Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0525%/8h= +57.5% APRpaid last 24h +0.198%

Price spread now: edgeX against QFEX+0.295%57s7-day average +0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.339% of the position

Long on QFEX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.170%+$17 on $10k

Price spread, last 7 days−0.276%−$28 · spread now +0.295%, 7d avg +0.034%

Together, before fees−0.106%+ Points / potential airdropedgeX: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and edgeX is 0.260% dearer against QFEX than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.034%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.170% in total (about 16.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	165.90	0.0054	pay 0.0007% / 1h	50m 14s	$1.3M	$5.7M	10x
Short	edgeX MSTRUSDC	166.39	0.0579	get 0.0289% / 4h	50m 14s	$51K	$4.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.295%Rate

Funding earned: $110.27
Price spread: +0.295% → +0.034%: $26.03
Slippage, 4 orders: −$14.87
Fee QFEX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $102.43
Costs to cover: 0.339%
Break-even: 0.5 days

Slippage from QFEX: live order book, 7 min ago; edgeX: live order book, 2 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, 7 min ago	1.50 bp	6.5 bp −$7	6.5 bp −$65	12.6 bp −$1,260	doesn't fit
Sell edgeX live order book, 2 min ago	4.82 bp	9.8 bp −$10	16.5 bp −$165	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Gate MSTR_USDT	0.0000%	8h	165.84	−0.036%	$4.9M	$17.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.69	−0.127%	$32.2M	$102.8M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.69	−0.127%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.64	−0.157%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.51	−0.232%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.410%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.03	+0.078%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.91	+0.006%	$388K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.81	−0.054%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.93	+0.018%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USDlong	+0.0054%	1h	165.90	long leg	$1.3M	$5.7M	10x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.89	−0.006%	$1.4M	$354K	10x	as long as short
Nado MSTR-PERP	+0.0076%	1h	166.00	+0.058%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.85	−0.028%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.83	−0.045%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.77	−0.078%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.22	+0.193%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.83	−0.042%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.78	−0.074%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0156%	8h	165.79	−0.066%	$16.6M	$37.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0225%	1h	166.01	+0.066%	$54.9M	$33.4M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0254%	8h	165.74	−0.096%	$21.9M	$79.7M	50x	as long as short
Aster MSTRUSDT	+0.0267%	8h	165.84	−0.035%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	166.28	+0.227%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0352%	8h	165.97	+0.043%	$1.2M	$1.6M	—	as long as short
Binance MSTRUSDT	+0.0446%	8h	165.78	−0.072%	$86.6M	$516.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0450%	8h	166.43	+0.318%	$87K	$941K	10x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.01	+0.068%	$274K	$349K	10x	as long as short
edgeX MSTRUSDCshort	+0.0579%	4h	166.39	+0.295%	$51K	$4.5M	10x
BloFin MSTR-USDT	+0.0582%	8h	165.97	+0.042%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0716%	1h	165.87	−0.018%	$282K	$184K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.03	+0.078%	$26K	$63K	10x	as long as short