Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0008%/8h= +0.8% APRpaid last 24h −0.033%

Price spread now: Extended against OKX−0.143%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.143%, 7d avg −0.093%

Together, before fees+0.113%+ Points / potential airdropExtended: Active · farm board+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.050% cheaper against OKX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	164.53	0.0024	pay 0.0024% / 8h	3h 54m	$20.7M	$99.6M	50x
Short	Extended MSTR_24_5-USD	164.29	0.0032	get 0.0004% / 1h	54m 08s	$594K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.143%Rate

Funding earned: $1.63
Price spread: −0.143% → −0.093%: −$4.96
Slippage, 4 orders: −$12.38
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$30.71
Costs to cover: 0.274%
Break-even: 139.0 days

Slippage from OKX: live order book, 5 min ago; Extended: live order book, 4 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	6.6 bp −$7	11.0 bp −$110	69.8 bp −$6,982	doesn't fit
Sell Extended live order book, 4 min ago	2.73 bp	8.6 bp −$9	67.7 bp −$677	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	−0.0893%	8h	164.65	+0.073%	$27.9M	$115.2M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.57	+0.027%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.51	−0.012%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.57	+0.024%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0024%	8h	164.53	long leg	$20.7M	$99.6M	50x
Lighter MSTR	+0.0032%	1h	164.43	−0.061%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.29	−0.143%	$594K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.923%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.73	+0.122%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.50	−0.018%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.52	−0.006%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.47	−0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	−0.036%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.64	+0.067%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.077%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.64	+0.067%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.45	−0.049%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.61	+0.049%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	0.000%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.50	−0.019%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.65	+0.070%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.56	+0.018%	$86.8M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.249%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	+0.122%	$82K	$792K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0183%	1h	164.44	−0.055%	$54.8M	$37.0M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.76	+0.138%	$56K	$226K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.70	+0.103%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0240%	1h	164.56	+0.021%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0276%	8h	164.74	+0.128%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0344%	8h	164.57	+0.024%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.46	−0.043%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0749%	4h	164.71	+0.111%	$49K	$5.3M	10x	as long as short