Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0563%/8h= +61.7% APRpaid last 24h +0.121%

Price spread now: edgeX against tradeXYZ−0.025%7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 7 days+0.025%+$3 · spread now −0.025%, 7d avg +0.057%

Together, before fees−0.145%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.082% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.057%). If the spread goes back, that is −$8 on $10k: about 12 hours of funding at the current rate (+$17 a day). Mind the row above: over the last 7 days funding on this pair cost −0.170%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% 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	tradeXYZ xyz:MSTR	165.13	0.0075	pay 0.0009% / 1h	23m 00s	$55.0M	$36.7M	10x
Short	edgeX MSTRUSDC	165.09	0.0638	get 0.0319% / 4h	1h 23m	$50K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against tradeXYZ. 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 tradeXYZbpFee edgeXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $118.32
Price spread: −0.025% → +0.057%: −$8.17
Slippage, 4 orders: −$13.18
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $69.97
Costs to cover: 0.402%
Break-even: 2.9 days

Slippage from tradeXYZ: live order book, 5 min ago; edgeX: live order book, 1 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 tradeXYZ live order book, 5 min ago	0.30 bp	9.6 bp −$10	11.6 bp −$116	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	4.84 bp	9.8 bp −$10	16.9 bp −$169	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	−0.1122%	8h	165.34	+0.127%	$27.7M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.11	−0.015%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.26	+0.079%	$20.8M	$100.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.26	+0.079%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.24	+0.067%	$2.8M	$72K	10x	as long as short
Variational Omni MSTR	+0.0031%	8h	165.03	−0.060%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	165.21	+0.048%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.06	−0.039%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.550%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.17	+0.024%	$27K	$112K	10x	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	165.25	+0.073%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.17	+0.024%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.07	−0.036%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.25	+0.073%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTRlong	+0.0075%	1h	165.13	long leg	$55.0M	$36.7M	10x
Pacifica MSTR	+0.0100%	1h	165.20	+0.043%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.15	+0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.04	−0.055%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.19	+0.036%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0103%	8h	165.27	+0.085%	$88.4M	$617.8M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.20	+0.041%	$137	—	10x	as long as short
SoDEX MSTR-USD	+0.0132%	1h	165.22	+0.055%	$44K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	165.26	+0.077%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	165.01	−0.073%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.630%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0223%	8h	165.29	+0.097%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0223%	1h	165.10	−0.017%	$122K	$150K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.25	+0.073%	$271K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.99	−0.084%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0347%	8h	165.33	+0.121%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDCshort	+0.0638%	4h	165.09	−0.025%	$50K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0840%	1h	165.26	+0.079%	$281K	$438K	10x	as long as short