Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.023%

Price spread now: Variational Omni against Extended+0.162%7-day average +0.111% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 7 days−0.123%−$12 · spread now +0.162%, 7d avg +0.111%

Together, before fees−0.221%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$22 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 0.051% dearer against Extended than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	165.37	0.0032	pay 0.0004% / 1h	7m 55s	$598K	$1.9M	10x
Short	Variational Omni MSTR	165.63	0.0040	get 0.0040% / 8h	5h 07m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.162%Rate

Funding earned: $1.77
Price spread: +0.162% → +0.111%: $5.13
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.9
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Extended live order book, 1 min ago	2.42 bp	5.6 bp −$6	24.0 bp −$240	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.96 bp	doesn't fit	9.9 bp −$99	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	−0.0868%	8h	165.52	+0.094%	$27.7M	$114.7M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.48	+0.069%	$1.8M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.42	+0.033%	$20.7M	$100.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.54	+0.106%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.67	+0.184%	$2.8M	$73K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.51	+0.088%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	165.37	long leg	$598K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.404%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.68	+0.190%	$27K	$110K	10x	as long as short
Variational Omni MSTRshort	+0.0040%	8h	165.63	+0.162%	$1.2M	$2.1M	—

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.73	+0.221%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.46	+0.057%	$55.0M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.46	+0.057%	$383K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.37	+0.003%	$882K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.50	+0.082%	$1.4M	$7.5M	10x	as long as short
SoDEX MSTR-USD	+0.0065%	1h	165.55	+0.112%	$44K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.44	+0.046%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.46	+0.057%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.39	+0.015%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.57	+0.124%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.56	+0.115%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0111%	8h	165.43	+0.039%	$88.1M	$616.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0132%	8h	165.42	+0.035%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0166%	8h	165.80	+0.263%	$79K	$758K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	+0.088%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0215%	1h	165.38	+0.009%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0231%	8h	165.61	+0.148%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.56	+0.118%	$271K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.63	+0.160%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0339%	8h	165.51	+0.088%	$17.2M	$40.6M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0415%	1h	165.56	+0.118%	$282K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0485%	4h	165.62	+0.157%	$51K	$5.4M	10x	as long as short