Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h +0.027%

Price spread now: Variational Omni against Vest−0.060%7-day average +0.938% · you buy dearer than you sell

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

Long on Vest Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.075%−$8 · spread now −0.060%, 7d avg +0.938%

Together, before fees−0.056%+ Points / potential airdropVest: Active · Variational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.998% cheaper against Vest than usual: you would sell low and buy high (−$100 if the spread goes back to its 7-day average of +0.938%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSTR-USD-PERP	169.06	0.0046	pay 0.0006% / 1h	50m 19s	—	$2.1M	25x
Short	Variational Omni MSTR	168.96	0	get 0.0000% / 8h	7h 50m	$1.2M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now −0.060%Rate

Funding earned: −$9.59
Price spread: −0.060% → +0.938%: −$99.82
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$111.41
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 4 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.95 bp	doesn't fit	8.6 bp −$86	doesn't fit	doesn't fit

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 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	−0.0090%	1h	168.83	−0.137%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.98	−0.050%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.00	−0.035%	$15.2M	$39.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.90	−0.095%	$21.9M	$103.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.03	−0.018%	$4.7M	$18.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	169.00	−0.035%	$28.6M	$115.2M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.96	−0.060%	$1.2M	$2.4M	—
Phemex MSTRUSDT	0.0000%	4h	168.96	−0.059%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.87	−0.112%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.72	−0.201%	$579K	$1.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	168.92	−0.083%	$1.4M	$10.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.21	+0.089%	$27K	$119K	10x	as long as short
Vest MSTR-USD-PERPlong	+0.0046%	1h	169.06	long leg	—	$2.1M	25x
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	−0.059%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.85	−0.124%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.84	−0.130%	$747K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0073%	8h	168.93	−0.079%	$89.2M	$621.3M	50x	as long as short
BloFin MSTR-USDT	+0.0075%	8h	168.87	−0.112%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.183%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0092%	8h	168.91	−0.089%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.94	−0.070%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.94	−0.071%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.05	−0.006%	$4K	$207K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.93	−0.077%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.171%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0164%	1h	168.96	−0.059%	$57.0M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.166%	$8K	$26K	30x	as long as short
GRVT MSTR_USDT_Perp	+0.0256%	8h	169.19	+0.077%	$77K	$859K	10x	as long as short
Phoenix MSTR	+0.0259%	1h	169.17	+0.063%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.97	−0.050%	$275K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0465%	4h	169.30	+0.142%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0639%	1h	168.96	−0.059%	$287K	$438K	10x	as long as short