Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.052%

Price spread now: BloFin against ApeX Omni−0.098%103s7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1071.068% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.098%, 7d avg +0.025%

Together, before fees+0.325%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.123% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of +0.025%). If the spread goes back, that is −$12 on $10k: about 42 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.227% in total) that is about 3.8 days. The two prices were read 103 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	ApeX Omni MSTRUSDT	163.66	0.0100	pay 0.0013% / 1h	57m 21s	$5K	$182K	50x
Short	BloFin MSTR-USDT	163.50	0.0332	get 0.0332% / 8h	1h 57m	$1.0M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now −0.098%Rate

Funding earned: $48.8
Price spread: −0.098% → +0.025%: −$12.32
Slippage, 4 orders: −$84.79
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$70.32
Costs to cover: 1.068%
Break-even: 17.1 days

Slippage from ApeX Omni: live order book, 62 min ago; BloFin: live order book, 6 min ago.

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 ApeX Omni live order book, 62 min ago	3.06 bp	51.6 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.61 bp	8.6 bp −$9	10.8 bp −$108	21.6 bp −$2,160	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	−0.0915%	8h	163.64	−0.012%	$28.7M	$119.2M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.60	−0.037%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.37	−0.177%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0015%	8h	163.40	−0.160%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.34	−0.196%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.471%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.72	+0.037%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0044%	1h	163.42	−0.147%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.48	−0.110%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.57	−0.055%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.48	−0.110%	$845K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	163.50	−0.098%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.47	−0.119%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.53	−0.079%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	163.66	long leg	$5K	$182K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.51	−0.092%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.50	−0.099%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0121%	8h	163.54	−0.073%	$20.8M	$100.8M	50x	as long as short
Lighter MSTR	+0.0136%	1h	163.57	−0.055%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0141%	8h	163.71	+0.033%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	163.56	−0.062%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.308%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0194%	1h	163.44	−0.134%	$54.2M	$37.5M	10x	as long as short
Binance MSTRUSDT	+0.0216%	8h	163.56	−0.061%	$83.9M	$629.1M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0226%	8h	163.78	+0.074%	$83K	$865K	10x	as long as short
BloFin MSTR-USDTshort	+0.0332%	8h	163.50	−0.098%	$1.0M	$2.1M	20x
Phoenix MSTR	+0.0362%	1h	163.67	+0.009%	$56K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0371%	1h	163.48	−0.112%	$131K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0373%	8h	163.51	−0.092%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	163.53	−0.082%	$263K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0458%	4h	163.50	−0.095%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1218%	1h	163.71	+0.031%	$278K	$438K	10x	as long as short