Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0064%/8h= +7.1% APRpaid last 24h −0.034%

Price spread now: QFEX against OKX−0.006%7-day average −0.052% · 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−$20as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 7 days−0.033%−$3 · spread now −0.006%, 7d avg −0.052%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.046% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	164.77	0	get 0.0000% / 8h	6h 21m	$20.9M	$100.8M	50x
Short	QFEX MSTR-USD	164.76	0.0064	get 0.0008% / 1h	21m 33s	$1.4M	$8.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $13.52
Price spread: −0.006% → −0.052%: $4.61
Slippage, 4 orders: −$4.99
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$6.85
Costs to cover: 0.250%
Break-even: 10.5 days

Slippage from OKX: live order book, 2 min ago; QFEX: live order book, 7 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, 2 min ago	0.30 bp	6.0 bp −$6	11.0 bp −$110	72.5 bp −$7,247	doesn't fit
Sell QFEX live order book, 7 min ago	1.82 bp	6.8 bp −$7	8.2 bp −$82	15.1 bp −$1,510	doesn't fit

MSTR on 31 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	−0.1036%	8h	164.92	+0.091%	$27.5M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0169%	8h	164.78	+0.006%	$4.6M	$19.0M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.82	+0.031%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	164.77	long leg	$20.9M	$100.8M	50x
RISEx MSTR/USDC	0.0000%	1h	164.77	0.000%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.11	+0.205%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.03	+0.158%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.57	−0.121%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.98	+0.127%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.79	+0.012%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.72	−0.030%	$910K	$4.6M	10x	as long as short
Binance MSTRUSDT	+0.0060%	8h	164.72	−0.031%	$87.8M	$624.3M	50x	as long as short
QFEX MSTR-USDshort	+0.0064%	1h	164.76	−0.006%	$1.4M	$8.3M	10x
Lighter MSTR	+0.0080%	1h	164.67	−0.061%	$3.5M	$1.9M	10x	as long as short
edgeX MSTRUSDC	+0.0093%	4h	164.97	+0.118%	$48K	$5.4M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0098%	1h	164.96	+0.115%	$384K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0099%	1h	164.89	+0.073%	$43K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.72	−0.029%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.74	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.85	+0.049%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.98	+0.127%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.96	+0.115%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0148%	8h	165.00	+0.139%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.89	+0.073%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0174%	8h	164.69	−0.047%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	164.66	−0.067%	$55.4M	$36.6M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.774%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0371%	1h	164.64	−0.076%	$111K	$143K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.99	+0.135%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0382%	8h	164.81	+0.024%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0781%	1h	165.03	+0.158%	$281K	$438K	10x	as long as short