Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.065%

Price spread now: tradeXYZ against GRVT−0.030%46s7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as 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−$400.399% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 on $10k

Price spread, last 3 days (all we have)−0.116%−$12 · spread now −0.030%, 7d avg −0.080%

Together, before fees+0.079%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.050% dearer against GRVT than usual: you sell high and buy low (spread −0.030% now, against its 7-day average of −0.080%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 48 hours. Mind the row above: over the last 7 days funding on this pair paid +0.195%, so the current rate has only just turned against you. The two prices were read 46 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	169.19	0.0256	pay 0.0256% / 8h	7h 48m	$77K	$859K	10x
Short	tradeXYZ xyz:MSTR	169.14	0.0172	get 0.0021% / 1h	48m 37s	$57.1M	$35.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$17.74
Price spread: −0.030% → −0.080%: $5.03
Slippage, 4 orders: −$12.86
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$52.58
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from GRVT: live order book, 24 min ago; tradeXYZ: live order book, 10 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, 24 min ago	0.89 bp	8.5 bp −$9	11.7 bp −$117	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	1.48 bp	11.4 bp −$11	14.0 bp −$140	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	−0.0096%	1h	169.04	−0.091%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.09	−0.059%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.15	−0.024%	$21.9M	$103.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.15	−0.024%	$4.7M	$18.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	169.14	−0.030%	$28.6M	$115.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.96	−0.137%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.10	−0.053%	$2.9M	$66K	10x	as long as short
Bybit MSTRUSDT	+0.0008%	8h	169.16	−0.018%	$15.2M	$39.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	169.08	−0.065%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.99	−0.118%	$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	169.07	−0.071%	$1.4M	$9.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.15	−0.024%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.18	−0.006%	—	$2.0M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.08	−0.065%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.93	−0.154%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.91	−0.165%	$747K	$5.0M	10x	as long as short
BloFin MSTR-USDT	+0.0063%	8h	169.09	−0.059%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0070%	8h	169.11	−0.047%	$89.3M	$620.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.260%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	169.08	−0.067%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.07	−0.069%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.06	−0.077%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.89	−0.177%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.00	−0.112%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.10	−0.054%	$140	—	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0172%	1h	169.14	−0.030%	$57.1M	$35.5M	10x
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.089%	$8K	$26K	30x	as long as short
GRVT MSTR_USDT_Perplong	+0.0256%	8h	169.19	long leg	$77K	$859K	10x
Phoenix MSTR	+0.0259%	1h	169.17	−0.014%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.13	−0.035%	$275K	$440K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0460%	1h	169.04	−0.089%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0465%	4h	169.30	+0.065%	$48K	$5.5M	10x	as long as short