Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0490%/8h= −53.7% APRpaid last 24h −0.005%

Price spread now: Bitget against SoDEX+0.129%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.129% dearer against SoDEX than usual: you sell high and buy low (spread +0.129% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSTR-USD	162.83	0.0050	pay 0.0006% / 1h	23m 15s	$43K	$3K	10x
Short	Bitget MSTRUSDT	163.04	−0.0440	pay 0.0440% / 8h	23m 15s	$29.4M	$119.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$102.9
Price spread: +0.129% → 0.000%: $12.9
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$110
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bitget: live order book, 1 min ago. Net counts fees only.

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 SoDEX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	0.31 bp	8.6 bp −$9	12.6 bp −$126	45.6 bp −$4,563	doesn't fit

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bitget MSTRUSDTshort	−0.0440%	8h	163.04	+0.129%	$29.4M	$119.1M	25x
Gate MSTR_USDT	0.0000%	8h	162.97	+0.086%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.92	+0.055%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.75	−0.049%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.998%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.03	+0.123%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.67	−0.098%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.82	−0.006%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USDlong	+0.0050%	1h	162.83	long leg	$43K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.59	−0.147%	$902K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	162.81	−0.012%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0078%	8h	162.87	+0.023%	$1.8M	$8.7M	50x	as long as short
Lighter MSTR	+0.0088%	1h	162.91	+0.049%	$3.5M	$2.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.80	−0.016%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.85	+0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.69	−0.086%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.88	+0.031%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.89	+0.037%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	0.000%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0153%	8h	162.78	−0.030%	$65	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0202%	8h	162.94	+0.068%	$20.8M	$99.6M	50x	as long as short
Variational Omni MSTR	+0.0204%	8h	162.81	−0.009%	$1.2M	$2.0M	—	as long as short
Nado MSTR-PERP	+0.0211%	1h	162.72	−0.066%	$125K	$165K	3x	as long as short
Binance MSTRUSDT	+0.0273%	8h	162.90	+0.040%	$83.9M	$620.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0276%	8h	162.85	+0.014%	$78K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.00	+0.106%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0393%	8h	162.93	+0.061%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0410%	8h	162.95	+0.074%	$17.1M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0477%	1h	162.88	+0.031%	$53.8M	$37.6M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.89	+0.037%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0629%	4h	162.85	+0.013%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0733%	1h	162.92	+0.055%	$277K	$437K	10x	as long as short