Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.036%

Price spread now: Coinbase International against Binance−0.226%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 2 days (all we have)+0.282%+$28 · spread now −0.226%, 7d avg −0.186%

Together, before fees+0.428%+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.039% cheaper against Binance than usual: you would sell low and buy high (spread −0.226% now, against its 7-day average of −0.186%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	168.84	0.0025	pay 0.0025% / 8h	7h 26m	$89.0M	$614.6M	50x
Short	Coinbase International MSTR-PERP-INTX	168.46	0.0088	get 0.0011% / 1h	26m 03s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.226%Rate

Funding earned: $13.21
Price spread: −0.226% → −0.186%: −$3.95
Slippage, 4 orders: −$12.18
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$22.92
Costs to cover: 0.322%
Break-even: 19.1 days

Slippage from Binance: live order book, 3 min ago; Coinbase International: 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 Binance live order book, 3 min ago	0.30 bp	6.2 bp −$6	9.7 bp −$97	25.1 bp −$2,506	125.3 bp −$62.7K
Sell Coinbase International live order book, 3 min ago	5.04 bp	10.0 bp −$10	14.3 bp −$143	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
Nado MSTR-PERP	−0.0040%	1h	168.60	−0.144%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.82	−0.015%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.86	+0.011%	$21.8M	$101.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.82	−0.012%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.89	+0.029%	$28.5M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.83	−0.008%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.69	−0.089%	$85K	$825K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.93	+0.053%	$2.9M	$67K	10x	as long as short
Binance MSTRUSDTlong	+0.0025%	8h	168.84	long leg	$89.0M	$614.6M	50x
BloFin MSTR-USDT	+0.0028%	8h	168.61	−0.137%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.83	−0.006%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.68	−0.095%	$579K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.74	−0.060%	$1.4M	$9.2M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.75	−0.054%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.74	−0.060%	—	$1.8M	25x	as long as short
Bybit MSTRUSDT	+0.0047%	8h	168.85	+0.005%	$15.1M	$39.2M	50x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.68	−0.095%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.75	−0.054%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.44	−0.237%	$736K	$4.9M	10x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0088%	1h	168.46	−0.226%	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0090%	8h	168.69	−0.089%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.72	−0.074%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.72	−0.072%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.87	+0.017%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.78	−0.036%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.74	−0.062%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0204%	1h	168.79	−0.030%	$56.9M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.296%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.64	−0.121%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.77	−0.042%	$275K	$433K	10x	as long as short
edgeX MSTRUSDC	+0.0424%	4h	168.75	−0.053%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1232%	1h	168.93	+0.053%	$287K	$438K	10x	as long as short