Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.115%

Price spread now: RISEx against Variational Omni−0.114%49s7-day average −0.046% · you buy dearer than you sell

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

Long on Variational Omni Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.279%+$28 on $10k

Price spread, last 4 days (all we have)−0.808%−$81 · spread now −0.114%, 7d avg −0.046%

Together, before fees−0.529%+ Points / potential airdropVariational Omni: Active · farm board−$53 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: RISEx is 0.069% cheaper against Variational Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.046%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.42	0	get 0.0000% / 8h	37m 51s	$1.2M	$2.4M	—
Short	RISEx MSTR/USDC	169.23	0.0001	get 0.0000% / 1h	37m 51s	$276K	$442K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.114%Rate

Funding earned: $0.18
Price spread: −0.114% → −0.046%: −$6.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$12.68
Costs to cover: 0.060%
Break-even: 490.5 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; RISEx: live order book, 41 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	3.66 bp	doesn't fit	8.3 bp −$83	doesn't fit	doesn't fit
Sell RISEx live order book, 41 min ago	1.18 bp	4.2 bp −$4	5.0 bp −$50	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
Aster MSTRUSDT	0.0000%	8h	169.24	−0.106%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.19	−0.138%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.42	long leg	$1.2M	$2.4M	—
Phemex MSTRUSDT	0.0000%	4h	169.42	−0.002%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDCshort	+0.0001%	1h	169.23	−0.114%	$276K	$442K	10x
OKX MSTR-USDT-SWAP	+0.0023%	8h	169.20	−0.132%	$22.1M	$106.5M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.11	−0.185%	$583K	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0043%	1h	169.16	−0.153%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.34	−0.049%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.22	−0.120%	$1.5M	$10.2M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	169.19	−0.138%	$389K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.17	−0.150%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.96	−0.274%	$782K	$5.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0053%	8h	169.43	+0.004%	$77K	$879K	10x	as long as short
Bitget MSTRUSDT	+0.0061%	8h	169.17	−0.150%	$28.7M	$120.0M	25x	as long as short
Binance MSTRUSDT	+0.0067%	8h	169.18	−0.144%	$89.1M	$628.9M	50x	as long as short
BloFin MSTR-USDT	+0.0080%	8h	169.20	−0.132%	$1.1M	$1.8M	20x	as long as short
Lighter MSTR	+0.0096%	1h	169.11	−0.185%	$3.6M	$2.4M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.061%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.13	−0.173%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.13	−0.173%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.16	−0.156%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.18	−0.144%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.203%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.19	−0.139%	$140	—	10x	as long as short
Bybit MSTRUSDT	+0.0109%	8h	169.20	−0.132%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	169.22	−0.118%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0202%	1h	169.13	−0.173%	$57.1M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.36	−0.036%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0460%	1h	169.22	−0.120%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.32	−0.061%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0874%	4h	169.41	−0.010%	$47K	$5.5M	10x	as long as short