Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0359%/8h= +39.4% APRpaid last 24h +0.201%

Price spread now: edgeX against Vest−0.210%63s7-day average +0.401% · you buy dearer than you sell

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

Long on Vest Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.136%+$14 on $10k

Price spread, last 7 days+0.180%+$18 · spread now −0.210%, 7d avg +0.401%

Together, before fees+0.316%+ Points / potential airdropVest: Active · edgeX: Active · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.612% cheaper against Vest than usual: you would sell low and buy high (spread −0.210% now, against its 7-day average of +0.401%). If the spread goes back, that is −$61 on $10k: about 5.7 days of funding at the current rate (+$11 a day). At the pace of the last 4 days (+0.136% in total) that is about 16 days. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSTR-USD-PERP	166.45	0.0046	pay 0.0006% / 1h	16m 19s	—	$1.7M	25x
Short	edgeX MSTRUSDC	166.10	0.0405	get 0.0203% / 4h	2h 16m	$50K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee edgeXbpOrdersPrice spread, now −0.210%Rate

Funding earned: $75.49
Price spread: −0.210% → +0.401%: −$61.18
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $3.31
Costs to cover: 0.110%
Break-even: 6.7 days

Slippage unknown: Vest: no order-book sample; edgeX: live order book, 1 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 Vest no order-book sample	—	—	—	—	—
Sell edgeX live order book, 1 min ago	10.53 bp	15.5 bp −$16	22.3 bp −$223	doesn't fit	doesn't fit

Vest: 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 exchanges

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
Gate MSTR_USDT	0.0000%	8h	166.22	−0.138%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.06	−0.234%	$31.9M	$107.4M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.16	−0.174%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.89	−0.338%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERPlong	+0.0046%	1h	166.45	long leg	—	$1.7M	25x
Lighter MSTR	+0.0048%	1h	166.03	−0.252%	$3.5M	$1.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.25	−0.120%	$384K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.07	−0.228%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.97	−0.288%	$882K	$3.4M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.28	−0.102%	$1.3M	$6.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0098%	8h	166.28	−0.100%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.20	−0.153%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.07	−0.228%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.92	−0.318%	$6K	$162K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.02	−0.258%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.03	−0.251%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0107%	1h	166.18	−0.162%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.403%	$1.4M	$394K	10x	as long as short
Aster MSTRUSDT	+0.0204%	8h	166.16	−0.174%	$1.8M	$7.0M	50x	as long as short
Bybit MSTRUSDT	+0.0262%	8h	166.09	−0.216%	$17.1M	$38.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0263%	1h	166.20	−0.150%	$54.9M	$34.7M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0272%	8h	166.02	−0.258%	$21.6M	$86.4M	50x	as long as short
Variational Omni MSTR	+0.0287%	8h	166.04	−0.246%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	166.15	−0.181%	$56K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0387%	8h	166.19	−0.156%	$87.0M	$551.1M	50x	as long as short
edgeX MSTRUSDCshort	+0.0405%	4h	166.10	−0.210%	$50K	$5.1M	10x
GRVT MSTR_USDT_Perp	+0.0431%	8h	166.16	−0.177%	$78K	$842K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.739%	$7K	$28K	30x	as long as short
BloFin MSTR-USDT	+0.0502%	8h	166.26	−0.114%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0534%	1h	165.99	−0.276%	$282K	$214K	10x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.30	−0.091%	$274K	$353K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.37	−0.048%	$26K	$71K	10x	as long as short