Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.020%

Price spread now: tradeXYZ against OKX+0.030%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on OKX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 7 days−0.079%−$8 · spread now +0.030%, 7d avg −0.074%

Together, before fees+0.003%+ Points / potential airdroptradeXYZ: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and tradeXYZ is 0.104% dearer against OKX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.074%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.083% in total (about 4.3% 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	OKX MSTR-USDT-SWAP	164.82	0	get 0.0000% / 8h	6h 13m	$20.9M	$100.8M	50x
Short	tradeXYZ xyz:MSTR	164.87	0.0220	get 0.0028% / 1h	13m 30s	$55.2M	$36.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against OKX. 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 OKXbpFee tradeXYZbpOrdersPrice spread, now +0.030%Rate

Funding earned: $46.27
Price spread: +0.030% → −0.074%: $10.45
Slippage, 4 orders: −$3.4
Fee OKX: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $25.31
Costs to cover: 0.314%
Break-even: 3.2 days

Slippage from OKX: live order book, 5 min ago; tradeXYZ: live order book, 6 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 OKX live order book, 5 min ago	0.30 bp	6.3 bp −$6	11.1 bp −$111	66.9 bp −$6,689	doesn't fit
Sell tradeXYZ live order book, 6 min ago	0.30 bp	9.3 bp −$9	10.8 bp −$108	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	−0.1084%	8h	165.02	+0.121%	$27.6M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0197%	8h	164.91	+0.055%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.97	+0.092%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	164.82	long leg	$20.9M	$100.8M	50x
RISEx MSTR/USDC	0.0000%	1h	164.89	+0.042%	$270K	$447K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.96	+0.085%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0002%	8h	164.84	+0.015%	$1.2M	$2.1M	—	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.78	−0.021%	$594K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.90	+0.049%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.90	+0.049%	—	$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
SoDEX MSTR-USD	+0.0050%	1h	164.90	+0.049%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.73	−0.055%	$910K	$4.5M	10x	as long as short
Lighter MSTR	+0.0056%	1h	164.84	+0.012%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.93	+0.067%	$1.4M	$8.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0069%	1h	164.78	−0.024%	$385K	$2.7M	10x	as long as short
Binance MSTRUSDT	+0.0078%	8h	164.86	+0.024%	$87.9M	$623.8M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.94	+0.070%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.80	−0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.69	−0.079%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.88	+0.036%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.89	+0.045%	$137	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.76	−0.036%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0169%	8h	164.91	+0.053%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0190%	8h	164.89	+0.042%	$79K	$760K	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0220%	1h	164.87	+0.030%	$55.2M	$36.9M	10x
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.742%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0355%	1h	164.87	+0.031%	$122K	$150K	3x	as long as short
Bybit MSTRUSDT	+0.0367%	8h	164.89	+0.042%	$17.1M	$41.2M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.92	+0.062%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0608%	4h	164.81	−0.008%	$50K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0781%	1h	164.98	+0.097%	$281K	$438K	10x	as long as short