Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.044%

Price spread now: Vest against Variational Omni+0.113%7-day average −0.965% · you sell dearer than you buy

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

Long on Variational Omni Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now +0.113%, 7d avg −0.965%

Together, before fees+0.022%+ Points / potential airdropVariational Omni: Active · Vest: Active · farm board+$2 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 Vest is 1.077% dearer against Variational Omni than usual: you sell high and buy low: +$108 more if the spread goes back to its 7-day average of −0.965%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.58	0	get 0.0000% / 8h	2h 23m	$1.2M	$2.4M	—
Short	Vest MSTR-USD-PERP	169.77	0.0046	get 0.0006% / 1h	23m 17s	—	$2.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.113%Rate

Funding earned: $9.59
Price spread: +0.113% → −0.965%: $107.72
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Vest: 1 bp × 2 orders: −$2
Net: $115.31
Costs to cover: 0.020%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Vest: 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, 1 min ago	2.98 bp	doesn't fit	13.1 bp −$131	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	−0.0070%	1h	169.50	−0.046%	$140K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	169.62	+0.024%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.57	−0.003%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.63	+0.030%	$88.8M	$629.6M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.65	+0.042%	$22.1M	$107.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.65	+0.044%	$297K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.60	+0.012%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.58	long leg	$1.2M	$2.4M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	−0.082%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.58	+0.001%	$2.9M	$57K	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	169.57	−0.005%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.46	−0.068%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.65	+0.042%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERPshort	+0.0046%	1h	169.77	+0.113%	—	$2.1M	25x
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.277%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.59	+0.006%	$56.7M	$38.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.66	+0.048%	$413K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.60	+0.012%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.59	+0.006%	$763K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0073%	8h	169.62	+0.024%	$28.9M	$119.8M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0076%	8h	169.67	+0.051%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0095%	8h	169.69	+0.065%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.65	+0.044%	$104K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.47	−0.064%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.37	−0.123%	$4K	$934K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.60	+0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.58	+0.001%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.44	−0.083%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0387%	4h	169.35	−0.133%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.69	+0.065%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.283%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0753%	1h	169.70	+0.071%	$288K	$438K	10x	as long as short