Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.032%

Price spread now: Extended against Variational Omni−0.272%7-day average −0.112% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.080%+$8 on $10k

Price spread, last 7 days+0.195%+$19 · spread now −0.272%, 7d avg −0.112%

Together, before fees+0.275%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Extended is 0.160% cheaper against Variational Omni than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.112%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	162.69	0.0240	pay 0.0240% / 8h	7h 29m	$1.2M	$2.0M	—
Short	Extended MSTR_24_5-USD	162.25	0.0032	get 0.0004% / 1h	29m 09s	$590K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now −0.272%Rate

Funding earned: −$43.69
Price spread: −0.272% → −0.112%: −$15.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$64.67
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Extended: live order book, 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 Variational Omni RFQ quote, 5 min ago	2.98 bp	doesn't fit	15.4 bp −$154	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.54 bp	4.8 bp −$5	33.6 bp −$336	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	−0.0012%	8h	162.54	−0.091%	$30.5M	$118.2M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.52	−0.103%	$4.7M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.52	−0.103%	$2.7M	$86K	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	162.25	−0.272%	$590K	$2.0M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−0.048%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.53	−0.097%	$26K	$114K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.31	−0.232%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.38	−0.189%	$375K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.46	−0.140%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.37	−0.196%	$901K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0061%	1h	162.45	−0.146%	$1.3M	$7.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.40	−0.178%	$99K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.43	−0.159%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.55	−0.085%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.50	−0.116%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.50	−0.116%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.26	−0.263%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0124%	8h	162.44	−0.151%	$1.7M	$8.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0170%	8h	162.44	−0.152%	$65	—	5x	as long as short
Lighter MSTR	+0.0176%	1h	162.46	−0.140%	$3.4M	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0182%	1h	162.30	−0.241%	$124K	$157K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0230%	8h	162.51	−0.110%	$20.8M	$97.6M	50x	as long as short
Variational Omni MSTRlong	+0.0240%	8h	162.69	long leg	$1.2M	$2.0M	—
Binance MSTRUSDT	+0.0318%	8h	162.47	−0.132%	$84.2M	$617.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0342%	8h	162.74	+0.032%	$84K	$846K	10x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	162.48	−0.131%	$267K	$398K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0414%	1h	162.40	−0.177%	$53.5M	$37.6M	10x	as long as short
BloFin MSTR-USDT	+0.0438%	8h	162.55	−0.085%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0460%	1h	162.62	−0.044%	$55K	$223K	10x	as long as short
Bybit MSTRUSDT	+0.0544%	8h	162.51	−0.110%	$17.0M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0859%	1h	162.48	−0.128%	$276K	$430K	10x	as long as short
edgeX MSTRUSDC	+0.0901%	4h	162.71	+0.015%	$46K	$5.4M	10x	as long as short