Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1174%/8h= +128.5% APRpaid last 24h +0.031%

Price spread now: tradeXYZ against Bitget−0.152%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Bitget Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 7 days+0.106%+$11 · spread now −0.152%, 7d avg −0.080%

Together, before fees+0.277%+ Points / potential airdroptradeXYZ: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.072% cheaper against Bitget than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.080%). If the spread goes back, that is −$7 on $10k: about 5 hours of funding at the current rate (+$35 a day). At the pace of the last 7 days (+0.171% in total) that is about 2.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.171% in total (about 8.9% 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	164.70	−0.0944	get 0.0944% / 8h	4h 17m	$27.8M	$115.1M	25x
Short	tradeXYZ xyz:MSTR	164.45	0.0230	get 0.0029% / 1h	17m 04s	$54.8M	$37.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.152%Rate

Funding earned: $246.46
Price spread: −0.152% → −0.080%: −$7.17
Slippage, 4 orders: −$7.37
Fee Bitget: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $201.92
Costs to cover: 0.374%
Break-even: 1.3 days

Slippage from Bitget: live order book, 2 min ago; tradeXYZ: live order book, 12 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, 2 min ago	0.61 bp	8.4 bp −$8	13.2 bp −$132	34.3 bp −$3,427	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.61 bp	9.6 bp −$10	13.1 bp −$131	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	−0.0944%	8h	164.70	long leg	$27.8M	$115.1M	25x
Aster MSTRUSDT	0.0000%	8h	164.52	−0.106%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.58	−0.073%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.49	−0.128%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0007%	8h	164.61	−0.055%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.48	−0.134%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.34	−0.216%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.817%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.50	−0.124%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.51	−0.115%	$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	−0.219%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.42	−0.170%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.45	−0.152%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.31	−0.237%	$852K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.47	−0.140%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	−0.179%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.40	−0.183%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.44	−0.158%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.31	−0.237%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.51	−0.115%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.53	−0.102%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0135%	8h	164.43	−0.164%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0138%	8h	164.62	−0.051%	$87.4M	$616.3M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.50	−0.124%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.352%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.260%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0230%	1h	164.45	−0.152%	$54.8M	$37.0M	10x
Nado MSTR-PERP	+0.0241%	1h	164.32	−0.228%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0258%	8h	164.53	−0.103%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0353%	8h	164.60	−0.061%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0500%	4h	164.46	−0.145%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1027%	1h	164.61	−0.055%	$280K	$438K	10x	as long as short