Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.013%

Price spread now: QFEX against KuCoin+0.061%7-day average −0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.061%, 7d avg −0.015%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.076% dearer against KuCoin than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.015%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 3 days (−0.004% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	164.20	0.0100	pay 0.0100% / 8h	6h 41m	$2.4M	$2.7M	20x
Short	QFEX MSTR-USD	164.30	0.0064	get 0.0008% / 1h	41m 14s	$1.4M	$8.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$7.48
Price spread: +0.061% → −0.015%: $7.56
Slippage, 4 orders: −$53.66
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$75.57
Costs to cover: 0.757%
Break-even: never at this rate

Slippage from KuCoin: live order book, 11 min ago; QFEX: live order book, 8 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 KuCoin live order book, 11 min ago	2.42 bp	31.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.81 bp	6.8 bp −$7	7.4 bp −$74	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
Bitget MSTRUSDT	−0.0617%	8h	164.42	+0.134%	$27.0M	$115.7M	25x	as long as short
Gate MSTR_USDT	−0.0311%	8h	164.26	+0.037%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.31	+0.067%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.35	+0.091%	$21.1M	$100.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.35	+0.091%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.091%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.86	+0.402%	$76K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.98	+0.475%	$2.8M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0008%	8h	164.33	+0.079%	$86.9M	$625.3M	50x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.822%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.13	−0.046%	$565K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.88	+0.414%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.17	−0.018%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.34	+0.085%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.22	+0.012%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	+0.511%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USDshort	+0.0064%	1h	164.30	+0.061%	$1.4M	$8.5M	10x
Pacifica MSTR	+0.0100%	1h	164.39	+0.118%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.20	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	+0.268%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.35	+0.091%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.32	+0.075%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0124%	1h	164.28	+0.049%	$383K	$2.7M	10x	as long as short
Lighter MSTR	+0.0152%	1h	164.26	+0.037%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0162%	8h	164.27	+0.045%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	+0.286%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.130%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0368%	1h	164.26	+0.037%	$55.5M	$36.5M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	+0.233%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0408%	1h	164.14	−0.036%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0445%	8h	164.40	+0.122%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1090%	1h	164.39	+0.116%	$280K	$438K	10x	as long as short