Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.065%

Price spread now: QFEX against BloFin−0.043%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.043%, 7d avg −0.018%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and QFEX is 0.025% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	162.02	0.0314	pay 0.0314% / 8h	2h 24m	$1.0M	$2.1M	20x
Short	QFEX MSTR-USD	161.95	0.0054	get 0.0007% / 1h	24m 46s	$1.3M	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$54.77
Price spread: −0.043% → −0.018%: −$2.47
Slippage, 4 orders: −$8.58
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$87.82
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; QFEX: 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, 3 min ago	0.62 bp	8.9 bp −$9	12.6 bp −$126	27.3 bp −$2,732	doesn't fit
Sell QFEX live order book, 4 min ago	2.16 bp	7.2 bp −$7	7.5 bp −$75	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	−0.1265%	8h	162.35	+0.204%	$26.8M	$117.9M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.89	−0.082%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.01	−0.006%	$4.6M	$19.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.173%	$2.7M	$77K	10x	as long as short
Vest MSTR-USD-PERP	+0.0028%	1h	161.44	−0.358%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	161.74	−0.176%	$495K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.518%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.01	−0.006%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.94	−0.049%	$374K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.78	−0.148%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	161.69	−0.204%	$863K	$3.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0054%	1h	161.95	−0.043%	$1.3M	$7.3M	10x
RISEx MSTR/USDC	+0.0088%	1h	161.89	−0.077%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0093%	8h	162.13	+0.068%	$20.4M	$99.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.04	+0.012%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.82	−0.123%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	161.54	−0.296%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.90	−0.074%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.90	−0.075%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0121%	8h	161.70	−0.195%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0136%	1h	161.96	−0.037%	$3.4M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	161.98	−0.027%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−0.309%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0196%	8h	162.01	−0.004%	$83.6M	$627.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0209%	8h	162.29	+0.168%	$77K	$849K	10x	as long as short
BloFin MSTR-USDTlong	+0.0314%	8h	162.02	long leg	$1.0M	$2.1M	20x
tradeXYZ xyz:MSTR	+0.0333%	1h	161.95	−0.043%	$53.8M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.241%	$55K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0363%	1h	161.89	−0.083%	$129K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0375%	8h	162.07	+0.031%	$16.7M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0394%	4h	161.77	−0.154%	$44K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0800%	1h	162.03	+0.006%	$276K	$438K	10x	as long as short