Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.016%

Price spread now: OKX against tradeXYZ+0.122%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 7 days−0.085%−$9 · spread now +0.122%, 7d avg +0.074%

Together, before fees−0.170%+ Points / potential airdroptradeXYZ: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.048% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.074%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.085% in total) that is about 4.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	164.10	0.0237	pay 0.0030% / 1h	36m 09s	$54.7M	$36.9M	10x
Short	OKX MSTR-USDT-SWAP	164.30	0.0003	get 0.0003% / 8h	4h 36m	$20.6M	$99.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$49.09
Price spread: +0.122% → +0.074%: $4.78
Slippage, 4 orders: −$7.49
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$79.8
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	0.61 bp	10.6 bp −$11	12.3 bp −$123	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.30 bp	7.4 bp −$7	13.2 bp −$132	60.4 bp −$6,041	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	−0.0893%	8h	164.39	+0.177%	$27.7M	$115.2M	25x	as long as short
Gate MSTR_USDT	−0.0031%	8h	164.16	+0.037%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.19	+0.056%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.20	+0.061%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAPshort	+0.0003%	8h	164.30	+0.122%	$20.6M	$99.6M	50x
Lighter MSTR	+0.0032%	1h	164.11	+0.006%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.95	−0.091%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.193%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.18	+0.049%	$266K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	+0.256%	$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	164.10	0.000%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.08	−0.012%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.13	+0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.08	−0.012%	$865K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.18	+0.049%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.381%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.26	+0.095%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.12	+0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.28	+0.110%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.14	+0.024%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.10	−0.001%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0130%	8h	164.15	+0.028%	$87.7M	$618.1M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0140%	8h	164.28	+0.109%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.422%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	+0.012%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.34	+0.144%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTRlong	+0.0237%	1h	164.10	long leg	$54.7M	$36.9M	10x
BloFin MSTR-USDT	+0.0250%	8h	164.36	+0.158%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0263%	1h	164.04	−0.036%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0370%	8h	164.21	+0.067%	$17.0M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0421%	1h	164.13	+0.018%	$279K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0655%	4h	164.52	+0.257%	$50K	$5.4M	10x	as long as short