Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h −0.173%

Price spread now: Extended against edgeX+0.039%53s7-day average −0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.346% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 7 days−0.065%−$7 · spread now +0.039%, 7d avg −0.076%

Together, before fees+0.054%+ Points / potential airdropedgeX: Active · Extended: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.115% dearer against edgeX than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.076%): +$12 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 7 days funding on this pair paid +0.119%, so the current rate has only just turned against you. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.119% in total (about 6.2% 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	edgeX MSTRUSDC	164.31	0.0283	pay 0.0141% / 4h	1h 34m	$49K	$5.4M	10x
Short	Extended MSTR_24_5-USD	164.37	0.0032	get 0.0004% / 1h	34m 38s	$594K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$52.68
Price spread: +0.039% → −0.076%: $11.53
Slippage, 4 orders: −$20.62
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$75.77
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Extended: 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, 4 min ago	4.87 bp	11.6 bp −$12	18.9 bp −$189	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.91 bp	7.6 bp −$8	22.4 bp −$224	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 MSTRUSDT	−0.1270%	8h	164.67	+0.222%	$27.7M	$114.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.53	+0.134%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.57	+0.161%	$20.8M	$99.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.54	+0.143%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.61	+0.185%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0029%	8h	164.54	+0.144%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.52	+0.131%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.37	+0.039%	$594K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.064%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.48	+0.106%	$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	+0.051%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	+0.106%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.58	+0.167%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.34	+0.021%	$855K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.53	+0.137%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0078%	1h	164.45	+0.088%	$55.0M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0096%	8h	164.58	+0.167%	$88.2M	$618.6M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.54	+0.146%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.47	+0.100%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.28	−0.016%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.60	+0.179%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.60	+0.179%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	164.53	+0.134%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.48	+0.107%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.131%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0215%	8h	164.57	+0.161%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0219%	1h	164.43	+0.073%	$122K	$149K	3x	as long as short
edgeX MSTRUSDClong	+0.0283%	4h	164.31	long leg	$49K	$5.4M	10x
RISEx MSTR/USDC	+0.0291%	1h	164.58	+0.170%	$269K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.24	−0.041%	$55K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0346%	8h	164.64	+0.204%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.65	+0.210%	$280K	$438K	10x	as long as short