Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h +0.134%

Price spread now: RISEx against GRVT−0.321%55s7-day average −0.011% · 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−$260.258% of the position

Long on GRVT Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.295%+$30 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.321%, 7d avg −0.011%

Together, before fees+0.420%+ Points / potential airdropGRVT: Active · farm board+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and RISEx is 0.310% cheaper against GRVT than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.011%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.295%, so the current rate has only just turned against you. The two prices were read 55 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	169.80	0.0570	pay 0.0570% / 8h	7h 53m	$78K	$871K	10x
Short	RISEx MSTR/USDC	169.25	0.0349	get 0.0044% / 1h	53m 47s	$276K	$440K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$46.44
Price spread: −0.321% → −0.011%: −$31.02
Slippage, 4 orders: −$10.78
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$103.24
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from GRVT: live order book, 19 min ago; RISEx: live order book, 20 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, 19 min ago	0.89 bp	8.5 bp −$9	11.7 bp −$117	doesn't fit	doesn't fit
Sell RISEx live order book, 20 min ago	0.89 bp	3.9 bp −$4	6.0 bp −$60	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
Nado MSTR-PERP	−0.0090%	1h	169.20	−0.352%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.21	−0.346%	$1.3M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.32	−0.283%	$15.2M	$39.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.31	−0.289%	$21.9M	$104.2M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.30	−0.294%	$4.7M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.20	−0.353%	$2.9M	$66K	10x	as long as short
Variational Omni MSTR	+0.0002%	8h	169.63	−0.099%	$1.2M	$2.4M	—	as long as short
Bitget MSTRUSDT	+0.0025%	8h	169.36	−0.259%	$28.6M	$115.5M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.22	−0.342%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.19	−0.362%	$581K	$1.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	169.18	−0.365%	$1.5M	$10.1M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.56	−0.141%	$27K	$121K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.40	−0.236%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.11	−0.406%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.30	−0.294%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.73	−0.041%	$765K	$5.1M	10x	as long as short
Binance MSTRUSDT	+0.0075%	8h	169.34	−0.271%	$89.4M	$622.9M	50x	as long as short
BloFin MSTR-USDT	+0.0080%	8h	169.12	−0.400%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.618%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0094%	8h	169.23	−0.335%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0094%	1h	169.25	−0.324%	$57.1M	$35.4M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.24	−0.330%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.23	−0.336%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.62	−0.106%	$4K	$207K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.25	−0.324%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.33	−0.279%	$141	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.49	−0.183%	$8K	$21K	30x	as long as short
Phoenix MSTR	+0.0260%	1h	169.47	−0.193%	$57K	$384K	10x	as long as short
RISEx MSTR/USDCshort	+0.0349%	1h	169.25	−0.321%	$276K	$440K	10x
edgeX MSTRUSDC	+0.0567%	4h	169.82	+0.010%	$48K	$5.5M	10x	as long as short
GRVT MSTR_USDT_Perplong	+0.0570%	8h	169.80	long leg	$78K	$871K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.31	−0.289%	$288K	$438K	10x	as long as short