Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.030%

Price spread now: OKX against ApeX Omni−0.012%50s7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as 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−$1111.107% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 3 days (all we have)−0.284%−$28 · spread now −0.012%, 7d avg +0.005%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 50 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	169.40	0.0100	pay 0.0013% / 1h	6m 46s	$4K	$854K	50x
Short	OKX MSTR-USDT-SWAP	169.38	0	get 0.0000% / 8h	2h 06m	$22.1M	$107.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$21
Price spread: −0.012% → +0.005%: −$1.71
Slippage, 4 orders: −$90.74
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$133.45
Costs to cover: 1.107%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 27 min ago; OKX: live order book, 2 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, 27 min ago	2.95 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.29 bp	8.5 bp −$9	15.9 bp −$159	69.9 bp −$6,989	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
Nado MSTR-PERP	−0.0068%	1h	169.34	−0.034%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.38	−0.009%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.40	+0.002%	$88.6M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAPshort	0.0000%	8h	169.38	−0.012%	$22.1M	$107.4M	50x
RISEx MSTR/USDC	0.0000%	1h	169.50	+0.056%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.36	−0.024%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.48	+0.048%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.49	+0.052%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.39	−0.006%	$2.9M	$59K	10x	as long as short
BloFin MSTR-USDT	+0.0014%	8h	169.41	+0.006%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.41	+0.006%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.25	−0.089%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.44	+0.024%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.55	+0.089%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.171%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.42	+0.012%	$407K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.40	0.000%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.30	−0.059%	$752K	$5.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0060%	1h	169.40	0.000%	$56.8M	$38.4M	10x	as long as short
Bitget MSTRUSDT	+0.0068%	8h	169.41	+0.006%	$28.8M	$120.0M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0085%	8h	169.42	+0.013%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0088%	8h	169.40	0.000%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.43	+0.019%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.32	−0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	169.40	long leg	$4K	$854K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.42	+0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.44	+0.021%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.49	+0.054%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.58	+0.106%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.124%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0459%	1h	169.48	+0.047%	$288K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0756%	4h	169.48	+0.047%	$48K	$5.4M	10x	as long as short