Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0459%/8h= −50.2% APRpaid last 24h −0.089%

Price spread now: Gate against RISEx+0.039%7-day average −0.016% · 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−$37as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on RISEx Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.108%−$11 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.039%, 7d avg −0.016%

Together, before fees−0.159%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.055% dearer against RISEx than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.016%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 4 days (−0.108% in total) that is about 47 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.108% in total (about -10.2% 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	RISEx MSTR/USDC	166.00	0.0459	pay 0.0057% / 1h	50m 50s	$274K	$349K	10x
Short	Gate MSTR_USDT	166.06	0	get 0.0000% / 8h	4h 50m	$4.9M	$17.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against RISEx. 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 RISExbpFee GatebpOrdersPrice spread, now +0.039%Rate

Funding earned: −$96.33
Price spread: +0.039% → −0.016%: $5.49
Slippage, 4 orders: −$21.01
Fee RISEx: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$132.84
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from RISEx: live order book, 55 min ago; Gate: live order book, 1 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 RISEx live order book, 55 min ago	2.11 bp	5.1 bp −$5	5.9 bp −$59	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.71 bp	18.8 bp −$19	28.3 bp −$283	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_USDTshort	0.0000%	8h	166.06	+0.039%	$4.9M	$17.0M	50x
Bitget MSTRUSDT	0.0000%	8h	166.01	+0.009%	$32.2M	$102.6M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.95	−0.027%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.79	−0.123%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.75	−0.149%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.467%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.99	−0.003%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.90	−0.057%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.90	−0.057%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.93	−0.039%	$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-USD	+0.0054%	1h	165.90	−0.057%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.89	−0.063%	$1.4M	$354K	10x	as long as short
Nado MSTR-PERP	+0.0068%	1h	165.85	−0.090%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.91	−0.052%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.86	−0.079%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.86	−0.081%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.22	+0.136%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.91	−0.051%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.96	−0.020%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0153%	8h	165.96	−0.021%	$16.6M	$37.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0213%	1h	165.85	−0.087%	$54.8M	$33.4M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0261%	8h	166.03	+0.021%	$21.9M	$79.7M	50x	as long as short
Aster MSTRUSDT	+0.0267%	8h	165.95	−0.026%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	166.28	+0.169%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0360%	8h	166.44	+0.266%	$1.2M	$1.6M	—	as long as short
Binance MSTRUSDT	+0.0446%	8h	165.94	−0.033%	$86.7M	$516.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0450%	8h	166.43	+0.261%	$87K	$941K	10x	as long as short
RISEx MSTR/USDClong	+0.0459%	1h	166.00	long leg	$274K	$349K	10x
edgeX MSTRUSDC	+0.0579%	4h	166.39	+0.237%	$51K	$4.5M	10x	as long as short
BloFin MSTR-USDT	+0.0582%	8h	165.97	−0.015%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0595%	1h	165.88	−0.069%	$282K	$184K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.03	+0.021%	$26K	$63K	10x	as long as short