Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Bitget−0.212%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 3 days (all we have)+0.229%+$23 · spread now −0.212%, 7d avg −0.089%

Together, before fees+0.446%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Coinbase International is 0.124% cheaper against Bitget than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.089%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.217%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	169.47	0.0064	pay 0.0064% / 8h	2h 02m	$28.9M	$120.0M	25x
Short	Coinbase International MSTR-PERP-INTX	169.11	0.0048	get 0.0006% / 1h	2m 39s	$1.5M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.212%Rate

Funding earned: −$3.36
Price spread: −0.212% → −0.089%: −$12.37
Slippage, 4 orders: −$18.74
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.47
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Coinbase International: live order book, 1 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 Bitget live order book, 1 min ago	0.29 bp	9.3 bp −$9	12.7 bp −$127	30.5 bp −$3,053	doesn't fit
Sell Coinbase International live order book, 1 min ago	5.31 bp	10.3 bp −$10	16.8 bp −$168	doesn't fit	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	−0.0074%	1h	169.36	−0.065%	$139K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0030%	8h	169.45	−0.012%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.34	−0.075%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.44	−0.020%	$88.6M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.44	−0.018%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.44	−0.016%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.38	−0.053%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.39	−0.049%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.40	−0.041%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.46	−0.006%	$2.9M	$59K	10x	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	169.38	−0.053%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.24	−0.138%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.41	−0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.49	+0.012%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0048%	1h	169.11	−0.212%	$1.5M	$1.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.38	−0.053%	$406K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.40	−0.041%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	−0.130%	$752K	$5.1M	10x	as long as short
Bitget MSTRUSDTlong	+0.0064%	8h	169.47	long leg	$28.9M	$120.0M	25x
tradeXYZ xyz:MSTR	+0.0065%	1h	169.39	−0.047%	$56.8M	$38.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0082%	8h	169.37	−0.059%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0084%	8h	169.40	−0.041%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	−0.030%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.30	−0.100%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.35	−0.071%	$4K	$854K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.41	−0.035%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.40	−0.040%	$141	—	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0163%	1h	169.46	−0.006%	$288K	$439K	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.45	−0.014%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.50	+0.018%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.083%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0709%	4h	169.42	−0.028%	$48K	$5.4M	10x	as long as short