Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0965%/8h= −105.7% APRpaid last 24h +0.018%

Price spread now: Bitget against Extended+0.173%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Extended Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 7 days−0.101%−$10 · spread now +0.173%, 7d avg +0.100%

Together, before fees−0.221%+ Points / potential airdropExtended: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.074% dearer against Extended than usual: you sell high and buy low (spread +0.173% now, against its 7-day average of +0.100%): +$7 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.120% in total) that is about 4.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.3% 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	Extended MSTR_24_5-USD	164.34	0.0032	pay 0.0004% / 1h	2m 37s	$595K	$1.9M	10x
Short	Bitget MSTRUSDT	164.63	−0.0933	pay 0.0933% / 8h	4h 02m	$27.9M	$115.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Extended. 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 ExtendedbpFee BitgetbpOrdersPrice spread, now +0.173%Rate

Funding earned: −$202.65
Price spread: +0.173% → +0.100%: $7.36
Slippage, 4 orders: −$13.98
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$226.27
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Extended: live order book, 1 min ago; Bitget: live order book, 1 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 Extended live order book, 1 min ago	3.04 bp	7.0 bp −$7	22.2 bp −$222	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.30 bp	8.4 bp −$8	13.4 bp −$134	38.9 bp −$3,888	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 MSTRUSDTshort	−0.0933%	8h	164.63	+0.173%	$27.9M	$115.1M	25x
Aster MSTRUSDT	0.0000%	8h	164.52	+0.108%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.53	+0.113%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.52	+0.106%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0019%	8h	164.49	+0.088%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.45	+0.064%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	164.34	long leg	$595K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.039%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.49	+0.088%	$267K	$445K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	+0.106%	$26K	$109K	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	164.36	+0.009%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.44	+0.058%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.48	+0.082%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−0.009%	$851K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.48	+0.082%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0089%	8h	164.36	+0.007%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.46	+0.070%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.41	+0.040%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.24	−0.064%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	+0.113%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	+0.106%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.47	+0.074%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0152%	8h	164.48	+0.082%	$86.9M	$615.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0162%	8h	164.48	+0.083%	$82K	$792K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.137%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.33	−0.007%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0234%	1h	164.46	+0.070%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0243%	1h	164.42	+0.043%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0271%	8h	164.55	+0.125%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0348%	8h	164.55	+0.125%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0855%	4h	164.38	+0.020%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0967%	1h	164.57	+0.137%	$280K	$438K	10x	as long as short