Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h −0.014%

Price spread now: QFEX against Orderly−0.030%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 QFEX

What this pair did over the last

the charts below follow

Funding, last 3 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 −$2 a day on $10k at the current rate, and QFEX is 0.030% cheaper against Orderly than usual: you would sell low and buy high (−$3 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	166.84	0.0100	pay 0.0100% / 8h	7h 07m	$3K	$7K	10x
Short	QFEX MSTR-USD	166.79	0.0035	get 0.0004% / 1h	7m 01s	$1.4M	$8.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$13.57
Price spread: −0.030% → 0.000%: −$3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$32.57
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; QFEX: live order book, 7 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 QFEX live order book, 7 min ago	1.49 bp	6.5 bp −$6	7.7 bp −$77	17.4 bp −$1,739	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
Gate MSTR_USDT	−0.0174%	8h	166.82	−0.012%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	166.79	−0.030%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.83	−0.008%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.75	−0.054%	$21.5M	$99.5M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.83	−0.006%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	167.37	+0.316%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.267%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.13	+0.174%	$2.8M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0004%	8h	166.80	−0.022%	$87.6M	$614.0M	50x	as long as short
Lighter MSTR	+0.0032%	1h	166.74	−0.060%	$3.5M	$2.0M	10x	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	166.66	−0.105%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0035%	1h	166.79	−0.030%	$1.4M	$8.6M	10x
Arcus MSTR-USD	+0.0040%	1h	167.31	+0.282%	$27K	$115K	10x	as long as short
Nado MSTR-PERP	+0.0045%	1h	166.68	−0.098%	$135K	$128K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.66	−0.108%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.69	−0.090%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.79	−0.030%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.72	−0.072%	$763K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	167.01	+0.102%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.83	−0.008%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.82	−0.012%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.174%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	166.84	long leg	$3K	$7K	10x
Aevo MSTR-PERP	+0.0104%	1h	166.81	−0.019%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0107%	8h	166.75	−0.056%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.498%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	166.78	−0.036%	$56.4M	$35.8M	10x	as long as short
Bybit MSTRUSDT	+0.0238%	8h	166.82	−0.012%	$15.9M	$39.5M	50x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.348%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.325%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.83	−0.008%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0650%	1h	166.84	0.000%	$284K	$438K	10x	as long as short