Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h +0.011%

Price spread now: Variational Omni against ApeX Omni+0.191%7-day average +0.017% · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.065%−$7 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.191%, 7d avg +0.017%

Together, before fees−0.247%+ Points / potential airdropVariational Omni: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.174% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of +0.017%): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSTRUSDT	164.53	0.0100	pay 0.0013% / 1h	15m 19s	$4K	$188K	50x
Short	Variational Omni MSTR	164.84	0.0002	get 0.0002% / 8h	6h 15m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.191%Rate

Funding earned: −$20.54
Price spread: +0.191% → +0.017%: $17.42
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.12
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: ApeX Omni: live order book, 64 min ago; Variational Omni: RFQ quote, 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 ApeX Omni live order book, 64 min ago	14.60 bp	98.9 bp −$99	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.98 bp	doesn't fit	8.3 bp −$83	doesn't fit	doesn't fit

MSTR on 31 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	−0.1079%	8h	164.96	+0.261%	$27.6M	$115.7M	25x	as long as short
Gate MSTR_USDT	−0.0182%	8h	164.83	+0.182%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.86	+0.199%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.83	+0.182%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.82	+0.179%	$270K	$447K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.91	+0.231%	$2.8M	$68K	10x	as long as short
Variational Omni MSTRshort	+0.0002%	8h	164.84	+0.191%	$1.2M	$2.1M	—
Extended MSTR_24_5-USD	+0.0032%	1h	164.69	+0.097%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.86	+0.201%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.83	+0.182%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	+0.225%	$910K	$4.5M	10x	as long as short
SoDEX MSTR-USD	+0.0054%	1h	164.82	+0.176%	$43K	$3K	10x	as long as short
Lighter MSTR	+0.0064%	1h	164.73	+0.122%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.83	+0.182%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0071%	8h	164.85	+0.194%	$87.9M	$623.9M	50x	as long as short
Polymarket Perps MSTR-USD	+0.0077%	1h	164.78	+0.152%	$385K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.77	+0.146%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.71	+0.109%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	164.53	long leg	$4K	$188K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.84	+0.188%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.82	+0.173%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.68	+0.088%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.079%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0172%	8h	164.75	+0.132%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0228%	1h	164.75	+0.134%	$55.2M	$36.9M	10x	as long as short
edgeX MSTRUSDC	+0.0315%	4h	164.58	+0.033%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.923%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0359%	1h	164.69	+0.097%	$122K	$150K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.92	+0.239%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0382%	8h	164.87	+0.207%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0661%	1h	164.87	+0.207%	$280K	$438K	10x	as long as short