Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0163%/8h= −17.8% APRpaid last 24h −0.031%

Price spread now: ApeX Omni against Binance−0.110%49s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as 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−$1081.079% of the position

Long on Binance Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now −0.110%, 7d avg −0.015%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and ApeX Omni is 0.096% cheaper against Binance than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.015%). Swap the legs. The two prices were read 49 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	Binance MSTRUSDT	163.38	0.0263	pay 0.0263% / 8h	56m 43s	$84.1M	$624.2M	50x
Short	ApeX Omni MSTRUSDT	163.20	0.0100	get 0.0013% / 1h	56m 43s	$5K	$182K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Binance. 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 BinancebpFee ApeX OmnibpOrdersPrice spread, now −0.110%Rate

Funding earned: −$34.13
Price spread: −0.110% → −0.015%: −$9.57
Slippage, 4 orders: −$87.92
Fee Binance: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$151.61
Costs to cover: 1.079%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; ApeX Omni: live order book, 57 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 Binance live order book, 2 min ago	0.31 bp	6.5 bp −$7	10.4 bp −$104	30.3 bp −$3,026	doesn't fit
Sell ApeX Omni live order book, 57 min ago	3.07 bp	39.9 bp −$40	doesn't fit	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	−0.0567%	8h	163.57	+0.116%	$29.1M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.53	+0.092%	$4.7M	$19.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.47	+0.055%	$2.8M	$80K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.22	−0.095%	$507K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.648%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.54	+0.098%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.23	−0.092%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.31	−0.043%	$378K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.38	0.000%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.25	−0.080%	$857K	$3.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0067%	8h	163.24	−0.086%	$1.8M	$8.7M	50x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.35	−0.018%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.39	+0.007%	$100K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.34	−0.024%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTshort	+0.0100%	1h	163.20	−0.110%	$5K	$182K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.46	+0.049%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.47	+0.055%	$136	—	10x	as long as short
Lighter MSTR	+0.0128%	1h	163.34	−0.024%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.138%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0172%	8h	163.33	−0.030%	$65	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0186%	8h	163.35	−0.018%	$20.8M	$99.9M	50x	as long as short
Variational Omni MSTR	+0.0187%	8h	163.34	−0.027%	$1.2M	$2.1M	—	as long as short
Binance MSTRUSDTlong	+0.0263%	8h	163.38	long leg	$84.1M	$624.2M	50x
GRVT MSTR_USDT_Perp	+0.0274%	8h	163.40	+0.012%	$76K	$865K	10x	as long as short
Phoenix MSTR	+0.0328%	1h	163.46	+0.047%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0382%	8h	163.46	+0.049%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0383%	1h	163.26	−0.076%	$130K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0410%	8h	163.41	+0.018%	$17.1M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	163.45	+0.043%	$266K	$425K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0545%	1h	163.42	+0.024%	$54.0M	$37.8M	10x	as long as short
edgeX MSTRUSDC	+0.0637%	4h	163.44	+0.039%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0791%	1h	163.48	+0.061%	$278K	$437K	10x	as long as short