Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Nado+0.018%7-day average +0.030% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now +0.018%, 7d avg +0.030%

Together, before fees−0.002%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.063%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.063% in total (about 6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	164.15	0.0335	pay 0.0042% / 1h	5m 15s	$131K	$157K	3x
Short	Variational Omni MSTR	164.18	0.0147	get 0.0147% / 8h	2h 05m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.018%Rate

Funding earned: −$39.53
Price spread: +0.018% → +0.030%: −$1.11
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$47.65
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 42 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 Nado live order book, 42 min ago	8.25 bp	24.8 bp −$25	81.5 bp −$815	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.98 bp	doesn't fit	7.0 bp −$70	doesn't fit	doesn't fit

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	−0.1037%	8h	164.17	+0.015%	$28.3M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.07	−0.046%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.77	−0.229%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0018%	8h	163.99	−0.093%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.85	−0.177%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.164%	$8K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0033%	1h	164.12	−0.016%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.03	−0.071%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.01	−0.083%	$378K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.77	−0.229%	$853K	$3.9M	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	+0.0054%	1h	164.09	−0.034%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.15	+0.002%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.05	−0.061%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	−0.052%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.94	−0.125%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.02	−0.077%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.98	−0.103%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.00	−0.089%	$20.8M	$101.1M	50x	as long as short
Lighter MSTR	+0.0128%	1h	163.92	−0.138%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	164.20	+0.033%	$66	—	5x	as long as short
Variational Omni MSTRshort	+0.0147%	8h	164.18	+0.018%	$1.2M	$2.1M	—
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.600%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0221%	8h	164.04	−0.065%	$84.2M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0236%	8h	164.07	−0.044%	$79K	$854K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	163.96	−0.113%	$54.3M	$37.4M	10x	as long as short
Nado MSTR-PERPlong	+0.0335%	1h	164.15	long leg	$131K	$157K	3x
BloFin MSTR-USDT	+0.0341%	8h	163.97	−0.107%	$1.0M	$2.1M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0360%	1h	163.92	−0.138%	$279K	$438K	10x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.162%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0375%	8h	164.02	−0.077%	$16.8M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0416%	1h	163.97	−0.107%	$43K	$3K	10x	as long as short
edgeX MSTRUSDC	+0.0838%	4h	164.00	−0.087%	$46K	$5.4M	10x	as long as short