Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0033%/8h= −3.7% APRpaid last 24h −0.013%

Price spread now: QFEX against KuCoin+0.061%7-day average −0.014% · 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−$51as in the Price arb table

costs, in and out, $10k−$590.588% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.061%, 7d avg −0.014%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.075% dearer against KuCoin than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.014%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 4 days (−0.001% in total) that is about 6 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	164.07	0.0100	pay 0.0100% / 8h	3h 40m	$2.4M	$2.7M	20x
Short	QFEX MSTR-USD	164.17	0.0067	get 0.0008% / 1h	40m 22s	$1.4M	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$7.02
Price spread: +0.061% → −0.014%: $7.5
Slippage, 4 orders: −$36.75
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$58.28
Costs to cover: 0.588%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; QFEX: live order book, 4 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 KuCoin live order book, 2 min ago	2.44 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.52 bp	6.5 bp −$7	8.7 bp −$87	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	−0.0895%	8h	164.34	+0.165%	$27.8M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.10	+0.019%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.24	+0.104%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.14	+0.043%	$2.8M	$76K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.99	−0.052%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.212%	$8K	$26K	30x	as long as short
OKX MSTR-USDT-SWAP	+0.0038%	8h	164.21	+0.085%	$20.6M	$99.5M	50x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.29	+0.134%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.94	−0.079%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.13	+0.037%	$380K	$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	164.14	+0.043%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.07	0.000%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0067%	1h	164.17	+0.061%	$1.4M	$7.3M	10x
Lighter MSTR	+0.0072%	1h	164.12	+0.030%	$3.5M	$1.9M	10x	as long as short
Variational Omni MSTR	+0.0094%	8h	164.16	+0.053%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.14	+0.041%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.07	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.24	+0.104%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	+0.012%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.12	+0.030%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.14	+0.041%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0158%	8h	164.18	+0.067%	$86.8M	$615.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0167%	8h	164.42	+0.212%	$75K	$803K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.96	−0.067%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.20	+0.079%	$266K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	164.14	+0.043%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0256%	1h	164.05	−0.014%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.12	+0.030%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0331%	8h	164.20	+0.079%	$16.7M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.53	+0.282%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0797%	4h	164.29	+0.132%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0847%	1h	164.20	+0.079%	$279K	$438K	10x	as long as short