Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0283%/8h= +30.9% APRpaid last 24h +0.108%

Price spread now: edgeX against Extended−0.058%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Extended Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.058%, 7d avg +0.076%

Together, before fees−0.122%+ Points / potential airdropExtended: Active · edgeX: Active · farm board−$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.134% cheaper against Extended than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of +0.076%). If the spread goes back, that is −$13 on $10k: about 38 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 7 days funding on this pair cost −0.196%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.196% in total (about -10.2% 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	Extended MSTR_24_5-USD	164.68	0.0032	pay 0.0004% / 1h	17m 28s	$596K	$2.0M	10x
Short	edgeX MSTRUSDC	164.58	0.0315	get 0.0157% / 4h	2h 17m	$48K	$5.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Extended. 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 ExtendedbpFee edgeXbpOrdersPrice spread, now −0.058%Rate

Funding earned: $59.34
Price spread: −0.058% → +0.076%: −$13.39
Slippage, 4 orders: −$21.04
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $10.92
Costs to cover: 0.350%
Break-even: 5.7 days

Slippage from Extended: live order book, 1 min ago; edgeX: 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 Extended live order book, 1 min ago	3.04 bp	6.2 bp −$6	17.5 bp −$175	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	4.25 bp	9.3 bp −$9	16.5 bp −$165	doesn't fit	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 MSTRUSDT	−0.1071%	8h	164.98	+0.182%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0171%	8h	164.87	+0.115%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.83	+0.091%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.78	+0.061%	$20.9M	$100.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.83	+0.091%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	+0.015%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.07	+0.237%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	164.68	long leg	$596K	$2.0M	10x
Arcus MSTR-USD	+0.0040%	1h	164.83	+0.091%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.75	+0.043%	—	$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
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	+0.134%	$910K	$4.5M	10x	as long as short
SoDEX MSTR-USD	+0.0062%	1h	164.67	−0.006%	$43K	$3K	10x	as long as short
Lighter MSTR	+0.0064%	1h	164.83	+0.091%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.89	+0.128%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	164.80	+0.073%	$87.9M	$624.0M	50x	as long as short
Polymarket Perps MSTR-USD	+0.0087%	1h	164.74	+0.036%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.87	+0.112%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.71	+0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.53	−0.091%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.65	−0.018%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.77	+0.054%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.68	−0.003%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.170%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0176%	8h	164.86	+0.112%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0239%	1h	164.74	+0.036%	$55.2M	$36.9M	10x	as long as short
edgeX MSTRUSDCshort	+0.0315%	4h	164.58	−0.058%	$48K	$5.5M	10x
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.830%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0363%	1h	164.82	+0.087%	$122K	$150K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.92	+0.148%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0391%	8h	164.85	+0.103%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1449%	1h	165.08	+0.243%	$281K	$438K	10x	as long as short