Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0406%/8h= +44.5% APRpaid last 24h +0.108%

Price spread now: edgeX against BloFin+0.086%101s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$370.375% of the position

Long on BloFin Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.282%−$28 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now +0.086%, 7d avg −0.016%

Together, before fees−0.185%+ Points / potential airdropedgeX: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and edgeX is 0.102% dearer against BloFin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.016%. Mind the row above: over the last 7 days funding on this pair cost −0.282%, so the current rate has only just turned in your favour. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.282% in total (about -14.7% 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	BloFin MSTR-USDT	164.38	0.0249	pay 0.0249% / 8h	4h 37m	$1.0M	$2.0M	20x
Short	edgeX MSTRUSDC	164.52	0.0655	get 0.0328% / 4h	37m 25s	$50K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against BloFin. 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 BloFinbpFee edgeXbpOrdersPrice spread, now +0.086%Rate

Funding earned: $85.29
Price spread: +0.086% → −0.016%: $10.19
Slippage, 4 orders: −$16.48
Fee BloFin: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $58
Costs to cover: 0.375%
Break-even: 2.2 days

Slippage from BloFin: live order book, 5 min ago; edgeX: live order book, 2 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 BloFin live order book, 5 min ago	0.91 bp	7.5 bp −$8	10.9 bp −$109	23.3 bp −$2,335	doesn't fit
Sell edgeX live order book, 2 min ago	5.78 bp	10.9 bp −$11	18.5 bp −$185	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	−0.0883%	8h	164.53	+0.091%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0036%	8h	164.43	+0.030%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.43	+0.028%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.56	+0.110%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0005%	8h	164.27	−0.067%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.33	−0.030%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.22	−0.094%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.017%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.40	+0.009%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.59	+0.128%	$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	164.23	−0.091%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.22	−0.097%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.43	+0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.08	−0.183%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.38	0.000%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.210%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.41	+0.015%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.28	−0.061%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.28	−0.061%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.47	+0.055%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.49	+0.067%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0130%	8h	164.28	−0.061%	$87.7M	$617.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	164.39	+0.008%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.251%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.237%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.34	−0.027%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	164.24	−0.085%	$54.8M	$36.9M	10x	as long as short
BloFin MSTR-USDTlong	+0.0249%	8h	164.38	long leg	$1.0M	$2.0M	20x
Nado MSTR-PERP	+0.0267%	1h	164.17	−0.127%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0374%	8h	164.32	−0.037%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDCshort	+0.0655%	4h	164.52	+0.086%	$50K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0723%	1h	164.55	+0.103%	$280K	$438K	10x	as long as short