Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0143%/8h= −15.6% APRpaid last 24h +0.026%

Price spread now: OKX against Coinbase International+0.213%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.213%, 7d avg +0.087%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.127% dearer against Coinbase International than usual: you sell high and buy low (spread +0.213% now, against its 7-day average of +0.087%): +$13 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 7 days (−0.123% in total) that is about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSTR-PERP-INTX	164.12	0.0168	pay 0.0021% / 1h	51m 29s	$1.4M	$1.1M	10x
Short	OKX MSTR-USDT-SWAP	164.47	0.0025	get 0.0025% / 8h	3h 51m	$20.7M	$99.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.213%Rate

Funding earned: −$29.94
Price spread: +0.213% → +0.087%: $12.66
Slippage, 4 orders: −$12.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.89
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; OKX: live order book, 2 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	4.55 bp	9.6 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.30 bp	6.4 bp −$6	12.1 bp −$121	62.6 bp −$6,264	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 MSTRUSDT	−0.0884%	8h	164.63	+0.311%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.44	+0.196%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.47	+0.213%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.59	+0.286%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAPshort	+0.0025%	8h	164.47	+0.213%	$20.7M	$99.5M	50x
Lighter MSTR	+0.0032%	1h	164.45	+0.201%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.30	+0.110%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.181%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.66	+0.329%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.36	+0.146%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.54	+0.256%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.50	+0.232%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	+0.213%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.41	+0.177%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.327%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.43	+0.191%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.34	+0.134%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.55	+0.262%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.51	+0.238%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	+0.243%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.38	+0.160%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.45	+0.203%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0168%	1h	164.12	long leg	$1.4M	$1.1M	10x
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.74	+0.378%	$82K	$792K	10x	as long as short
edgeX MSTRUSDC	+0.0179%	4h	164.56	+0.268%	$49K	$5.3M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0206%	1h	164.45	+0.201%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.42	+0.184%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0232%	1h	164.37	+0.150%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.71	+0.359%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.59	+0.285%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.50	+0.232%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.54	+0.256%	$280K	$438K	10x	as long as short