Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.041%

Price spread now: Variational Omni against Phemex+0.087%7-day average −0.016% · you sell dearer than you buy

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

Long on Phemex 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 3 days (all we have)−0.107%−$11 · spread now +0.087%, 7d avg −0.016%

Together, before fees−0.044%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.102% dearer against Phemex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	166.64	0	get 0.0000% / 4h	3h 02m	$2.8M	$67K	10x
Short	Variational Omni MSTR	166.78	0	get 0.0000% / 8h	7h 02m	$1.2M	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.087%Rate

Funding earned: $0
Price spread: +0.087% → −0.016%: $10.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.76
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 1 min ago; 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 Phemex live order book, 1 min ago	3.29 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.96 bp	doesn't fit	12.2 bp −$122	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
Gate MSTR_USDT	−0.0253%	8h	166.28	−0.216%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	166.50	−0.084%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.19	−0.273%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.23	−0.246%	$87.3M	$614.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.21	−0.258%	$21.4M	$99.3M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.26	−0.228%	$27.4M	$113.8M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	166.78	+0.087%	$1.2M	$2.0M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.138%	$84K	$812K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	166.64	long leg	$2.8M	$67K	10x
Lighter MSTR	+0.0032%	1h	166.27	−0.222%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.85	−0.471%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.20	−0.264%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.81	+0.102%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.01	−0.378%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.16	−0.288%	$390K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.10	−0.324%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.38	−0.156%	$773K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0064%	1h	166.05	−0.355%	$135K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	+0.030%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.34	−0.178%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.18	−0.276%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.82	+0.108%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.18	−0.276%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.11	−0.319%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.17	−0.281%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.620%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0244%	1h	166.17	−0.282%	$56.2M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.74	+0.059%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0280%	8h	166.33	−0.186%	$16.7M	$40.3M	50x	as long as short
edgeX MSTRUSDC	+0.0334%	4h	166.79	+0.093%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.22	−0.252%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1077%	1h	166.02	−0.372%	$282K	$438K	10x	as long as short