Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.086%

Price spread now: RISEx against Orderly+0.042%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. RISEx is 0.042% dearer against Orderly than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	164.31	0.0100	pay 0.0100% / 8h	4h 17m	$3K	$8K	10x
Short	RISEx MSTR/USDC	164.38	0.0034	get 0.0004% / 1h	17m 52s	$267K	$449K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$13.86
Price spread: +0.042% → 0.000%: $4.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$21.69
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 41 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 RISEx live order book, 41 min ago	0.61 bp	5.4 bp −$5	6.7 bp −$67	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
Bitget MSTRUSDT	−0.0941%	8h	164.65	+0.207%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.38	+0.043%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.47	+0.097%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.34	+0.018%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0006%	8h	164.52	+0.128%	$20.6M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.29	−0.012%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.31	+0.003%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.061%	$8K	$26K	30x	as long as short
RISEx MSTR/USDCshort	+0.0034%	1h	164.38	+0.042%	$267K	$449K	10x
Arcus MSTR-USD	+0.0040%	1h	164.53	+0.134%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.21	−0.061%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.27	−0.024%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.33	+0.012%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.48	+0.103%	$852K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.28	−0.018%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	+0.058%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.26	−0.032%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.34	+0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	+0.043%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	164.31	long leg	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.33	+0.013%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0134%	8h	164.29	−0.013%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0138%	8h	164.46	+0.090%	$87.6M	$616.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.67	+0.221%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.116%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.52	+0.128%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0228%	1h	164.37	+0.037%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.24	−0.040%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0257%	8h	164.48	+0.103%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0352%	8h	164.50	+0.116%	$17.0M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0603%	1h	164.35	+0.024%	$279K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0824%	4h	164.54	+0.140%	$49K	$5.4M	10x	as long as short