Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0715%/8h= −78.3% APRpaid last 24h −0.174%

Price spread now: QFEX against edgeX+0.050%57s7-day average −0.035% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.360% of the position

Long on edgeX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.103%−$10 on $10k

Price spread, last 7 days−0.035%−$4 · spread now +0.050%, 7d avg −0.035%

Together, before fees−0.139%+ Points / potential airdropedgeX: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.085% dearer against edgeX than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.035%): +$9 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 4 days (−0.103% in total) that is about 2.9 days. The two prices were read 57 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 4 days it paid -0.103% in total (about -10.6% 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	164.42	0.0770	pay 0.0385% / 4h	12m 12s	$49K	$5.4M	10x
Short	QFEX MSTR-USD	164.50	0.0054	get 0.0007% / 1h	12m 12s	$1.4M	$7.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$150.23
Price spread: +0.050% → −0.035%: $8.52
Slippage, 4 orders: −$17.03
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$177.73
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; QFEX: live order book, 7 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, 2 min ago	5.77 bp	10.9 bp −$11	18.0 bp −$180	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	2.13 bp	7.1 bp −$7	8.7 bp −$87	16.8 bp −$1,678	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	−0.0943%	8h	164.65	+0.142%	$27.9M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.51	+0.054%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.73	+0.190%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.57	+0.093%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0011%	8h	164.57	+0.093%	$20.6M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.46	+0.026%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.33	−0.050%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.994%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.51	+0.056%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.53	+0.069%	$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	164.38	−0.022%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.40	−0.010%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.53	+0.069%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.35	−0.041%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0054%	1h	164.50	+0.050%	$1.4M	$7.4M	10x
Variational Omni MSTR	+0.0077%	8h	164.39	−0.019%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.44	+0.016%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.42	+0.002%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.36	−0.035%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.52	+0.063%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.51	+0.056%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0132%	8h	164.44	+0.014%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0141%	8h	164.54	+0.076%	$87.3M	$615.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.53	+0.069%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.181%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.54	+0.074%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0226%	1h	164.47	+0.032%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0239%	1h	164.37	−0.031%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0261%	8h	164.56	+0.087%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0347%	8h	164.56	+0.087%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDClong	+0.0770%	4h	164.42	long leg	$49K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0784%	1h	164.55	+0.081%	$280K	$438K	10x	as long as short