Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0215%/8h= +23.6% APRpaid last 24h +0.038%

Price spread now: Phoenix against Variational Omni+0.019%7-day average −0.003% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now +0.019%, 7d avg −0.003%

Together, before fees+0.226%+ Points / potential airdropVariational Omni: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.021% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	163.03	0.0245	pay 0.0245% / 8h	7h 33m	$1.2M	$2.0M	—
Short	Phoenix MSTR	163.06	0.0460	get 0.0058% / 1h	33m 19s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.019%Rate

Funding earned: $45.24
Price spread: +0.019% → −0.003%: $2.15
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $40.39
Costs to cover: 0.070%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: live order book, 62 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, 1 min ago	2.98 bp	doesn't fit	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phoenix live order book, 62 min ago	2.69 bp	9.4 bp −$9	18.7 bp −$187	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	−0.0051%	8h	162.89	−0.085%	$30.6M	$118.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.85	−0.109%	$4.7M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.85	−0.109%	$2.7M	$86K	10x	as long as short
edgeX MSTRUSDC	+0.0032%	4h	162.99	−0.022%	$47K	$5.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.78	−0.152%	$593K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.872%	$8K	$25K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.98	−0.030%	$26K	$114K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.78	−0.152%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.83	−0.122%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.83	−0.122%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.95	−0.048%	$902K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	162.90	−0.079%	$1.3M	$7.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.82	−0.126%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.88	−0.091%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.87	−0.097%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.88	−0.091%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.92	−0.064%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.62	−0.250%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0130%	8h	162.93	−0.059%	$1.8M	$8.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0177%	8h	162.87	−0.096%	$65	—	5x	as long as short
Lighter MSTR	+0.0184%	1h	162.85	−0.109%	$3.5M	$1.7M	10x	as long as short
Nado MSTR-PERP	+0.0190%	1h	162.79	−0.147%	$125K	$157K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0235%	8h	162.84	−0.115%	$20.8M	$98.2M	50x	as long as short
Variational Omni MSTRlong	+0.0245%	8h	163.03	long leg	$1.2M	$2.0M	—
Binance MSTRUSDT	+0.0325%	8h	162.86	−0.106%	$84.4M	$617.9M	50x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	162.89	−0.084%	$268K	$402K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0435%	1h	162.81	−0.134%	$53.6M	$37.5M	10x	as long as short
BloFin MSTR-USDT	+0.0445%	8h	162.87	−0.097%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTRshort	+0.0460%	1h	163.06	+0.019%	$55K	$223K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0487%	1h	162.85	−0.109%	$277K	$430K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0522%	8h	163.04	+0.007%	$84K	$846K	10x	as long as short
Bybit MSTRUSDT	+0.0607%	8h	162.85	−0.109%	$17.1M	$41.2M	50x	as long as short