Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.003%

Price spread now: Injective against Variational Omni+0.021%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

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

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 0.021% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.28	0	get 0.0000% / 8h	1h 15m	$1.2M	$2.4M	—
Short	Injective MSTR/USDC PERP	169.32	0.0333	get 0.0042% / 1h	15m 02s	$13K	$22K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +0.021%Rate

Funding earned: $69.92
Price spread: +0.021% → 0.000%: $2.14
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $72.04
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Injective: no order-book sample. 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, 4 min ago	2.95 bp	doesn't fit	16.5 bp −$165	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Nado MSTR-PERP	−0.0070%	1h	169.05	−0.135%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	169.28	−0.002%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	−0.097%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.22	−0.038%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.24	−0.026%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.22	−0.038%	$276K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.18	−0.061%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.28	long leg	$1.2M	$2.4M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.35	+0.042%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.19	−0.055%	$2.9M	$63K	10x	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	169.15	−0.079%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.01	−0.159%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0034%	8h	169.20	−0.050%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.20	−0.050%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.26	−0.014%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.11	−0.103%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.18	−0.061%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	−0.020%	$781K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.369%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0064%	8h	169.21	−0.044%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0082%	8h	169.15	−0.077%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0094%	1h	169.18	−0.061%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.18	−0.063%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.06	−0.132%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.10	−0.109%	$4K	$406K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.19	−0.055%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.20	−0.051%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.37	+0.051%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0333%	1h	169.32	+0.021%	$13K	$22K	30x
edgeX MSTRUSDC	+0.0348%	4h	169.33	+0.028%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0401%	1h	169.14	−0.085%	$287K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.28	−0.002%	$27K	$129K	10x	as long as short