Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.053%

Price spread now: Binance against QFEX+0.059%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 2 days (all we have)−0.118%−$12 · spread now +0.059%, 7d avg +0.013%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.046% dearer against QFEX than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of +0.013%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.9 days. Mind the row above: over the last 3 days funding on this pair paid +0.063%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	169.58	0.0039	pay 0.0005% / 1h	24m 22s	$1.5M	$10.2M	10x
Short	Binance MSTRUSDT	169.68	0	get 0.0000% / 8h	2h 24m	$88.9M	$629.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now +0.059%Rate

Funding earned: −$8.2
Price spread: +0.059% → +0.013%: $4.56
Slippage, 4 orders: −$9.56
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$33.19
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Binance: live order book, 4 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 QFEX live order book, 5 min ago	2.36 bp	7.4 bp −$7	8.3 bp −$83	13.4 bp −$1,339	doesn't fit
Sell Binance live order book, 4 min ago	0.29 bp	7.8 bp −$8	12.9 bp −$129	32.3 bp −$3,230	152.2 bp −$76.1K

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	−0.0079%	1h	169.46	−0.068%	$140K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0015%	8h	169.65	+0.041%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.53	−0.030%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDTshort	0.0000%	8h	169.68	+0.059%	$88.9M	$629.4M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	169.63	+0.029%	$22.1M	$107.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.67	+0.055%	$297K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.60	+0.012%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.58	−0.001%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	−0.082%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.54	−0.024%	$2.9M	$57K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.57	−0.006%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.43	−0.091%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USDlong	+0.0039%	1h	169.58	long leg	$1.5M	$10.2M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.68	+0.059%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.277%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.59	+0.006%	$56.7M	$38.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.59	+0.006%	$413K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.66	+0.047%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.27	−0.183%	$763K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0071%	8h	169.67	+0.053%	$28.9M	$119.8M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0073%	8h	169.59	+0.008%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0092%	8h	169.70	+0.071%	$15.2M	$41.1M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.58	−0.001%	$104K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.45	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.37	−0.124%	$4K	$934K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.62	+0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.60	+0.014%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.44	−0.084%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0387%	4h	169.35	−0.134%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.66	+0.047%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.283%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0753%	1h	169.69	+0.065%	$288K	$438K	10x	as long as short