Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.143%

Price spread now: Aster against edgeX−0.244%70s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as 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−$370.368% of the position

Long on edgeX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 7 days+0.214%+$21 · spread now −0.244%, 7d avg −0.003%

Together, before fees+0.190%+ Points / potential airdropedgeX: Active · Aster: Stage 5 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Aster is 0.241% cheaper against edgeX than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 70 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 -0.024% in total (about -1.3% 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	edgeX MSTRUSDC	165.68	0.0468	pay 0.0234% / 4h	1h 06m	$50K	$5.4M	10x
Short	Aster MSTRUSDT	165.27	0	get 0.0000% / 8h	5h 06m	$1.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against edgeX. 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 edgeXbpFee AsterbpOrdersPrice spread, now −0.244%Rate

Funding earned: −$98.28
Price spread: −0.244% → −0.003%: −$24.08
Slippage, 4 orders: −$19.82
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$159.18
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; Aster: 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 edgeX live order book, 3 min ago	5.74 bp	10.9 bp −$11	17.8 bp −$178	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	0.30 bp	5.8 bp −$6	18.2 bp −$182	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	−0.0851%	8h	165.34	−0.204%	$27.7M	$114.7M	25x	as long as short
Gate MSTR_USDT	−0.0010%	8h	165.34	−0.204%	$4.6M	$18.7M	50x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	165.27	−0.244%	$1.8M	$8.5M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	165.20	−0.289%	$20.7M	$100.0M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.57	−0.065%	$2.8M	$73K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.20	−0.289%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.10	−0.349%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.210%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.57	−0.065%	$27K	$110K	10x	as long as short
Variational Omni MSTR	+0.0040%	8h	165.63	−0.027%	$1.2M	$2.1M	—	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	165.43	−0.150%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.20	−0.289%	$55.0M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.17	−0.307%	$383K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.28	−0.240%	$871K	$4.1M	10x	as long as short
SoDEX MSTR-USD	+0.0053%	1h	165.38	−0.180%	$44K	$3K	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.19	−0.295%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.22	−0.276%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.24	−0.264%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.55	−0.077%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.45	−0.138%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.42	−0.158%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0108%	8h	165.28	−0.242%	$88.0M	$616.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0129%	8h	165.23	−0.272%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	165.67	−0.005%	$79K	$758K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	−0.101%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0213%	1h	165.15	−0.317%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0229%	8h	165.41	−0.162%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.28	−0.240%	$271K	$447K	10x	as long as short
Bybit MSTRUSDT	+0.0336%	8h	165.34	−0.204%	$17.2M	$40.6M	50x	as long as short
Phoenix MSTR	+0.0336%	1h	165.63	−0.030%	$56K	$227K	10x	as long as short
edgeX MSTRUSDClong	+0.0468%	4h	165.68	long leg	$50K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0536%	1h	165.45	−0.138%	$281K	$438K	10x	as long as short