Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Injective−3.876%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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. Variational Omni is 3.876% cheaper against Injective than usual: you would sell low and buy high (spread −3.876% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$388 on $10k: about 3 months of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	169.34	0.0033	pay 0.0004% / 1h	16m 58s	$8K	$26K	30x
Short	Variational Omni MSTR	162.78	0.0203	get 0.0203% / 8h	16m 58s	$1.2M	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −3.876%Rate

Funding earned: $35.61
Price spread: −3.876% → 0.000%: −$387.59
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$352
Costs to cover: 0.000%
Break-even: 76.2 days

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.98 bp	doesn't fit	17.2 bp −$172	doesn't fit	doesn't fit

Injective: 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	−0.0457%	8h	163.13	−3.667%	$29.4M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.03	−3.726%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.99	−3.750%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.75	−3.892%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.05	−3.714%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.72	−3.909%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.82	−3.850%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.93	−3.785%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.86	−3.827%	$896K	$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	162.96	−3.768%	$1.3M	$7.1M	10x	as long as short
Lighter MSTR	+0.0072%	1h	162.88	−3.815%	$3.5M	$2.0M	10x	as long as short
Aster MSTRUSDT	+0.0077%	8h	162.94	−3.780%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.96	−3.766%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.90	−3.803%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.00	−3.744%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.86	−3.827%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.87	−3.819%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	−3.844%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	162.90	−3.801%	$65	—	5x	as long as short
Nado MSTR-PERP	+0.0195%	1h	162.81	−3.855%	$125K	$165K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0202%	8h	162.98	−3.756%	$20.8M	$99.8M	50x	as long as short
Variational Omni MSTRshort	+0.0203%	8h	162.78	−3.876%	$1.2M	$2.0M	—
Binance MSTRUSDT	+0.0272%	8h	162.97	−3.762%	$83.8M	$620.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0273%	8h	163.11	−3.681%	$79K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.12	−3.673%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	162.89	−3.809%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0409%	8h	162.98	−3.756%	$17.1M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0460%	1h	162.92	−3.791%	$53.8M	$37.7M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.97	−3.759%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0792%	4h	163.01	−3.740%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0795%	1h	162.89	−3.809%	$277K	$437K	10x	as long as short