Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h +0.055%

Price spread now: edgeX against tradeXYZ+0.621%46s7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.407% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 7 days−0.619%−$62 · spread now +0.621%, 7d avg +0.057%

Together, before fees−0.864%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.564% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.621% now, against its 7-day average of +0.057%): +$56 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 7 days (−0.246% in total) that is about 16 days. The two prices were read 46 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	tradeXYZ xyz:MSTR	164.02	0.0362	pay 0.0045% / 1h	38m 36s	$55.2M	$36.3M	10x
Short	edgeX MSTRUSDC	165.04	0.0056	get 0.0028% / 4h	2h 38m	$47K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.621%Rate

Funding earned: −$64.17
Price spread: +0.621% → +0.057%: $56.41
Slippage, 4 orders: −$13.72
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$48.48
Costs to cover: 0.407%
Break-even: from the start

Slippage from tradeXYZ: live order book, 10 min ago; edgeX: live order book, just now.

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, 10 min ago	0.61 bp	10.2 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell edgeX live order book, just now	3.35 bp	8.4 bp −$8	15.2 bp −$152	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	−0.0760%	8h	164.24	+0.134%	$27.0M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0265%	8h	164.01	−0.006%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.08	+0.039%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.08	+0.037%	$20.8M	$100.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.07	+0.030%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.201%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.41	+0.239%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.22	+0.122%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.933%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0017%	8h	164.06	+0.024%	$87.1M	$626.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	163.88	−0.088%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.31	+0.177%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.71	−0.189%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.81	−0.128%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.86	−0.098%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDCshort	+0.0056%	4h	165.04	+0.621%	$47K	$5.4M	10x
QFEX MSTR-USD	+0.0064%	1h	164.10	+0.049%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.10	+0.051%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.98	−0.024%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	+0.378%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	+0.043%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.08	+0.038%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0127%	1h	163.82	−0.122%	$382K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.00	−0.012%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	164.02	+0.001%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	+0.396%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.244%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTRlong	+0.0362%	1h	164.02	long leg	$55.2M	$36.3M	10x
Phoenix MSTR	+0.0381%	1h	164.58	+0.343%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0415%	1h	163.68	−0.208%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0426%	8h	164.13	+0.067%	$17.2M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1274%	1h	164.24	+0.134%	$279K	$438K	10x	as long as short