Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h +0.017%

Price spread now: tradeXYZ against Variational Omni−0.050%7-day average −0.091% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.100%+$10 on $10k

Price spread, last 7 days−0.016%−$2 · spread now −0.050%, 7d avg −0.091%

Together, before fees+0.084%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.041% dearer against Variational Omni than usual: you sell high and buy low (spread −0.050% now, against its 7-day average of −0.091%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 23 hours. Mind the row above: over the last 4 days funding on this pair paid +0.100%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	166.45	0.0348	pay 0.0348% / 8h	5h 50m	$1.2M	$1.6M	—
Short	tradeXYZ xyz:MSTR	166.37	0.0202	get 0.0025% / 1h	50m 53s	$55.0M	$34.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$30.74
Price spread: −0.050% → −0.091%: $4.15
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$44.6
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; tradeXYZ: live order book, 12 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, 1 min ago	2.98 bp	doesn't fit	16.3 bp −$163	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.90 bp	10.1 bp −$10	11.8 bp −$118	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.740%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.46	+0.004%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.47	+0.010%	$32.0M	$105.8M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.34	−0.068%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.37	−0.050%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.22	−0.142%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.51	+0.035%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.26	−0.114%	$127K	$127K	3x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.30	−0.092%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.30	−0.092%	$384K	$2.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	166.31	−0.086%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.25	−0.122%	$875K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.404%	$1.4M	$390K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.20	−0.152%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.34	−0.068%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.09	−0.218%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.36	−0.056%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.38	−0.045%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0112%	8h	166.23	−0.133%	$66	—	5x	as long as short
tradeXYZ xyz:MSTRshort	+0.0202%	1h	166.37	−0.050%	$55.0M	$34.4M	10x
Bybit MSTRUSDT	+0.0220%	8h	166.43	−0.014%	$17.2M	$38.0M	50x	as long as short
Aster MSTRUSDT	+0.0269%	8h	166.37	−0.049%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0294%	8h	166.42	−0.020%	$21.6M	$84.0M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.49	+0.022%	$56K	$213K	10x	as long as short
Variational Omni MSTRlong	+0.0348%	8h	166.45	long leg	$1.2M	$1.6M	—
Deribit MSTR_USDC-PERPETUAL	+0.0412%	1h	166.36	−0.056%	$283K	$209K	10x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.36	−0.058%	$274K	$353K	10x	as long as short
Binance MSTRUSDT	+0.0454%	8h	166.37	−0.050%	$87.2M	$538.3M	50x	as long as short
BloFin MSTR-USDT	+0.0586%	8h	166.42	−0.020%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0608%	8h	166.43	−0.013%	$87K	$855K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.42	−0.020%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0909%	4h	166.35	−0.063%	$48K	$4.9M	10x	as long as short