Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h −0.004%

Price spread now: QFEX against GRVT−0.030%57s7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$300.298% of the position

Long on GRVT Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.197%−$20 · spread now −0.030%, 7d avg −0.039%

Together, before fees−0.225%+ Points / potential airdropGRVT: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSTR_USDT_Perp	169.53	0	get 0.0000% / 8h	47m 59s	$83K	$875K	10x
Short	QFEX MSTR-USD	169.48	0.0049	get 0.0006% / 1h	47m 59s	$1.5M	$10.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against GRVT. 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 GRVTbpFee QFEXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $10.35
Price spread: −0.030% → −0.039%: $0.93
Slippage, 4 orders: −$10.84
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$18.56
Costs to cover: 0.298%
Break-even: 19.6 days

Slippage from GRVT: live order book, 30 min ago; QFEX: 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 GRVT live order book, 30 min ago	1.48 bp	8.4 bp −$8	15.6 bp −$156	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	2.36 bp	7.4 bp −$7	7.4 bp −$74	14.4 bp −$1,437	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	169.45	−0.048%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.45	−0.047%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.021%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perplong	0.0000%	8h	169.53	long leg	$83K	$875K	10x
Phemex MSTRUSDT	0.0000%	4h	169.49	−0.024%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.43	−0.056%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0002%	8h	169.45	−0.047%	$22.1M	$106.7M	50x	as long as short
Binance MSTRUSDT	+0.0019%	8h	169.45	−0.047%	$89.4M	$628.9M	50x	as long as short
BloFin MSTR-USDT	+0.0021%	8h	169.45	−0.047%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.24	−0.174%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0038%	1h	169.28	−0.147%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.006%	—	$2.1M	25x	as long as short
QFEX MSTR-USDshort	+0.0049%	1h	169.48	−0.030%	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.32	−0.124%	$405K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.45	−0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.130%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0053%	8h	169.43	−0.059%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0092%	8h	169.47	−0.036%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	−0.018%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	−0.075%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	−0.106%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.189%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.44	−0.053%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.266%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.46	−0.042%	$141	—	10x	as long as short
Lighter MSTR	+0.0120%	1h	169.44	−0.053%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0123%	8h	169.37	−0.095%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0160%	1h	169.40	−0.077%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	−0.015%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	−0.004%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.47	−0.036%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0813%	1h	169.53	0.000%	$288K	$438K	10x	as long as short