Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.022%

Price spread now: Aster against tradeXYZ−0.008%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on tradeXYZ Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 7 days−0.022%−$2 · spread now −0.008%, 7d avg +0.054%

Together, before fees−0.216%+ Points / potential airdroptradeXYZ: Active · Aster: Stage 5 · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.061% cheaper against tradeXYZ than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	165.24	0.0050	pay 0.0006% / 1h	4m 46s	$55.0M	$36.8M	10x
Short	Aster MSTRUSDT	165.23	0	get 0.0000% / 8h	5h 04m	$1.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against tradeXYZ. 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 tradeXYZbpFee AsterbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$10.5
Price spread: −0.008% → +0.054%: −$6.14
Slippage, 4 orders: −$9.62
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Aster: 4 bp × 2 orders: −$8
Net: −$52.26
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; Aster: live order book, 4 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 tradeXYZ live order book, 5 min ago	0.91 bp	10.3 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	0.30 bp	5.8 bp −$6	18.2 bp −$182	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
Bitget MSTRUSDT	−0.0848%	8h	165.37	+0.079%	$27.7M	$114.8M	25x	as long as short
Gate MSTR_USDT	−0.0016%	8h	165.32	+0.048%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	165.23	−0.008%	$1.8M	$8.5M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	165.29	+0.030%	$20.7M	$100.1M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.47	+0.139%	$2.8M	$73K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.16	−0.048%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.14	−0.061%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.481%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0040%	8h	165.25	+0.008%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.47	+0.139%	$27K	$110K	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	165.33	+0.054%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTRlong	+0.0050%	1h	165.24	long leg	$55.0M	$36.8M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	165.16	−0.048%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.18	−0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.93	−0.188%	$871K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.08	−0.097%	$1.4M	$7.6M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.11	−0.078%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.26	+0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.55	+0.188%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.26	+0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.22	−0.010%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0105%	8h	165.27	+0.018%	$88.0M	$616.9M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0127%	8h	165.05	−0.114%	$66	—	5x	as long as short
edgeX MSTRUSDC	+0.0138%	4h	165.43	+0.112%	$50K	$5.4M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	165.67	+0.260%	$79K	$758K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	+0.163%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0212%	1h	165.14	−0.059%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0225%	8h	165.28	+0.024%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.24	0.000%	$270K	$448K	10x	as long as short
Bybit MSTRUSDT	+0.0334%	8h	165.34	+0.061%	$17.2M	$40.6M	50x	as long as short
Phoenix MSTR	+0.0336%	1h	165.63	+0.235%	$56K	$227K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0416%	1h	165.23	−0.006%	$281K	$438K	10x	as long as short