Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h −0.017%

Price spread now: Variational Omni against tradeXYZ+0.094%7-day average +0.090% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.103%−$10 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.094%, 7d avg +0.090%

Together, before fees−0.126%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.090%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.103%, 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	tradeXYZ xyz:MSTR	166.28	0.0181	pay 0.0023% / 1h	54m 55s	$55.0M	$33.4M	10x
Short	Variational Omni MSTR	166.44	0.0360	get 0.0360% / 8h	4h 54m	$1.2M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.094%Rate

Funding earned: $37.52
Price spread: +0.094% → +0.090%: $0.39
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $19.91
Costs to cover: 0.180%
Break-even: 3.3 days

Slippage unknown: tradeXYZ: live order book, 8 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 tradeXYZ live order book, 8 min ago	0.90 bp	10.6 bp −$11	12.6 bp −$126	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.98 bp	doesn't fit	8.0 bp −$80	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
Gate MSTR_USDT	0.0000%	8h	166.41	+0.078%	$4.9M	$17.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.41	+0.078%	$32.2M	$102.8M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.41	+0.078%	$2.8M	$84K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.35	+0.042%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.22	−0.039%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.637%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.54	+0.156%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.31	+0.018%	$389K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.40	+0.072%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.23	−0.030%	$862K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	166.31	+0.018%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	166.19	−0.054%	$1.4M	$355K	10x	as long as short
Nado MSTR-PERP	+0.0064%	1h	166.38	+0.059%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0087%	8h	166.42	+0.082%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.36	+0.049%	$102K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.28	0.000%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.35	+0.042%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.38	+0.060%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.44	+0.094%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0164%	8h	166.39	+0.066%	$16.7M	$37.8M	50x	as long as short
tradeXYZ xyz:MSTRlong	+0.0181%	1h	166.28	long leg	$55.0M	$33.4M	10x
OKX MSTR-USDT-SWAP	+0.0266%	8h	166.39	+0.066%	$21.9M	$80.0M	50x	as long as short
Aster MSTRUSDT	+0.0271%	8h	166.43	+0.087%	$1.8M	$6.3M	50x	as long as short
edgeX MSTRUSDC	+0.0310%	4h	166.41	+0.078%	$51K	$4.5M	10x	as long as short
Phoenix MSTR	+0.0322%	1h	166.39	+0.065%	$56K	$213K	10x	as long as short
Variational Omni MSTRshort	+0.0360%	8h	166.44	+0.094%	$1.2M	$1.6M	—
GRVT MSTR_USDT_Perp	+0.0450%	8h	166.62	+0.204%	$85K	$922K	10x	as long as short
Binance MSTRUSDT	+0.0450%	8h	166.36	+0.048%	$87.0M	$517.1M	50x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.47	+0.111%	$275K	$347K	10x	as long as short
BloFin MSTR-USDT	+0.0583%	8h	166.45	+0.102%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0592%	1h	166.32	+0.024%	$283K	$183K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.47	+0.114%	$26K	$63K	10x	as long as short