Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.004%

Price spread now: SoDEX against Variational Omni−0.124%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. SoDEX is 0.124% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 8.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	168.74	0	get 0.0000% / 8h	7h 37m	$1.2M	$2.1M	—
Short	SoDEX MSTR-USD	168.53	0.0050	get 0.0006% / 1h	37m 34s	$44K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.124%Rate

Funding earned: $10.5
Price spread: −0.124% → 0.000%: −$12.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$9.88
Costs to cover: 0.080%
Break-even: 13.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; SoDEX: 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, 2 min ago	2.96 bp	doesn't fit	11.4 bp −$114	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.0074%	1h	168.45	−0.170%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.63	−0.067%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.69	−0.029%	$21.7M	$102.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.65	−0.053%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.75	+0.007%	$28.5M	$114.1M	25x	as long as short
Variational Omni MSTRlong	0.0000%	8h	168.74	long leg	$1.2M	$2.1M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	168.69	−0.029%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.68	−0.035%	$2.8M	$66K	10x	as long as short
Bybit MSTRUSDT	+0.0004%	8h	168.69	−0.029%	$15.1M	$39.3M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.54	−0.118%	$3.6M	$2.0M	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	168.38	−0.210%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.55	−0.112%	$1.4M	$9.5M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.81	+0.042%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.58	−0.094%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.58	−0.094%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USDshort	+0.0050%	1h	168.53	−0.124%	$44K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.47	−0.159%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0054%	8h	168.65	−0.055%	$88.9M	$616.9M	50x	as long as short
BloFin MSTR-USDT	+0.0085%	8h	168.71	−0.017%	$1.1M	$1.9M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.54	−0.120%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.165%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.58	−0.092%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.62	−0.070%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.65	−0.053%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.57	−0.100%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.57	−0.099%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0198%	1h	168.63	−0.065%	$56.9M	$35.2M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.356%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.74	−0.001%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.65	−0.052%	$275K	$434K	10x	as long as short
edgeX MSTRUSDC	+0.0572%	4h	168.81	+0.044%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0640%	1h	168.60	−0.082%	$287K	$438K	10x	as long as short