Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0229%/8h= +25.0% APRpaid last 24h +0.015%

Price spread now: Variational Omni against Pacifica−0.172%7-day average +0.071% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+1.250%+$125 · spread now −0.172%, 7d avg +0.071%

Together, before fees+1.140%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$114 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.243% cheaper against Pacifica than usual: you would sell low and buy high (spread −0.172% now, against its 7-day average of +0.071%). If the spread goes back, that is −$24 on $10k: about 3.5 days of funding at the current rate (+$7 a day). Mind the row above: over the last 4 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica MSTR	166.47	0.0100	pay 0.0013% / 1h	56m 43s	$102K	$74K	10x
Short	Variational Omni MSTR	166.18	0.0329	get 0.0329% / 8h	5h 56m	$1.2M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.172%Rate

Funding earned: $48.01
Price spread: −0.172% → +0.071%: −$24.33
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $15.68
Costs to cover: 0.080%
Break-even: 4.7 days

Slippage unknown: Pacifica: live order book, 53 min ago; Variational Omni: RFQ quote, just now. 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 Pacifica live order book, 53 min ago	1.09 bp	5.1 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	2.97 bp	doesn't fit	9.2 bp −$92	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.750%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.60	+0.079%	$5.0M	$17.5M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.57	+0.061%	$32.1M	$106.4M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.52	+0.031%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.59	+0.073%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.41	−0.037%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.76	+0.175%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.47	+0.001%	$1.3M	$6.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.46	−0.005%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.53	+0.037%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.26	−0.125%	$876K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.413%	$1.4M	$390K	10x	as long as short
Pacifica MSTRlong	+0.0100%	1h	166.47	long leg	$102K	$74K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	166.43	−0.023%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.15	−0.191%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.55	+0.049%	$3K	$10K	10x	as long as short
Nado MSTR-PERP	+0.0102%	1h	166.49	+0.013%	$128K	$133K	3x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.55	+0.047%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	166.59	+0.070%	$67	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0209%	1h	166.55	+0.049%	$55.0M	$34.5M	10x	as long as short
Bybit MSTRUSDT	+0.0246%	8h	166.63	+0.097%	$17.2M	$38.2M	50x	as long as short
Aster MSTRUSDT	+0.0250%	8h	166.65	+0.108%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0289%	8h	166.56	+0.055%	$21.6M	$84.4M	50x	as long as short
Variational Omni MSTRshort	+0.0329%	8h	166.18	−0.172%	$1.2M	$1.6M	—
Phoenix MSTR	+0.0355%	1h	166.40	−0.038%	$56K	$213K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0411%	1h	166.52	+0.031%	$283K	$209K	10x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.53	+0.037%	$275K	$353K	10x	as long as short
Binance MSTRUSDT	+0.0439%	8h	166.60	+0.079%	$87.2M	$541.7M	50x	as long as short
edgeX MSTRUSDC	+0.0452%	4h	166.18	−0.175%	$48K	$5.0M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0553%	8h	166.44	−0.018%	$85K	$863K	10x	as long as short
BloFin MSTR-USDT	+0.0565%	8h	166.54	+0.043%	$1.1M	$2.0M	20x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.60	+0.079%	$26K	$71K	10x	as long as short