Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.027%

Price spread now: Variational Omni against Vest+0.089%7-day average +0.434% · you sell dearer than you buy

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

Long on Vest Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days−0.136%−$14 · spread now +0.089%, 7d avg +0.434%

Together, before fees−0.121%+ Points / potential airdropVest: Active · Variational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.345% cheaper against Vest than usual: you would sell low and buy high (spread +0.089% now, against its 7-day average of +0.434%). If the spread goes back, that is −$34 on $10k: about 7.3 days of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.014% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSTR-USD-PERP	162.67	0.0046	pay 0.0006% / 1h	23m 17s	—	$1.8M	25x
Short	Variational Omni MSTR	162.81	0.0204	get 0.0204% / 8h	23m 17s	$1.2M	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now +0.089%Rate

Funding earned: $33.22
Price spread: +0.089% → +0.434%: −$34.46
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.25
Costs to cover: 0.020%
Break-even: 7.7 days

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 1 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	2.98 bp	doesn't fit	14.0 bp −$140	doesn't fit	doesn't fit

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
Bitget MSTRUSDT	−0.0440%	8h	163.04	+0.227%	$29.4M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.97	+0.184%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.92	+0.154%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.75	+0.049%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.100%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.03	+0.221%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERPlong	+0.0046%	1h	162.67	long leg	—	$1.8M	25x
Polymarket Perps MSTR-USD	+0.0050%	1h	162.82	+0.092%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.83	+0.098%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.59	−0.049%	$902K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	162.81	+0.086%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0078%	8h	162.87	+0.121%	$1.8M	$8.7M	50x	as long as short
Lighter MSTR	+0.0088%	1h	162.91	+0.148%	$3.5M	$2.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.80	+0.082%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.85	+0.111%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.69	+0.012%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.88	+0.129%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.89	+0.135%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	+0.098%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0153%	8h	162.78	+0.068%	$65	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0202%	8h	162.94	+0.166%	$20.8M	$99.6M	50x	as long as short
Variational Omni MSTRshort	+0.0204%	8h	162.81	+0.089%	$1.2M	$2.0M	—
Nado MSTR-PERP	+0.0211%	1h	162.72	+0.033%	$125K	$165K	3x	as long as short
Binance MSTRUSDT	+0.0273%	8h	162.90	+0.138%	$83.9M	$620.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0276%	8h	162.85	+0.112%	$78K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.00	+0.204%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0393%	8h	162.93	+0.160%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0410%	8h	162.95	+0.172%	$17.1M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0477%	1h	162.88	+0.129%	$53.8M	$37.6M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.89	+0.136%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0629%	4h	162.85	+0.111%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0733%	1h	162.92	+0.154%	$277K	$437K	10x	as long as short