Funding arb · Price arb / RWA

MSTR

RWAAll MSTR markets →

LONGPopdex▾Coinbase International −0.0184%Phemex 0.0000%Injective +0.0033%Vest Markets +0.0046%Popdex +0.0048%Polymarket Perps +0.0050%SoDEX +0.0050%Ondo Perps +0.0050%QFEX +0.0056%Pacifica +0.0100%ApeX Omni +0.0100%Variational Omni +0.0103%Aevo +0.0104%KuCoin +0.0117%Paradex +0.0121%Lighter +0.0152%OKX +0.0160%Binance +0.0162%Aster +0.0176%Arcus +0.0193%tradeXYZ +0.0240%Deribit +0.0269%GRVT +0.0271%BloFin +0.0282%Nado +0.0298%Avantis +0.0299%BingX +0.0335%Phoenix +0.0342%Bybit +0.0348%Bitget +0.0350%Extended +0.0480%Gate +0.0489%edgeX +0.0706%

⇄⇅

SHORTRISEx▾RISEx +0.0754%edgeX +0.0706%Gate +0.0489%Extended +0.0480%Bitget +0.0350%Bybit +0.0348%Phoenix +0.0342%BingX +0.0335%Nado +0.0298%BloFin +0.0282%GRVT +0.0271%Deribit +0.0269%Avantis −0.0263%tradeXYZ +0.0240%Arcus +0.0193%Aster +0.0176%Binance +0.0162%OKX +0.0160%Lighter +0.0152%Paradex +0.0121%KuCoin +0.0117%Aevo +0.0104%Variational Omni +0.0103%Pacifica +0.0100%ApeX Omni +0.0100%QFEX +0.0056%Ondo Perps +0.0050%Polymarket Perps +0.0050%SoDEX +0.0050%Vest Markets +0.0046%Injective +0.0033%Phemex 0.0000%Coinbase International −0.0184%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PopdexMSTRUSDT	154.36	+0.0048	pay 0.0006% / 1h	27m 06s	$21K	$319K	20x	Long Popdex
SHORT	RISExMSTR/USDC	154.41	+0.0754	get 0.0094% / 1h	27m 06s	$437K	$2.2M	10x	Short RISExInvite

Price gap+0.031%

Funding gap+0.0706% /8h

Both sides work: funding pays +$21 a day on $10k, and the gap is 0.028% above its 7d average: +$3 more if it goes back.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid +0.343% in total, about +0.0180%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m

1h · loading 5m…

24H3D7D14D30D90D

Entry / Exit?Popdex: thin, under $1M open interest · RISEx: thin, under $1M open interest

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now+0.031%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

PopdexRISEx

MSTR on 34 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• !
  Watch: Large against open interest5.2 / 4.0 bp

  $10k is over 10% of Popdex’s open interest.
• i
  Note: Margin at max leverage$500 + $1,000

  Popdex 20x, RISEx 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Popdex · 1h−$1.44

  Short RISEx · 1h+$22.63

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$21.19Long Popdex: 24 payments, −$1.44; short RISEx: 24 payments, +$22.63.
• ✓
  OK: Entry gap works for you+0.031% vs +0.003%

  You short the dearer leg. If the gap goes back to average, the short gains.
• !
  Watch: Long leg is thinner$21K vs $437K OI

  Popdex sets your exit cost. Check its book before closing.
• i
  Note: No points program—

  Neither exchange runs points right now.
• ✓
  OK: No KYC on either legPopdex No · RISEx No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0180%/8h × 21 periods+$37.74

Price spread+0.031% → +0.003% (7d avg)+$2.79

Slippage, 4 orderslive order books−$7.72

Fee Popdex bp × 2 orders−$6.40

Fee RISEx bp × 2 orders−$6.00

Net · 7 days · $10k+$20.41

Costs to cover0.201%Break-even3.2 days

Slippage: Popdex: live order book, 5 min ago; RISEx: live order book, 1 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGPopdex0.975.2 bp−$511.3 bp−$113doesn’t fitdoesn’t fit

SELL · SHORTRISEx0.974.0 bp−$46.9 bp−$69doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

MSTR news

posts that mention MSTR or Strategy (MicroStrategy), from every exchangeSearch all news →

09-28 19:52	RISEx	Contest	RISEx did $769.5M last week, up 15% from $669.4M BTC volume alone grew 37%, from $192.6M to $263.8M MSTR just entered our RWA leaderboard for the first time at $10.4M; in the same week, BTC volume surged - not a coincidence at all. What are we trading this week? @risextrade on X ↗
09-25 00:50	Injective	Token	The Injective Stockdrop officially starts next week. Anyone who participated in the $INJ BuyBack yesterday will be eligible to earn a stock token on Robinhood Chain. Here are just a few of the tokenized stocks that you could get: $AMC $SNAP $GLXY $HIMS $SMCI $RKLB $CRCL $INTC $MSTR $SPCX $COIN $NVDA $AAPL $TSLA $META $MU $SNDK More ▇▇▇▇ and ▇▇ @injective on X ↗
09-24 04:00	Gate	Listing	Gate Futures Stocks Section & Forex Zone Initial Listing: $MSTU (2X Long MSTR Daily Target ETF), $OKLO (Oklo Inc.), $USDBRL (USD/BRL) and 9 futures in total. 🔹 Trading Pairs: $MSTU / $USDT, $OKLO / $USDT, $USDBRL / $USDT & 6 more 🔹 Trading Starts: September 24th, 2026 03:00AM (UTC) 🔹 Supports 1 – 20x Leverage, Bots, and Copy Trading 🔹 Gate currently supports trading of 459 stock futures More details: @Gate on X ↗
09-23 11:17	Bitget	Other	If you're already trading $S, $MSTR, $CRCL, $TSLA and other top stocks and commodities, why not check these campaigns to earn rewards too! ⤵️ @bitget on X ↗
09-22 08:29	Bitget	Other	New CandyBomb Alert on #Bitget! 🚨 Trade futures and claim your share of 120 $MSTR in rToken. Details. @bitget on X ↗
09-21 20:49	Backpack	Other	JUST IN: Michael Saylor’s Strategy now has nearly $10 billion in unrealized gains on its Bitcoin holdings as $BTC trades above $87,000. $MSTR +30.14% over the past week @Backpack on X ↗