Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0207%/8h= +22.7% APRpaid last 24h +0.046%

Price spread now: BloFin against SoDEX+0.091%56s7-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 BloFin

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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and BloFin is 0.091% dearer against SoDEX than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSTR-USD	164.33	0.0050	pay 0.0006% / 1h	18m 07s	$43K	$3K	10x
Short	BloFin MSTR-USDT	164.48	0.0257	get 0.0257% / 8h	4h 18m	$1.0M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.091%Rate

Funding earned: $43.48
Price spread: +0.091% → 0.000%: $9.13
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $32.6
Costs to cover: 0.200%
Break-even: 1.8 days

Slippage unknown: SoDEX: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	1.52 bp	11.1 bp −$11	13.4 bp −$134	25.4 bp −$2,537	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 MSTRUSDT	−0.0941%	8h	164.56	+0.140%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.32	−0.006%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.40	+0.043%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.34	+0.006%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0006%	8h	164.43	+0.061%	$20.6M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.29	−0.024%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.16	−0.100%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.049%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.38	+0.030%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.53	+0.122%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.21	−0.073%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.27	−0.037%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USDlong	+0.0050%	1h	164.33	long leg	$43K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.48	+0.091%	$852K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.28	−0.030%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	+0.045%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.26	−0.044%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.25	−0.049%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	+0.030%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.31	−0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.33	+0.001%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0134%	8h	164.29	−0.025%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0138%	8h	164.42	+0.057%	$87.6M	$616.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.67	+0.209%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.128%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.52	+0.116%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0228%	1h	164.37	+0.024%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.24	−0.053%	$121K	$148K	3x	as long as short
BloFin MSTR-USDTshort	+0.0257%	8h	164.48	+0.091%	$1.0M	$2.0M	20x
Bybit MSTRUSDT	+0.0352%	8h	164.47	+0.085%	$17.0M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0603%	1h	164.35	+0.012%	$279K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0824%	4h	164.54	+0.128%	$49K	$5.4M	10x	as long as short