Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.005%

Price spread now: Ondo Perps against Variational Omni−0.170%7-day average −0.115% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.132%+$13 on $10k

Price spread, last 7 days−0.037%−$4 · spread now −0.170%, 7d avg −0.115%

Together, before fees+0.095%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.055% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.170% now, against its 7-day average of −0.115%). If the spread goes back, that is −$6 on $10k: about 3.6 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.132% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	168.92	0	get 0.0000% / 8h	1h 09m	$1.2M	$2.4M	—
Short	Ondo Perps MSTR-USD.P	168.63	0.0050	get 0.0006% / 1h	9m 03s	$780K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.170%Rate

Funding earned: $10.58
Price spread: −0.170% → −0.115%: −$5.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $0.07
Costs to cover: 0.050%
Break-even: 7.0 days

Slippage unknown: Variational Omni: RFQ quote, just now; Ondo Perps: 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, just now	2.96 bp	doesn't fit	12.4 bp −$124	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Nado MSTR-PERP	−0.0068%	1h	168.88	−0.019%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0005%	8h	169.09	+0.102%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.92	−0.001%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.06	+0.086%	$89.2M	$628.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.10	+0.108%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.03	+0.068%	$275K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.02	+0.061%	$4.8M	$19.5M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	168.92	long leg	$1.2M	$2.4M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.10	+0.109%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.04	+0.073%	$2.9M	$63K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.99	+0.043%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.89	−0.013%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0032%	8h	169.12	+0.120%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.99	+0.043%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.96	+0.025%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	+0.025%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.94	+0.013%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	168.63	−0.170%	$780K	$5.1M	10x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.152%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0062%	8h	169.07	+0.090%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0079%	8h	168.93	+0.010%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0094%	1h	169.01	+0.055%	$57.0M	$37.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.91	−0.005%	$104K	$103K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.91	−0.004%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.92	+0.002%	$4K	$398K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.99	+0.043%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.01	+0.053%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	+0.047%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.238%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.05	+0.079%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0466%	4h	168.94	+0.016%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0638%	1h	169.07	+0.090%	$287K	$439K	10x	as long as short