Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.093%

Price spread now: BloFin against QFEX+0.012%7-day average +0.021% · 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−$33as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.164%+$16 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.012%, 7d avg +0.021%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.164%, 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	169.49	0.0039	pay 0.0005% / 1h	10m 47s	$1.5M	$10.2M	10x
Short	BloFin MSTR-USDT	169.51	0.0020	get 0.0020% / 8h	2h 10m	$1.1M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$4.08
Price spread: +0.012% → +0.021%: −$0.97
Slippage, 4 orders: −$9.7
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$36.75
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; BloFin: live order book, 7 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, 3 min ago	1.48 bp	6.5 bp −$6	6.9 bp −$69	13.3 bp −$1,327	doesn't fit
Sell BloFin live order book, 7 min ago	3.24 bp	9.2 bp −$9	14.8 bp −$148	28.1 bp −$2,814	doesn't fit

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	−0.0060%	1h	169.49	0.000%	$140K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.50	+0.007%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.53	+0.024%	$88.7M	$630.6M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.57	+0.047%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.48	−0.004%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.47	−0.012%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.78	+0.170%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.50	+0.005%	$83K	$948K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	0.0000%	1h	169.52	+0.018%	$288K	$439K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.44	−0.030%	$2.9M	$58K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MSTR-USDTshort	+0.0020%	8h	169.51	+0.012%	$1.1M	$1.8M	20x
Lighter MSTR	+0.0032%	1h	169.58	+0.053%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.46	−0.017%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USDlong	+0.0039%	1h	169.49	long leg	$1.5M	$10.2M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.68	+0.112%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.224%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.50	+0.006%	$56.8M	$38.3M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.45	−0.024%	$419K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.48	−0.006%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.39	−0.059%	$752K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0074%	8h	169.56	+0.041%	$28.9M	$120.0M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0087%	8h	169.51	+0.014%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0091%	8h	169.55	+0.035%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.49	+0.002%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.43	−0.035%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.53	+0.024%	$4K	$871K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.47	−0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.47	−0.014%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.66	+0.102%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.61	+0.071%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.071%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0743%	4h	169.62	+0.076%	$48K	$5.5M	10x	as long as short