Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.027%

Price spread now: Vest against Variational Omni−0.106%7-day average −0.913% · you buy dearer than you sell

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

Long on Variational Omni Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.534%+$53 · spread now −0.106%, 7d avg −0.913%

Together, before fees+0.516%+ Points / potential airdropVariational Omni: Active · Vest: Active · farm board+$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Vest is 0.807% dearer against Variational Omni than usual: you sell high and buy low: +$81 more if the spread goes back to its 7-day average of −0.913%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	164.70	0	get 0.0000% / 8h	6h 19m	$1.2M	$2.1M	—
Short	Vest MSTR-USD-PERP	164.53	0.0046	get 0.0006% / 1h	19m 06s	—	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.106%Rate

Funding earned: $9.59
Price spread: −0.106% → −0.913%: $80.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Vest: 1 bp × 2 orders: −$2
Net: $88.27
Costs to cover: 0.020%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Vest: 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, 5 min ago	3.00 bp	doesn't fit	14.5 bp −$145	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 31 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	−0.1059%	8h	164.89	+0.113%	$27.5M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0161%	8h	164.76	+0.034%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.63	−0.047%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.78	+0.046%	$20.9M	$100.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.61	−0.055%	$269K	$447K	10x	as long as short
Variational Omni MSTRlong	0.0000%	8h	164.70	long leg	$1.2M	$2.1M	—
Phemex MSTRUSDT	0.0000%	4h	164.72	+0.009%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.44	−0.164%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.80	+0.058%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERPshort	+0.0046%	1h	164.53	−0.106%	—	$1.8M	25x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.37	−0.203%	$910K	$4.6M	10x	as long as short
SoDEX MSTR-USD	+0.0052%	1h	164.57	−0.082%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	164.73	+0.016%	$87.8M	$623.8M	50x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.58	−0.076%	$1.4M	$8.2M	10x	as long as short
Lighter MSTR	+0.0072%	1h	164.55	−0.094%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0091%	1h	164.54	−0.100%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.58	−0.076%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.53	−0.106%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.56	−0.088%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.61	−0.057%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.60	−0.064%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0148%	8h	165.00	+0.179%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.185%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0173%	8h	164.54	−0.102%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0244%	1h	164.61	−0.057%	$55.2M	$36.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.814%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0367%	1h	164.43	−0.165%	$111K	$143K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.70	−0.005%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0384%	8h	164.76	+0.034%	$17.1M	$41.1M	50x	as long as short
edgeX MSTRUSDC	+0.0596%	4h	164.80	+0.057%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0966%	1h	164.67	−0.021%	$280K	$438K	10x	as long as short