Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h +0.010%

Price spread now: Bitget against Coinbase International−0.012%7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.012%, 7d avg +0.093%

Together, before fees−0.217%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.105% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.093%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSTR-PERP-INTX	168.06	0.0088	pay 0.0011% / 1h	16m 07s	$1.4M	$1.1M	10x
Short	Bitget MSTRUSDT	168.04	0	get 0.0000% / 8h	7h 16m	$27.9M	$113.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$18.48
Price spread: −0.012% → +0.093%: −$10.54
Slippage, 4 orders: −$13.69
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$64.71
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bitget: live order book, 3 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 Coinbase International live order book, 2 min ago	4.76 bp	9.8 bp −$10	17.6 bp −$176	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.30 bp	8.5 bp −$8	14.7 bp −$147	21.4 bp −$2,143	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
Gate MSTR_USDT	−0.0078%	8h	168.00	−0.036%	$4.7M	$19.0M	50x	as long as short
Nado MSTR-PERP	−0.0012%	1h	167.85	−0.122%	$128K	$103K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	167.92	−0.082%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.02	−0.024%	$21.6M	$100.4M	50x	as long as short
Bitget MSTRUSDTshort	0.0000%	8h	168.04	−0.012%	$27.9M	$113.3M	25x
Variational Omni MSTR	0.0000%	8h	168.08	+0.011%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.32	+0.153%	$85K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.04	−0.012%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0006%	8h	167.85	−0.125%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0009%	8h	168.00	−0.034%	$88.5M	$614.0M	50x	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	167.92	−0.083%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	167.78	−0.164%	$577K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.04	−0.012%	$1.4M	$8.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.22	+0.095%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.88	−0.107%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	167.97	−0.054%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	167.95	−0.065%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	167.80	−0.155%	$766K	$4.9M	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0088%	1h	168.06	long leg	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0097%	8h	168.00	−0.037%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.07	+0.004%	$104K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.88	−0.107%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.27	+0.125%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	167.91	−0.089%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	167.90	−0.095%	$139	—	10x	as long as short
Bybit MSTRUSDT	+0.0106%	8h	168.07	+0.006%	$16.0M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0220%	1h	167.91	−0.089%	$56.7M	$35.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.762%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.22	+0.095%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.05	−0.004%	$274K	$433K	10x	as long as short
edgeX MSTRUSDC	+0.0797%	4h	168.37	+0.182%	$46K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1180%	1h	168.04	−0.012%	$286K	$438K	10x	as long as short