Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.004%

Price spread now: Variational Omni against SoDEX+0.032%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.032% dearer against SoDEX than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSTR-USD	165.20	0.0050	pay 0.0006% / 1h	3m 57s	$44K	$3K	10x
Short	Variational Omni MSTR	165.25	0.0040	get 0.0040% / 8h	5h 03m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now +0.032%Rate

Funding earned: −$2.19
Price spread: +0.032% → 0.000%: $3.19
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, just now	2.96 bp	doesn't fit	7.4 bp −$74	doesn't fit	doesn't fit

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0844%	8h	165.38	+0.109%	$27.7M	$114.8M	25x	as long as short
Gate MSTR_USDT	−0.0015%	8h	165.33	+0.079%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.21	+0.007%	$1.8M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.33	+0.079%	$20.7M	$100.1M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.48	+0.169%	$2.8M	$73K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.18	−0.012%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.16	−0.021%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.506%	$8K	$26K	30x	as long as short
Variational Omni MSTRshort	+0.0040%	8h	165.25	+0.032%	$1.2M	$2.1M	—
Arcus MSTR-USD	+0.0040%	1h	165.41	+0.127%	$27K	$110K	10x	as long as short

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	165.33	+0.079%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.16	−0.024%	$55.0M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.17	−0.018%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USDlong	+0.0050%	1h	165.20	long leg	$44K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.06	−0.085%	$871K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.18	−0.012%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.26	+0.036%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.26	+0.036%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.55	+0.212%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.26	+0.036%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0103%	8h	165.26	+0.036%	$88.0M	$617.0M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.22	+0.010%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0125%	8h	165.20	+0.001%	$66	—	5x	as long as short
edgeX MSTRUSDC	+0.0138%	4h	165.43	+0.136%	$50K	$5.4M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	165.67	+0.285%	$79K	$758K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	+0.188%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0210%	1h	165.16	−0.023%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0225%	8h	165.28	+0.048%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.27	+0.041%	$270K	$448K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.63	+0.260%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0338%	8h	165.34	+0.085%	$17.2M	$40.6M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0416%	1h	165.24	+0.024%	$281K	$438K	10x	as long as short