Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0042%/8h= −4.7% APRpaid last 24h +0.042%

Price spread now: Variational Omni against QFEX−0.073%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 QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.073%, 7d avg +0.071%

Together, before fees+0.120%+ Points / potential airdropVariational Omni: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.143% cheaper against QFEX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	169.04	0.0042	pay 0.0005% / 1h	5m 23s	$1.5M	$10.2M	10x
Short	Variational Omni MSTR	168.92	0	get 0.0000% / 8h	1h 05m	$1.2M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now −0.073%Rate

Funding earned: −$8.92
Price spread: −0.073% → +0.071%: −$14.32
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.24
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 4 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 QFEX live order book, 4 min ago	1.48 bp	6.5 bp −$6	7.4 bp −$74	14.8 bp −$1,478	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.96 bp	doesn't fit	10.7 bp −$107	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
Nado MSTR-PERP	−0.0057%	1h	168.85	−0.110%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.02	−0.012%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.07	+0.018%	$89.3M	$628.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.05	+0.006%	$22.0M	$106.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.04	+0.003%	$275K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.99	−0.030%	$4.8M	$19.5M	50x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.92	−0.073%	$1.2M	$2.4M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.06	+0.010%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.08	+0.024%	$2.9M	$63K	10x	as long as short
BloFin MSTR-USDT	+0.0004%	8h	169.07	+0.018%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.94	−0.059%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.88	−0.094%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0035%	8h	169.05	+0.006%	$28.7M	$119.5M	25x	as long as short
QFEX MSTR-USDlong	+0.0042%	1h	169.04	long leg	$1.5M	$10.2M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.03	−0.006%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	−0.047%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.07	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.91	−0.077%	$780K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.065%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0065%	8h	169.05	+0.006%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0085%	8h	168.97	−0.039%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0099%	1h	168.94	−0.059%	$57.0M	$37.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.95	−0.056%	$104K	$103K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.95	−0.053%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.90	−0.083%	$4K	$398K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.03	−0.006%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.03	−0.007%	$140	—	10x	as long as short
edgeX MSTRUSDC	+0.0173%	4h	168.95	−0.053%	$47K	$5.5M	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.026%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.166%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.07	+0.018%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0875%	1h	169.13	+0.053%	$288K	$439K	10x	as long as short