Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.016%

Price spread now: Extended against Paradex−0.131%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · Extended: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Extended is 0.131% cheaper against Paradex than usual: you would sell low and buy high (−$13 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	Paradex MSTR-USD-PERP	161.68	0.0145	pay 0.0145% / 8h	2h 26m	$65	—	5x
Short	Extended MSTR_24_5-USD	161.47	0.0032	get 0.0004% / 1h	26m 08s	$495K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Paradex. 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 ParadexbpFee ExtendedbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$23.81
Price spread: −0.131% → 0.000%: −$13.13
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$45.94
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Extended: live order book, 2 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 Paradex no order-book sample	—	—	—	—	—
Sell Extended live order book, 2 min ago	4.02 bp	8.4 bp −$8	36.6 bp −$366	doesn't fit	doesn't fit

Paradex: 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
Bitget MSTRUSDT	−0.1221%	8h	161.92	+0.147%	$26.7M	$117.8M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.68	−0.002%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	161.78	+0.060%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.382%	$2.7M	$77K	10x	as long as short
Vest MSTR-USD-PERP	+0.0030%	1h	161.29	−0.243%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	161.47	−0.131%	$495K	$2.0M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.736%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.10	+0.258%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.67	−0.008%	$373K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.64	−0.026%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	161.62	−0.039%	$863K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	161.74	+0.036%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.75	+0.042%	$262K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	161.72	+0.023%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.72	+0.023%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.62	−0.039%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.11	+0.265%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.71	+0.017%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.71	+0.020%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0121%	8h	161.70	+0.013%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0144%	1h	161.65	−0.020%	$3.4M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERPlong	+0.0145%	8h	161.68	long leg	$65	—	5x
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−0.100%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0195%	8h	161.70	+0.011%	$83.5M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0209%	8h	162.29	+0.378%	$77K	$849K	10x	as long as short
BloFin MSTR-USDT	+0.0316%	8h	161.68	−0.001%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0336%	1h	161.64	−0.026%	$53.7M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.450%	$55K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0369%	1h	161.64	−0.029%	$129K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0369%	8h	161.76	+0.048%	$16.7M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	162.30	+0.381%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0555%	1h	161.70	+0.011%	$275K	$438K	10x	as long as short