By carefully setting the coaxial distance, MistikaVR can better align the images, resulting in a higher quality, more immersive VR video experience. The coaxial distance setting in mistika controls the distance at which the eye rays should be parallel. That is done by introducing the distortions which are equivalent to the projection spheres horizontal motion.
As Roman Dudek puts it:
Understand it as doing zoom-in on your left, zoom out on your right, with no zoom for center for one eye. Doing the contrary for the other eye
If you had a latlong mapping flipped sideways, with poles at your left/right, you could do it by S-curve applied to the V coords