Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.052%

Price spread now: BloFin against Pacifica+0.010%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Pacifica Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now +0.010%, 7d avg +0.028%

Together, before fees−0.149%+ Points / potential airdropPacifica: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.028%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica MSTR	164.25	0.0100	pay 0.0013% / 1h	38m 20s	$100K	$84K	10x
Short	BloFin MSTR-USDT	164.27	0.0210	get 0.0210% / 8h	5h 38m	$1.0M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Pacifica. 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 PacificabpFee BloFinbpOrdersPrice spread, now +0.010%Rate

Funding earned: $23.01
Price spread: +0.010% → +0.028%: −$1.81
Slippage, 4 orders: −$12.45
Fee Pacifica: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$11.26
Costs to cover: 0.325%
Break-even: 10.4 days

Slippage from Pacifica: live order book, 24 min ago; BloFin: live order book, 5 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 Pacifica live order book, 24 min ago	0.73 bp	4.7 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.52 bp	7.8 bp −$8	11.3 bp −$113	23.2 bp −$2,320	54.7 bp −$27.4K

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	−0.1280%	8h	164.35	+0.058%	$27.6M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.22	−0.019%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.22	−0.021%	$20.8M	$99.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.24	−0.009%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.26	+0.004%	$2.8M	$70K	10x	as long as short
Variational Omni MSTR	+0.0021%	8h	164.09	−0.098%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.22	−0.021%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.05	−0.124%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.096%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.31	+0.034%	$26K	$112K	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	164.09	−0.100%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.14	−0.069%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.21	−0.027%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.11	−0.088%	$880K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.26	+0.004%	$1.4M	$7.7M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0079%	1h	164.12	−0.082%	$54.9M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0090%	8h	164.20	−0.035%	$88.1M	$618.9M	50x	as long as short
Pacifica MSTRlong	+0.0100%	1h	164.25	long leg	$100K	$84K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	164.14	−0.069%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.32	+0.040%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.18	−0.045%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.18	−0.044%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0138%	8h	164.21	−0.027%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.40	+0.089%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.100%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0209%	1h	164.20	−0.036%	$122K	$149K	3x	as long as short
BloFin MSTR-USDTshort	+0.0210%	8h	164.27	+0.010%	$1.0M	$1.9M	20x
RISEx MSTR/USDC	+0.0291%	1h	164.28	+0.016%	$269K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.35	+0.056%	$55K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0342%	8h	164.27	+0.010%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0542%	1h	164.30	+0.028%	$279K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0857%	4h	164.20	−0.036%	$49K	$5.4M	10x	as long as short