PERP	+0.0360%	1h	162.62	−0.281%	$123K	$150K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0362%	1h	162.78	−0.184%	$54.2M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.94	−0.086%	$55K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0838%	4h	163.37	+0.179%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0980%	1h	162.81	−0.165%	$277K	$438K	10x	as long as short