Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.041%

Price spread now: Phemex against Variational Omni−0.052%7-day average +0.018% · you buy dearer than you sell

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.063%−$6 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.052%, 7d avg +0.018%

Together, before fees−0.102%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.070% cheaper against Variational Omni than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	164.73	0.0072	pay 0.0072% / 8h	4h 26m	$1.2M	$2.1M	—
Short	Phemex MSTRUSDT	164.64	0	get 0.0000% / 4h	26m 30s	$2.8M	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 PhemexbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$15.1
Price spread: −0.052% → +0.018%: −$6.99
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.09
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phemex: live order book, 2 min ago. 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, 3 min ago	2.97 bp	doesn't fit	13.5 bp −$135	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.95 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.0929%	8h	164.68	−0.028%	$27.9M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0011%	8h	164.52	−0.125%	$4.6M	$18.6M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.52	−0.125%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	164.64	−0.052%	$2.8M	$73K	10x
OKX MSTR-USDT-SWAP	+0.0002%	8h	164.53	−0.119%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.45	−0.168%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.47	−0.152%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.801%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.54	−0.113%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.63	−0.058%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.50	−0.137%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.40	−0.198%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.48	−0.149%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.34	−0.234%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.47	−0.156%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTRlong	+0.0072%	8h	164.73	long leg	$1.2M	$2.1M	—
Pacifica MSTR	+0.0100%	1h	164.50	−0.139%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.46	−0.162%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.66	−0.040%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.46	−0.162%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	−0.165%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0132%	8h	164.54	−0.113%	$88.0M	$617.4M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.53	−0.119%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.83	+0.063%	$78K	$771K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.368%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.98	+0.157%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0233%	4h	164.72	−0.004%	$49K	$5.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	164.54	−0.113%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0245%	1h	164.44	−0.172%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0251%	8h	164.59	−0.083%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0360%	8h	164.58	−0.089%	$17.0M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0541%	1h	164.51	−0.131%	$280K	$438K	10x	as long as short