Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1399%/8h= −153.2% APRpaid last 24h +0.013%

Price spread now: Bitget against Coinbase International+0.158%47s7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as 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−$340.342% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)−0.173%−$17 · spread now +0.158%, 7d avg +0.093%

Together, before fees−0.384%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.065% dearer against Coinbase International than usual: you sell high and buy low (spread +0.158% now, against its 7-day average of +0.093%): +$6 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.210% in total) that is about 2.2 days. The two prices were read 47 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 -0.210% in total (about -11.0% 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	Coinbase International MSTR-PERP-INTX	164.31	0.0200	pay 0.0025% / 1h	56m 34s	$1.4M	$1.1M	10x
Short	Bitget MSTRUSDT	164.57	−0.1199	pay 0.1199% / 8h	5h 56m	$27.5M	$114.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now +0.158%Rate

Funding earned: −$293.79
Price spread: +0.158% → +0.093%: $6.49
Slippage, 4 orders: −$12.16
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$321.46
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bitget: 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 Coinbase International live order book, 2 min ago	3.04 bp	9.1 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.30 bp	8.3 bp −$8	13.0 bp −$130	33.1 bp −$3,312	doesn't fit

MSTR on 31 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 MSTRUSDTshort	−0.1199%	8h	164.57	+0.158%	$27.5M	$114.4M	25x
Gate MSTR_USDT	−0.0091%	8h	164.43	+0.073%	$4.6M	$18.3M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.30	−0.008%	$1.2M	$7.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.41	+0.061%	$20.9M	$99.2M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.22	−0.055%	$2.8M	$70K	10x	as long as short
Variational Omni MSTR	+0.0016%	8h	164.41	+0.059%	$1.2M	$2.0M	—	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.27	−0.021%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.061%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.40	+0.055%	$26K	$112K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.23	−0.049%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.34	+0.018%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.12	−0.116%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.03	−0.170%	$887K	$4.3M	10x	as long as short
Lighter MSTR	+0.0056%	1h	164.38	+0.043%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.46	+0.091%	$1.4M	$7.8M	10x	as long as short
Binance MSTRUSDT	+0.0085%	8h	164.43	+0.073%	$87.8M	$618.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.42	+0.066%	$101K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.34	+0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.35	+0.024%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	−0.134%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.09	−0.132%	$136	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0114%	1h	164.30	−0.006%	$55.0M	$36.6M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0151%	8h	164.45	+0.085%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0189%	8h	164.53	+0.132%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0200%	1h	164.31	long leg	$1.4M	$1.1M	10x
Nado MSTR-PERP	+0.0235%	1h	164.32	+0.006%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.46	+0.089%	$269K	$447K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.50	+0.116%	$17.0M	$40.7M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.45	+0.083%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0443%	4h	164.44	+0.079%	$50K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0726%	1h	164.07	−0.146%	$279K	$438K	10x	as long as short