Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.016%

Price spread now: Coinbase International against Orderly−0.618%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Coinbase International is 0.618% cheaper against Orderly than usual: you would sell low and buy high (−$62 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	169.80	0.0100	pay 0.0100% / 8h	7h 58m	$3K	$8K	10x
Short	Coinbase International MSTR-PERP-INTX	168.75	0.0088	get 0.0011% / 1h	58m 00s	$1.4M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.618%Rate

Funding earned: −$2.52
Price spread: −0.618% → 0.000%: −$61.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$80.36
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 1 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 1 min ago	16.20 bp	21.2 bp −$21	22.9 bp −$229	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0105%	1h	169.58	−0.131%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.69	−0.066%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.83	+0.018%	$22.0M	$105.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.76	−0.024%	$4.7M	$18.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.211%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.66	−0.082%	$2.9M	$66K	10x	as long as short
Bitget MSTRUSDT	+0.0028%	8h	169.83	+0.018%	$28.8M	$117.0M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.76	−0.024%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.48	−0.191%	$581K	$1.7M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	169.52	−0.165%	$1.5M	$10.2M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus MSTR-USD	+0.0040%	1h	169.52	−0.165%	$27K	$129K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.83	+0.018%	—	$2.1M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0046%	8h	169.55	−0.146%	$77K	$871K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.54	−0.153%	$400K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.336%	$764K	$5.2M	10x	as long as short
SoDEX MSTR-USD	+0.0061%	1h	169.66	−0.082%	$45K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0068%	8h	169.85	+0.029%	$89.7M	$627.0M	50x	as long as short
BloFin MSTR-USDT	+0.0085%	8h	169.47	−0.194%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0088%	1h	168.75	−0.618%	$1.4M	$1.2M	10x
Paradex MSTR-USD-PERP	+0.0092%	8h	169.51	−0.171%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.52	−0.167%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.71	−0.053%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	−0.300%	$4K	$223K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	169.80	long leg	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	169.59	−0.121%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0140%	1h	169.58	−0.130%	$57.2M	$36.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	168.88	−0.542%	$13K	$21K	30x	as long as short
Phoenix MSTR	+0.0260%	1h	169.45	−0.207%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.61	−0.113%	$276K	$440K	10x	as long as short
Bybit MSTRUSDT	+0.0349%	8h	169.87	+0.041%	$15.2M	$40.1M	50x	as long as short
edgeX MSTRUSDC	+0.0455%	4h	169.46	−0.201%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0693%	1h	169.88	+0.047%	$289K	$438K	10x	as long as short