Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8hnext payment −$1.00 per $10,000 · paid last 24h +0.063%

Price spread now: Gate against Orderly−0.095%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.095% cheaper against Orderly than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	168.14	0.0100	pay 0.0100% / 8h	4h 28m	$3K	$12K	10x
Short	Gate MSTR_USDT	167.98	0	get 0.0000% / 8h	4h 28m	$4.8M	$19.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Orderly. 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 OrderlybpFee GatebpOrdersPrice spread, now −0.095%Rate

Funding earned: −$21
Price spread: −0.095% → 0.000%: −$9.52
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.52
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Gate: live order book, 4 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	2.38 bp	12.6 bp −$13	52.8 bp −$528	137.0 bp −$13.7K	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Nado MSTR-PERP	−0.0098%	1h	168.04	−0.060%	$125K	$184K	3x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.21	+0.042%	$291K	$471K	10x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	167.98	−0.095%	$4.8M	$19.0M	50x
Phemex MSTRUSDT	0.0000%	4h	167.85	−0.172%	$2.8M	$49K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0012%	8h	167.85	−0.172%	$76K	$920K	10x	as long as short
Lighter MSTR	+0.0032%	1h	167.93	−0.125%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	167.90	−0.140%	$584K	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0040%	8h	168.30	+0.098%	$1.2M	$2.4M	—	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.37	+0.137%	—	$2.0M	25x	as long as short
QFEX MSTR-USD	+0.0047%	1h	168.17	+0.018%	$1.4M	$10.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	168.18	+0.024%	$412K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.14	0.000%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.23	+0.054%	$782K	$4.8M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0062%	1h	167.92	−0.131%	$57.0M	$34.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0064%	8h	168.28	+0.081%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0064%	1h	167.85	−0.172%	$1.5M	$1.1M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0092%	8h	167.98	−0.095%	$22.4M	$104.3M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	168.22	+0.049%	$103K	$152K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.96	−0.107%	$2.6M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.77	−0.220%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	168.14	long leg	$3K	$12K	10x
Aevo MSTR-PERP	+0.0104%	1h	168.16	+0.013%	$140	—	10x	as long as short
Binance MSTRUSDT	+0.0107%	8h	167.97	−0.101%	$89.1M	$607.3M	50x	as long as short
Aster MSTRUSDT	+0.0109%	8h	168.05	−0.053%	$1.3M	$6.1M	50x	as long as short
Injective MSTR/USDC PERP	+0.0177%	1h	167.72	−0.250%	$12K	$22K	30x	as long as short
Bitget MSTRUSDT	+0.0196%	8h	167.97	−0.101%	$28.7M	$114.2M	25x	as long as short
edgeX MSTRUSDC	+0.0212%	4h	167.68	−0.275%	$47K	$5.3M	10x	as long as short
Phoenix MSTR	+0.0216%	1h	167.83	−0.183%	$54K	$386K	10x	as long as short
BloFin MSTR-USDT	+0.0227%	8h	168.14	0.000%	$1.1M	$1.7M	20x	as long as short
Bybit MSTRUSDT	+0.0266%	8h	168.01	−0.077%	$15.6M	$40.6M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0464%	1h	168.19	+0.030%	$286K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0493%	1h	168.26	+0.071%	$27K	$125K	10x	as long as short