Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0042%/8h= −4.7% APRpaid last 24h +0.095%

Price spread now: Gate against QFEX−0.006%7-day average +0.060% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.251%+$25 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.006%, 7d avg +0.060%

Together, before fees+0.293%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.066% cheaper against QFEX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.060%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.251%, 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	169.05	0.0042	pay 0.0005% / 1h	35m 36s	$1.5M	$10.2M	10x
Short	Gate MSTR_USDT	169.04	0	get 0.0000% / 8h	1h 35m	$4.8M	$19.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.006%Rate

Funding earned: −$8.92
Price spread: −0.006% → +0.060%: −$6.56
Slippage, 4 orders: −$14.94
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.42
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Gate: live order book, 3 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	13.1 bp −$1,314	doesn't fit
Sell Gate live order book, 3 min ago	1.48 bp	12.1 bp −$12	37.4 bp −$374	doesn't fit	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	−0.0104%	1h	169.07	+0.010%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0006%	8h	169.20	+0.089%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.13	+0.049%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.11	+0.035%	$88.3M	$628.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.08	+0.018%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.10	+0.030%	$275K	$446K	10x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	169.04	−0.006%	$4.8M	$19.4M	50x
Variational Omni MSTR	0.0000%	8h	169.40	+0.204%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.23	+0.107%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.01	−0.024%	$2.9M	$61K	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	169.01	−0.024%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.95	−0.059%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0035%	8h	169.11	+0.035%	$28.9M	$119.6M	25x	as long as short
QFEX MSTR-USDlong	+0.0042%	1h	169.05	long leg	$1.5M	$10.2M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.18	+0.077%	—	$2.1M	25x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0046%	1h	169.03	−0.012%	$287K	$439K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.99	−0.035%	$403K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.01	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.02	−0.018%	$740K	$5.2M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.071%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0059%	1h	168.98	−0.041%	$56.9M	$37.9M	10x	as long as short
Bybit MSTRUSDT	+0.0062%	8h	169.07	+0.012%	$15.1M	$40.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0072%	8h	169.01	−0.024%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.02	−0.020%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.04	−0.006%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.32	+0.160%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.08	+0.018%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.06	+0.007%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.22	+0.100%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.142%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.17	+0.071%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0995%	4h	169.24	+0.110%	$48K	$5.4M	10x	as long as short