Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0405%/8h= −44.3% APRpaid last 24h −0.036%

Price spread now: Polymarket Perps against edgeX+0.048%64s7-day average −0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as 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−$380.381% of the position

Long on edgeX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.048%, 7d avg −0.062%

Together, before fees+0.231%+ Points / potential airdropedgeX: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.110% dearer against edgeX than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.062%): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 22 hours. Mind the row above: over the last 7 days funding on this pair paid +0.250%, so the current rate has only just turned against you. The two prices were read 64 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 0.250% in total (about 13.0% 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	169.46	0.0455	pay 0.0227% / 4h	3h 58m	$48K	$5.5M	10x
Short	Polymarket Perps MSTR-USD	169.54	0.0050	get 0.0006% / 1h	58m 11s	$400K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$85.02
Price spread: +0.048% → −0.062%: $11
Slippage, 4 orders: −$21.14
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$112.16
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; Polymarket Perps: live order book, 6 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, 1 min ago	5.60 bp	10.5 bp −$11	17.2 bp −$172	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	3.25 bp	7.5 bp −$8	8.9 bp −$89	11.3 bp −$1,129	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
Nado MSTR-PERP	−0.0105%	1h	169.58	+0.071%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.59	+0.076%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.84	+0.225%	$22.0M	$105.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.71	+0.148%	$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	169.66	+0.119%	$2.9M	$66K	10x	as long as short
Bitget MSTRUSDT	+0.0028%	8h	169.72	+0.154%	$28.8M	$117.0M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.76	+0.178%	$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
QFEX MSTR-USD	+0.0035%	1h	169.52	+0.036%	$1.5M	$10.2M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus MSTR-USD	+0.0040%	1h	169.52	+0.036%	$27K	$129K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.83	+0.219%	—	$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
tradeXYZ xyz:MSTR	+0.0050%	1h	169.55	+0.054%	$57.2M	$36.9M	10x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	169.54	+0.048%	$400K	$2.7M	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.135%	$764K	$5.2M	10x	as long as short
SoDEX MSTR-USD	+0.0061%	1h	169.66	+0.119%	$45K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0068%	8h	169.79	+0.195%	$89.7M	$626.9M	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-INTX	+0.0088%	1h	168.75	−0.418%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0092%	8h	169.51	+0.030%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.52	+0.035%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.56	+0.060%	$2.6M	$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	169.80	+0.202%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.59	+0.081%	$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	169.61	+0.089%	$276K	$440K	10x	as long as short
Bybit MSTRUSDT	+0.0349%	8h	169.78	+0.190%	$15.2M	$40.2M	50x	as long as short
edgeX MSTRUSDClong	+0.0455%	4h	169.46	long leg	$48K	$5.5M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0693%	1h	169.88	+0.249%	$289K	$438K	10x	as long as short