Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.028%

Price spread now: tradeXYZ against Variational Omni−0.336%7-day average −0.091% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.098%+$10 on $10k

Price spread, last 7 days+0.323%+$32 · spread now −0.336%, 7d avg −0.091%

Together, before fees+0.421%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.245% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.336% now, against its 7-day average of −0.091%). If the spread goes back, that is −$24 on $10k: about 16 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	164.49	0.0011	pay 0.0011% / 8h	5h 46m	$1.2M	$2.0M	—
Short	tradeXYZ xyz:MSTR	163.94	0.0062	get 0.0008% / 1h	46m 26s	$54.9M	$36.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.336%Rate

Funding earned: $10.72
Price spread: −0.336% → −0.091%: −$24.49
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$31.77
Costs to cover: 0.180%
Break-even: 27.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; tradeXYZ: live order book, 3 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, 3 min ago	2.98 bp	doesn't fit	16.7 bp −$167	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.31 bp	9.7 bp −$10	14.1 bp −$141	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	−0.1260%	8h	164.17	−0.196%	$27.5M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.80	−0.422%	$1.4M	$8.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.03	−0.281%	$20.8M	$98.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.01	−0.294%	$4.6M	$18.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.08	−0.251%	$2.8M	$70K	10x	as long as short
Variational Omni MSTRlong	+0.0011%	8h	164.49	long leg	$1.2M	$2.0M	—
Lighter MSTR	+0.0032%	1h	163.85	−0.391%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.77	−0.439%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.947%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.19	−0.184%	$26K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	163.82	−0.409%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.90	−0.360%	$382K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.93	−0.342%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.01	−0.294%	$878K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	163.91	−0.354%	$1.4M	$7.8M	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0062%	1h	163.94	−0.336%	$54.9M	$36.6M	10x
edgeX MSTRUSDC	+0.0074%	4h	164.22	−0.164%	$50K	$5.4M	10x	as long as short
Binance MSTRUSDT	+0.0081%	8h	163.99	−0.308%	$87.8M	$618.6M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	163.85	−0.391%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.89	−0.367%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.09	−0.245%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.95	−0.330%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.95	−0.329%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0135%	8h	163.89	−0.368%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.57	+0.045%	$77K	$772K	10x	as long as short
Nado MSTR-PERP	+0.0199%	1h	163.91	−0.351%	$122K	$149K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.245%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0201%	8h	163.97	−0.318%	—	$1.9M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	163.91	−0.354%	$268K	$447K	10x	as long as short
Bybit MSTRUSDT	+0.0327%	8h	164.07	−0.257%	$17.0M	$40.7M	50x	as long as short
Phoenix MSTR	+0.0336%	1h	164.28	−0.131%	$55K	$227K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0543%	1h	163.97	−0.318%	$279K	$438K	10x	as long as short