Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h −0.042%

Price spread now: QFEX against Variational Omni+0.034%7-day average −0.070% · you sell dearer than you buy

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

Long on Variational Omni Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.034%, 7d avg −0.070%

Together, before fees−0.081%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.104% dearer against Variational Omni than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.44	0	get 0.0000% / 8h	7h 59m	$1.2M	$2.4M	—
Short	QFEX MSTR-USD	169.50	0.0049	get 0.0006% / 1h	59m 56s	$1.5M	$10.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.034%Rate

Funding earned: $10.35
Price spread: +0.034% → −0.070%: $10.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: $10.79
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; QFEX: live order book, 4 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, 4 min ago	2.95 bp	doesn't fit	11.6 bp −$116	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.48 bp	6.5 bp −$6	7.7 bp −$77	17.2 bp −$1,716	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
Nado MSTR-PERP	−0.0044%	1h	169.42	−0.014%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.29	−0.088%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.55	+0.064%	$21.9M	$106.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.49	+0.028%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.44	long leg	$1.2M	$2.4M	—
Phemex MSTRUSDT	0.0000%	4h	169.31	−0.078%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.53	+0.052%	$276K	$441K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0030%	8h	169.13	−0.184%	$77K	$871K	10x	as long as short
Bitget MSTRUSDT	+0.0031%	8h	169.58	+0.081%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.53	+0.052%	$3.6M	$2.4M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.48	+0.021%	$581K	$1.8M	10x	as long as short
BloFin MSTR-USDT	+0.0037%	8h	169.60	+0.093%	$1.1M	$1.9M	20x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.69	+0.146%	—	$2.1M	25x	as long as short
QFEX MSTR-USDshort	+0.0049%	1h	169.50	+0.034%	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.47	+0.016%	$400K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.54	+0.058%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.125%	$764K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.61	+0.099%	$15.2M	$40.3M	50x	as long as short
Binance MSTRUSDT	+0.0062%	8h	169.56	+0.070%	$89.4M	$628.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0094%	8h	169.47	+0.014%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.408%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.53	+0.050%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.40	−0.025%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.172%	$4K	$224K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.51	+0.040%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.332%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.52	+0.044%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0123%	1h	169.55	+0.064%	$57.2M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.45	+0.004%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0576%	1h	169.61	+0.099%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0628%	4h	169.42	−0.013%	$48K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.57	+0.075%	$27K	$129K	10x	as long as short