Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.027%

Price spread now: Coinbase International against OKX−0.107%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now −0.107%, 7d avg −0.080%

Together, before fees+0.231%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.027% cheaper against OKX than usual: you would sell low and buy high (spread −0.107% now, against its 7-day average of −0.080%). If the spread goes back, that is −$3 on $10k: about 39 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	168.84	0	get 0.0000% / 8h	1h 28m	$22.0M	$106.7M	50x
Short	Coinbase International MSTR-PERP-INTX	168.66	0.0056	get 0.0007% / 1h	28m 39s	$1.5M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.107%Rate

Funding earned: $11.76
Price spread: −0.107% → −0.080%: −$2.71
Slippage, 4 orders: −$10.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$21.25
Costs to cover: 0.303%
Break-even: 19.6 days

Slippage from OKX: live order book, 5 min ago; Coinbase International: live order book, 5 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 OKX live order book, 5 min ago	0.30 bp	6.4 bp −$6	10.6 bp −$106	60.6 bp −$6,065	doesn't fit
Sell Coinbase International live order book, 5 min ago	3.55 bp	8.5 bp −$9	14.2 bp −$142	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	−0.0115%	1h	168.67	−0.100%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	168.83	−0.006%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	−0.059%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.83	−0.005%	$88.2M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	168.84	long leg	$22.0M	$106.7M	50x
RISEx MSTR/USDC	0.0000%	1h	168.82	−0.010%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.78	−0.036%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.91	+0.041%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.72	−0.072%	$83K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.85	+0.006%	$2.9M	$61K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0026%	8h	168.83	−0.006%	$28.8M	$119.7M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.72	−0.071%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.63	−0.127%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.81	−0.018%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.75	−0.053%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.72	−0.071%	$396K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.72	−0.071%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.64	−0.118%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0053%	8h	168.81	−0.018%	$15.1M	$40.9M	50x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0056%	1h	168.66	−0.107%	$1.5M	$1.2M	10x
tradeXYZ xyz:MSTR	+0.0065%	1h	168.75	−0.053%	$56.8M	$38.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0069%	8h	168.73	−0.067%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.76	−0.049%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.74	−0.059%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.03	+0.113%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.75	−0.053%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.73	−0.066%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.01	+0.102%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0278%	4h	169.05	+0.123%	$47K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.267%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	168.86	+0.012%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0639%	1h	168.84	0.000%	$287K	$439K	10x	as long as short