Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.049%

Price spread now: Bybit against QFEX+0.041%7-day average +0.047% · 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−$34as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.147%+$15 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.041%, 7d avg +0.047%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	169.65	0.0049	pay 0.0006% / 1h	45m 33s	$1.5M	$10.2M	10x
Short	Bybit MSTRUSDT	169.72	0.0106	get 0.0106% / 8h	45m 33s	$15.2M	$40.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now +0.041%Rate

Funding earned: $11.93
Price spread: +0.041% → +0.047%: −$0.55
Slippage, 4 orders: −$12.64
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.26
Costs to cover: 0.336%
Break-even: 20.1 days

Slippage from QFEX: live order book, 3 min ago; Bybit: live order book, 3 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 QFEX live order book, 3 min ago	1.48 bp	6.5 bp −$6	7.4 bp −$74	14.1 bp −$1,411	doesn't fit
Sell Bybit live order book, 3 min ago	0.88 bp	9.1 bp −$9	14.0 bp −$140	115.1 bp −$11.5K	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
Aster MSTRUSDT	0.0000%	8h	169.51	−0.083%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.62	−0.018%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.092%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.69	+0.024%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.69	+0.023%	$276K	$442K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0004%	8h	169.42	−0.134%	$83K	$875K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0017%	8h	169.66	+0.006%	$22.1M	$106.8M	50x	as long as short
BloFin MSTR-USDT	+0.0032%	8h	169.61	−0.024%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.36	−0.171%	$583K	$1.8M	10x	as long as short
Binance MSTRUSDT	+0.0038%	8h	169.66	+0.006%	$89.5M	$628.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	169.73	+0.047%	—	$2.1M	25x	as long as short
QFEX MSTR-USDlong	+0.0049%	1h	169.65	long leg	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.53	−0.071%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.58	−0.041%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.51	−0.083%	$781K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0061%	8h	169.65	0.000%	$28.7M	$119.9M	25x	as long as short
Nado MSTR-PERP	+0.0065%	1h	169.43	−0.130%	$140K	$97K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.195%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.58	−0.043%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.40	−0.147%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.259%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.52	−0.077%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.336%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.51	−0.085%	$141	—	10x	as long as short
Bybit MSTRUSDTshort	+0.0106%	8h	169.72	+0.041%	$15.2M	$40.5M	50x
Paradex MSTR-USD-PERP	+0.0137%	8h	169.68	+0.016%	$68	—	5x	as long as short
Lighter MSTR	+0.0144%	1h	169.56	−0.053%	$3.6M	$2.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0195%	1h	169.58	−0.041%	$57.2M	$37.5M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	−0.086%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	169.40	−0.149%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.67	+0.012%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1285%	1h	169.64	−0.006%	$288K	$438K	10x	as long as short