Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0850%/8h= +93.1% APRpaid last 24h −0.019%

Price spread now: QFEX against Bitget−0.079%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.079%, 7d avg −0.058%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.020% cheaper against Bitget than usual: you would sell low and buy high (spread −0.079% now, against its 7-day average of −0.058%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$26 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.4% 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	165.05	−0.0796	get 0.0796% / 8h	4h 50m	$27.8M	$114.8M	25x
Short	QFEX MSTR-USD	164.92	0.0054	get 0.0007% / 1h	50m 11s	$1.4M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.079%Rate

Funding earned: $178.58
Price spread: −0.079% → −0.058%: −$2.05
Slippage, 4 orders: −$8.64
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: $145.89
Costs to cover: 0.306%
Break-even: 1.3 days

Slippage from Bitget: live order book, 4 min ago; QFEX: live order book, 9 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, 4 min ago	0.30 bp	8.6 bp −$9	12.9 bp −$129	28.3 bp −$2,834	doesn't fit
Sell QFEX live order book, 9 min ago	1.81 bp	6.8 bp −$7	7.7 bp −$77	15.3 bp −$1,532	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	−0.0796%	8h	165.05	long leg	$27.8M	$114.8M	25x
Gate MSTR_USDT	−0.0042%	8h	165.00	−0.030%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.98	−0.044%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.94	−0.067%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0007%	8h	164.92	−0.079%	$20.7M	$99.8M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.85	−0.121%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.74	−0.191%	$597K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.599%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.92	−0.079%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.16	+0.067%	$27K	$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	164.97	−0.048%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.91	−0.085%	$382K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.91	−0.085%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.99	−0.036%	$868K	$4.1M	10x	as long as short
Variational Omni MSTR	+0.0051%	8h	164.95	−0.063%	$1.2M	$2.1M	—	as long as short
QFEX MSTR-USDshort	+0.0054%	1h	164.92	−0.079%	$1.4M	$7.5M	10x
Pacifica MSTR	+0.0100%	1h	164.91	−0.085%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.85	−0.121%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.02	−0.018%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.91	−0.085%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.90	−0.092%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0119%	8h	164.94	−0.067%	$88.1M	$617.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0140%	8h	165.05	+0.002%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0155%	8h	165.23	+0.107%	$79K	$758K	10x	as long as short
edgeX MSTRUSDC	+0.0167%	4h	165.21	+0.094%	$49K	$5.4M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	−0.170%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	165.22	+0.102%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0231%	1h	164.91	−0.085%	$55.0M	$36.8M	10x	as long as short
BloFin MSTR-USDT	+0.0236%	8h	165.02	−0.018%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0318%	1h	164.86	−0.113%	$122K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0357%	8h	164.99	−0.036%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0721%	1h	165.00	−0.030%	$281K	$438K	10x	as long as short