Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.065%

Price spread now: Extended against BloFin−0.994%614s7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$300.302% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 3 days (all we have)+0.885%+$88 · spread now −0.994%, 7d avg −0.095%

Together, before fees+0.720%+ Points / potential airdropExtended: Active · farm board+$72 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.898% cheaper against BloFin than usual: you would sell low and buy high (spread −0.994% now, against its 7-day average of −0.095%). If the spread goes back, that is −$90 on $10k: about 5 months of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.165%, so the current rate has only just turned in your favour. The two prices were read 614 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	BloFin MSTR-USDT	165.55	0.0011	pay 0.0011% / 8h	6h 39m	$1.1M	$1.9M	20x
Short	Extended MSTR_24_5-USD	163.91	0.0032	get 0.0004% / 1h	39m 02s	$596K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.994%Rate

Funding earned: $4.42
Price spread: −0.994% → −0.095%: −$89.83
Slippage, 4 orders: −$13.22
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$115.63
Costs to cover: 0.302%
Break-even: 190.3 days

Slippage from BloFin: live order book, 14 min ago; Extended: 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 BloFin live order book, 14 min ago	0.91 bp	6.9 bp −$7	8.9 bp −$89	24.0 bp −$2,400	doesn't fit
Sell Extended live order book, 4 min ago	4.55 bp	8.7 bp −$9	23.5 bp −$235	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	−0.0715%	8h	164.22	−0.803%	$27.0M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0284%	8h	164.11	−0.870%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.13	−0.859%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.09	−0.882%	$20.8M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	163.79	−1.060%	$268K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	−0.725%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.41	−0.688%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.22	−0.803%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDTlong	+0.0011%	8h	165.55	long leg	$1.1M	$1.9M	20x
Binance MSTRUSDT	+0.0013%	8h	164.11	−0.870%	$87.1M	$626.7M	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-USDshort	+0.0032%	1h	163.91	−0.994%	$596K	$2.0M	10x
Arcus MSTR-USD	+0.0040%	1h	164.41	−0.689%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.71	−1.111%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.81	−1.051%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.69	−1.124%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	−0.309%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	163.86	−1.021%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.82	−1.043%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	−0.900%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	−0.550%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	−0.882%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.08	−0.887%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0127%	1h	163.82	−1.045%	$382K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.11	−0.870%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	163.81	−1.053%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	−0.532%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.289%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0366%	1h	164.09	−0.882%	$55.2M	$36.3M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	−0.585%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0415%	1h	163.68	−1.131%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0425%	8h	164.18	−0.828%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1274%	1h	164.24	−0.791%	$279K	$438K	10x	as long as short