Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0305%/8h= +33.4% APRpaid last 24h +0.020%

Price spread now: GRVT against QFEX+0.042%57s7-day average +0.036% · 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−$280.284% of the position

Long on QFEX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.185%+$18 · spread now +0.042%, 7d avg +0.036%

Together, before fees+0.253%+ Points / potential airdropGRVT: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. 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 0.068% in total (about 6.4% 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	166.99	0.0054	pay 0.0007% / 1h	10m 23s	$1.3M	$5.5M	10x
Short	GRVT MSTR_USDT_Perp	167.06	0.0359	get 0.0359% / 8h	4h 10m	$87K	$980K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.042%Rate

Funding earned: $64.1
Price spread: +0.042% → +0.036%: $0.65
Slippage, 4 orders: −$9.36
Fee QFEX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $36.4
Costs to cover: 0.284%
Break-even: 3.0 days

Slippage from QFEX: live order book, 6 min ago; GRVT: live order book, 31 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, 6 min ago	1.79 bp	6.8 bp −$7	6.8 bp −$68	13.5 bp −$1,353	doesn't fit
Sell GRVT live order book, 31 min ago	1.50 bp	8.0 bp −$8	12.3 bp −$123	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
Extended MSTR_24_5-USD	−0.0288%	1h	166.88	−0.063%	$1.4M	$2.8M	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	167.13	+0.084%	$4.8M	$17.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.07	+0.048%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.99	0.000%	$3.6M	$1.7M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−1.060%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.17	+0.108%	—	$1.6M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	167.01	+0.012%	$385K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.78	−0.126%	$822K	$3.3M	10x	as long as short
QFEX MSTR-USDlong	+0.0054%	1h	166.99	long leg	$1.3M	$5.5M	10x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	166.14	−0.509%	$1.4M	$354K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0080%	8h	166.99	0.000%	$67	—	5x	as long as short
SoDEX MSTR-USD	+0.0091%	1h	167.02	+0.018%	$44K	$3K	10x	as long as short
Nado MSTR-PERP	+0.0093%	1h	166.73	−0.154%	$144K	$135K	3x	as long as short
Pacifica MSTR	+0.0100%	1h	166.98	−0.006%	$103K	$65K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.00	+0.006%	$2.4M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.62	+0.377%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	167.04	+0.030%	$2K	$11K	10x	as long as short
Bitget MSTRUSDT	+0.0101%	8h	167.08	+0.054%	$32.1M	$101.7M	25x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	167.08	+0.052%	$139	$100	10x	as long as short
Bybit MSTRUSDT	+0.0142%	8h	167.04	+0.030%	$16.0M	$38.0M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0170%	1h	167.04	+0.030%	$55.2M	$33.3M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0236%	8h	167.06	+0.042%	$22.1M	$78.7M	50x	as long as short
Aster MSTRUSDT	+0.0245%	8h	167.11	+0.070%	$1.8M	$6.0M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	167.02	+0.017%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0326%	8h	167.01	+0.011%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perpshort	+0.0359%	8h	167.06	+0.042%	$87K	$980K	10x
Binance MSTRUSDT	+0.0420%	8h	167.04	+0.030%	$87.1M	$510.0M	50x	as long as short
edgeX MSTRUSDC	+0.0430%	4h	167.36	+0.222%	$49K	$4.4M	10x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	167.09	+0.057%	$302K	$353K	10x	as long as short
BloFin MSTR-USDT	+0.0555%	8h	167.11	+0.072%	$1.1M	$1.9M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0768%	1h	167.14	+0.090%	$284K	$173K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	167.12	+0.078%	$26K	$67K	10x	as long as short