Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0367%/8h= −40.2% APRpaid last 24h −0.033%

Price spread now: Coinbase International against edgeX−0.418%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.346%+$35 on $10k

Price spread, last 3 days (all we have)+0.394%+$39 · spread now −0.418%, 7d avg −0.063%

Together, before fees+0.740%+ Points / potential airdropedgeX: Active · farm board+$74 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Coinbase International is 0.355% cheaper against edgeX than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.063%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.346%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSTRUSDC	169.46	0.0455	pay 0.0227% / 4h	3h 59m	$48K	$5.5M	10x
Short	Coinbase International MSTR-PERP-INTX	168.75	0.0088	get 0.0011% / 1h	59m 11s	$1.4M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.418%Rate

Funding earned: −$77.04
Price spread: −0.418% → −0.063%: −$35.51
Slippage, 4 orders: −$28.34
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$159.89
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Coinbase International: live order book, 4 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 edgeX live order book, 5 min ago	5.61 bp	10.7 bp −$11	17.4 bp −$174	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	7.97 bp	13.0 bp −$13	15.6 bp −$156	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
Aster MSTRUSDT	0.0000%	8h	169.31	−0.085%	$1.3M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.56	+0.060%	$15.2M	$40.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.49	+0.019%	$21.9M	$105.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.47	+0.007%	$4.7M	$18.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.010%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.43	−0.017%	$2.9M	$66K	10x	as long as short
Nado MSTR-PERP	+0.0027%	1h	169.51	+0.029%	$140K	$97K	3x	as long as short
Bitget MSTRUSDT	+0.0031%	8h	169.49	+0.019%	$28.7M	$117.6M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.43	−0.017%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.48	+0.010%	$581K	$1.7M	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	169.73	+0.160%	—	$2.1M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0046%	8h	169.55	+0.055%	$77K	$871K	10x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.50	+0.025%	$1.5M	$10.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.49	+0.019%	$57.2M	$36.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.49	+0.019%	$400K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.45	−0.005%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.135%	$764K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	169.48	+0.013%	$89.4M	$628.7M	50x	as long as short
BloFin MSTR-USDT	+0.0085%	8h	169.47	+0.007%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0088%	1h	168.75	−0.418%	$1.4M	$1.2M	10x
Paradex MSTR-USD-PERP	+0.0093%	8h	169.54	+0.049%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.56	+0.058%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.40	−0.034%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	−0.099%	$4K	$223K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.40	−0.034%	$3K	$9K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.56	+0.059%	$141	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	168.88	−0.341%	$13K	$21K	30x	as long as short
Phoenix MSTR	+0.0260%	1h	169.45	−0.006%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.57	+0.066%	$276K	$440K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0400%	1h	169.40	−0.034%	$288K	$438K	10x	as long as short
edgeX MSTRUSDClong	+0.0455%	4h	169.46	long leg	$48K	$5.5M	10x
Arcus MSTR-USD	+0.0738%	1h	169.50	+0.025%	$27K	$129K	10x	as long as short