Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.013%

Price spread now: Orderly against Extended+0.049%7-day average — · you sell dearer than you buy

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

Long on Extended 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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.049% dearer against Extended than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	164.50	0.0032	pay 0.0004% / 1h	46m 44s	$595K	$1.9M	10x
Short	Orderly PERP_MSTR_USDC_mythos	164.58	0.0100	get 0.0100% / 8h	4h 46m	$3K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.049%Rate

Funding earned: $14.28
Price spread: +0.049% → 0.000%: $4.86
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $8.14
Costs to cover: 0.110%
Break-even: 3.0 days

Slippage unknown: Extended: live order book, 2 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 Extended live order book, 2 min ago	1.82 bp	9.3 bp −$9	24.1 bp −$241	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	−0.0822%	8h	164.80	+0.182%	$27.7M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0040%	8h	164.74	+0.146%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.56	+0.037%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.66	+0.097%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.70	+0.122%	$20.6M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.54	+0.024%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	164.50	long leg	$595K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.942%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.65	+0.092%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.86	+0.219%	$27K	$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	164.67	+0.103%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.64	+0.085%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.55	+0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.54	+0.024%	$866K	$4.1M	10x	as long as short
Variational Omni MSTR	+0.0051%	8h	164.95	+0.271%	$1.2M	$2.1M	—	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.69	+0.116%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.64	+0.083%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.45	−0.030%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	+0.049%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	164.58	+0.049%	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.56	+0.039%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0123%	8h	164.59	+0.052%	$87.9M	$617.4M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	164.58	+0.050%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.81	+0.188%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.164%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0191%	4h	164.83	+0.198%	$49K	$5.4M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.75	+0.153%	$56K	$226K	10x	as long as short
BloFin MSTR-USDT	+0.0243%	8h	164.62	+0.073%	$1.0M	$2.0M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0253%	1h	164.48	−0.012%	$54.9M	$36.9M	10x	as long as short
Nado MSTR-PERP	+0.0311%	1h	164.65	+0.094%	$122K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0367%	8h	164.70	+0.122%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0601%	1h	164.63	+0.079%	$280K	$438K	10x	as long as short