Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0475%/8h= −52.0% APRpaid last 24h −0.118%

Price spread now: tradeXYZ against edgeX−0.007%106s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$420.418% of the position

Long on edgeX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.007%, 7d avg −0.056%

Together, before fees+0.133%+ Points / potential airdropedgeX: Active · tradeXYZ: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.049% dearer against edgeX than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.056%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.116%, so the current rate has only just turned against you. The two prices were read 106 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 0.116% in total (about 6.0% 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	edgeX MSTRUSDC	164.11	0.0742	pay 0.0371% / 4h	3h 37m	$49K	$5.3M	10x
Short	tradeXYZ xyz:MSTR	164.10	0.0267	get 0.0033% / 1h	37m 44s	$54.7M	$37.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$99.71
Price spread: −0.007% → −0.056%: $4.89
Slippage, 4 orders: −$14.81
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$136.63
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; tradeXYZ: live order book, 12 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, 1 min ago	5.79 bp	11.0 bp −$11	18.3 bp −$183	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.61 bp	10.5 bp −$11	13.6 bp −$136	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	−0.0905%	8h	164.29	+0.109%	$27.8M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.15	+0.024%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.21	+0.060%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.10	−0.007%	$2.8M	$76K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.97	−0.083%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.186%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.21	+0.060%	$26K	$109K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0041%	8h	164.15	+0.023%	$20.7M	$98.9M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.85	−0.159%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.00	−0.068%	$379K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	164.02	−0.056%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.86	−0.153%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.07	−0.025%	$1.4M	$7.3M	10x	as long as short
Lighter MSTR	+0.0080%	1h	164.11	−0.001%	$3.5M	$1.9M	10x	as long as short
Variational Omni MSTR	+0.0094%	8h	164.16	+0.027%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.13	+0.009%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.01	−0.062%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.24	+0.078%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.03	−0.050%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.07	−0.023%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	164.14	+0.015%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.17	+0.036%	$75K	$803K	10x	as long as short
Binance MSTRUSDT	+0.0163%	8h	164.17	+0.036%	$86.8M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.96	−0.092%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.06	−0.032%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0266%	1h	163.90	−0.126%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTRshort	+0.0267%	1h	164.10	−0.007%	$54.7M	$37.0M	10x
BloFin MSTR-USDT	+0.0279%	8h	164.12	+0.005%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0332%	8h	164.18	+0.042%	$16.7M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.21	+0.061%	$56K	$226K	10x	as long as short
edgeX MSTRUSDClong	+0.0742%	4h	164.11	long leg	$49K	$5.3M	10x
Deribit MSTR_USDC-PERPETUAL	+0.1092%	1h	164.11	−0.001%	$279K	$438K	10x	as long as short