Funding arb · Price arb / RWA

MSTR

RWAAll MSTR markets →

LONGArcus▾Arcus −0.0579%Coinbase International −0.0104%QFEX −0.0001%Aster 0.0000%Binance 0.0000%Bybit 0.0000%OKX 0.0000%RISEx 0.0000%Gate 0.0000%KuCoin 0.0000%Variational Omni 0.0000%GRVT 0.0000%Phemex 0.0000%Deribit +0.0006%Injective +0.0010%Lighter +0.0032%Extended +0.0032%Vest Markets +0.0046%tradeXYZ +0.0050%Polymarket Perps +0.0050%SoDEX +0.0050%Ondo Perps +0.0050%Paradex +0.0054%Avantis +0.0068%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%Aevo +0.0104%Nado +0.0108%BloFin +0.0120%Phoenix +0.0148%BingX +0.0213%Bitget +0.0224%edgeX +0.0678%

⇄⇅

SHORTPopdex▾edgeX +0.0678%Bitget +0.0224%BingX +0.0213%Phoenix +0.0148%BloFin +0.0120%Nado +0.0108%Aevo +0.0104%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%Paradex +0.0054%Ondo Perps +0.0050%tradeXYZ +0.0050%Polymarket Perps +0.0050%SoDEX +0.0050%Popdex +0.0048%Vest Markets +0.0046%Lighter +0.0032%Extended +0.0032%Avantis −0.0032%Injective +0.0010%Deribit +0.0006%Aster 0.0000%Binance 0.0000%Bybit 0.0000%OKX 0.0000%RISEx 0.0000%Gate 0.0000%KuCoin 0.0000%Variational Omni 0.0000%GRVT 0.0000%Phemex 0.0000%QFEX −0.0001%Coinbase International −0.0104%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	ArcusMSTR-USD	155.44	−0.0579	get 0.0072% / 1h	38m 32s	$186K	$966K	10x	Long Arcus5% off
SHORT	PopdexMSTRUSDT	156.51	+0.0048	get 0.0006% / 1h	38m 32s	$22K	$284K	20x	Short Popdex

Price gap+0.688%

Funding gap+0.0627% /8h

Both sides work: funding pays +$19 a day on $10k, and the gap is 0.629% above its 7d average: +$63 more if it goes back.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid +0.013% in total, about +0.0007%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m

1h · loading 5m…

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

P&L?

PRICE SPREAD · 7D

Now+0.688%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

ArcusPopdex

MSTR on 35 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• !
  Watch: Thin at this size49.6 / 4.7 bp

  At $10k entering Arcus costs 49.6 bp, fee and slippage, 10.6× Popdex’s.
• i
  Note: Margin at max leverage$1,000 + $500

  Arcus 10x, Popdex 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Arcus · 1h+$17.37

  Short Popdex · 1h+$1.44

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$18.81Long Arcus: 24 payments, +$17.37; short Popdex: 24 payments, +$1.44.
• ✓
  OK: Entry gap works for you+0.688% vs +0.059%

  You short the dearer leg. If the gap goes back to average, the short gains.
• !
  Watch: Short leg is thinner$22K vs $186K OI

  Popdex sets your exit cost. Check its book before closing.
• i
  Note: No points program—

  Neither exchange runs points right now.
• ✓
  OK: No KYC on either legArcus No · Popdex No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0007%/8h × 21 periods+$1.49

Price spread+0.688% → +0.059% (7d avg)+$62.94

Slippage, 4 orderslive order books−$204.08

Fee Arcus bp × 2 orders−$4.50

Fee Popdex bp × 2 orders−$6.40

Net · 7 days · $10k−$150.55

Costs to cover2.150%Break-even713.0 days

Slippage: Arcus: live order book, 34 min ago; Popdex: live order book, 33 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGArcus46.4249.6 bp−$5061.2 bp−$612doesn’t fitdoesn’t fit

SELL · SHORTPopdex0.644.7 bp−$512.3 bp−$123doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

MSTR news

posts that mention MSTR or Strategy (MicroStrategy), from every exchangeSearch all news →

09-28 19:52	RISEx	Contest	RISEx did $769.5M last week, up 15% from $669.4M BTC volume alone grew 37%, from $192.6M to $263.8M MSTR just entered our RWA leaderboard for the first time at $10.4M; in the same week, BTC volume surged - not a coincidence at all. What are we trading this week? @risextrade on X ↗
09-25 00:50	Injective	Token	The Injective Stockdrop officially starts next week. Anyone who participated in the $INJ BuyBack yesterday will be eligible to earn a stock token on Robinhood Chain. Here are just a few of the tokenized stocks that you could get: $AMC $SNAP $GLXY $HIMS $SMCI $RKLB $CRCL $INTC $MSTR $SPCX $COIN $NVDA $AAPL $TSLA $META $MU $SNDK More ▇▇▇▇ and ▇▇ @injective on X ↗
09-24 04:00	Gate	Listing	Gate Futures Stocks Section & Forex Zone Initial Listing: $MSTU (2X Long MSTR Daily Target ETF), $OKLO (Oklo Inc.), $USDBRL (USD/BRL) and 9 futures in total. 🔹 Trading Pairs: $MSTU / $USDT, $OKLO / $USDT, $USDBRL / $USDT & 6 more 🔹 Trading Starts: September 24th, 2026 03:00AM (UTC) 🔹 Supports 1 – 20x Leverage, Bots, and Copy Trading 🔹 Gate currently supports trading of 459 stock futures More details: @Gate on X ↗
09-23 11:17	Bitget	Other	If you're already trading $S, $MSTR, $CRCL, $TSLA and other top stocks and commodities, why not check these campaigns to earn rewards too! ⤵️ @bitget on X ↗
09-22 08:29	Bitget	Other	New CandyBomb Alert on #Bitget! 🚨 Trade futures and claim your share of 120 $MSTR in rToken. Details. @bitget on X ↗
09-21 20:49	Backpack	Other	JUST IN: Michael Saylor’s Strategy now has nearly $10 billion in unrealized gains on its Bitcoin holdings as $BTC trades above $87,000. $MSTR +30.14% over the past week @Backpack on X ↗