Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0965%/8h= +105.7% APRpaid last 24h −0.018%

Price spread now: Extended against Bitget−0.155%7-day average −0.100% · 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−$36as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.155%, 7d avg −0.100%

Together, before fees+0.203%+ Points / potential airdropExtended: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.055% cheaper against Bitget than usual: you would sell low and buy high (spread −0.155% now, against its 7-day average of −0.100%). If the spread goes back, that is −$6 on $10k: about 5 hours of funding at the current rate (+$29 a day). At the pace of the last 7 days (+0.120% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.120% in total (about 6.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	164.62	−0.0933	get 0.0933% / 8h	4h 02m	$27.9M	$115.1M	25x
Short	Extended MSTR_24_5-USD	164.37	0.0032	get 0.0004% / 1h	2m 40s	$595K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.155%Rate

Funding earned: $202.65
Price spread: −0.155% → −0.100%: −$5.51
Slippage, 4 orders: −$13.98
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $166.16
Costs to cover: 0.310%
Break-even: 1.3 days

Slippage from Bitget: live order book, 1 min ago; Extended: 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	0.30 bp	8.3 bp −$8	13.0 bp −$130	28.5 bp −$2,853	doesn't fit
Sell Extended live order book, 1 min ago	3.04 bp	7.3 bp −$7	22.9 bp −$229	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
Bitget MSTRUSDTlong	−0.0933%	8h	164.62	long leg	$27.9M	$115.1M	25x
Aster MSTRUSDT	0.0000%	8h	164.55	−0.044%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.73	+0.067%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.52	−0.061%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0020%	8h	164.50	−0.073%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.45	−0.103%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.37	−0.155%	$595K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.867%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.56	−0.036%	$267K	$445K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	−0.061%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.34	−0.170%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.45	−0.103%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.48	−0.085%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−0.176%	$851K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.49	−0.079%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0089%	8h	164.36	−0.160%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.46	−0.097%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.41	−0.128%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.24	−0.231%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	−0.055%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	−0.061%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.47	−0.093%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0152%	8h	164.49	−0.079%	$86.9M	$615.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0162%	8h	164.48	−0.084%	$82K	$792K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.304%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.33	−0.174%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0234%	1h	164.46	−0.097%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.30	−0.196%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0271%	8h	164.55	−0.043%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0348%	8h	164.51	−0.067%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0855%	4h	164.38	−0.147%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0967%	1h	164.57	−0.030%	$280K	$438K	10x	as long as short