Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.009%

Price spread now: Orderly against Coinbase International+0.311%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.311% dearer against Coinbase International than usual: you sell high and buy low (spread +0.311% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSTR-PERP-INTX	164.09	0.0200	pay 0.0025% / 1h	35m 05s	$1.4M	$1.1M	10x
Short	Orderly PERP_MSTR_USDC_mythos	164.60	0.0100	get 0.0100% / 8h	5h 35m	$3K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.311%Rate

Funding earned: −$21
Price spread: +0.311% → 0.000%: $31.08
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$5.92
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	3.05 bp	8.8 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1276%	8h	164.73	+0.390%	$27.7M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.49	+0.242%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.60	+0.311%	$20.8M	$99.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.75	+0.402%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.61	+0.317%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0029%	8h	164.54	+0.276%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.56	+0.286%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.45	+0.222%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.199%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.42	+0.201%	$26K	$112K	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	164.39	+0.183%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	+0.238%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.58	+0.299%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.34	+0.152%	$855K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.53	+0.268%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0080%	1h	164.51	+0.256%	$55.0M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0095%	8h	164.63	+0.329%	$88.2M	$619.0M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.47	+0.233%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.50	+0.250%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.28	+0.116%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	164.60	+0.311%	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.60	+0.311%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	164.52	+0.263%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.48	+0.238%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0200%	1h	164.09	long leg	$1.4M	$1.1M	10x
BloFin MSTR-USDT	+0.0215%	8h	164.57	+0.293%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0219%	1h	164.43	+0.204%	$122K	$149K	3x	as long as short
edgeX MSTRUSDC	+0.0283%	4h	164.31	+0.131%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.54	+0.274%	$269K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.24	+0.091%	$55K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.72	+0.384%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.65	+0.341%	$280K	$438K	10x	as long as short