Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0272%/8h= +29.7% APRpaid last 24h −0.024%

Price spread now: SoDEX against Binance−0.162%55s7-day average — · you buy dearer than you sell

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

Long on Binance Short on SoDEX

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—needs both histories

Funding pays, the price is against you. SoDEX is 0.162% cheaper against Binance than usual: you would sell low and buy high (spread −0.162% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 48 hours of funding at the current rate (+$8 a day). The two prices were read 55 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	Binance MSTRUSDT	165.12	0.0352	pay 0.0352% / 8h	7h 17m	$85.7M	$598.6M	50x
Short	SoDEX MSTR-USD	164.85	0.0623	get 0.0078% / 1h	17m 25s	$43K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.162%Rate

Funding earned: $57.02
Price spread: −0.162% → 0.000%: −$16.17
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $22.85
Costs to cover: 0.180%
Break-even: 4.2 days

Slippage unknown: Binance: live order book, 11 min ago; SoDEX: no order-book sample. 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 Binance live order book, 11 min ago	0.31 bp	5.4 bp −$5	8.6 bp −$86	32.9 bp −$3,292	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Gate MSTR_USDT	0.0000%	8h	165.21	+0.056%	$4.9M	$19.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.08	−0.022%	$31.0M	$114.6M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.77	−0.210%	$2.8M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.90	−0.133%	$535K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−1.518%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.23	+0.068%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.30	+0.111%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.97	−0.089%	$381K	$2.6M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.32	−0.483%	$912K	$3.6M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	165.18	+0.038%	$1.4M	$6.9M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	165.07	−0.028%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.97	−0.089%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.30	−0.495%	$6K	$180K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.16	+0.026%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.85	−0.159%	$137	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.26	−1.730%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0160%	8h	164.95	−0.101%	$1.8M	$8.6M	50x	as long as short
Lighter MSTR	+0.0176%	1h	165.08	−0.022%	$3.5M	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0179%	1h	164.96	−0.095%	$126K	$143K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0188%	8h	165.14	+0.017%	$66	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0255%	8h	165.20	+0.050%	$21.1M	$93.4M	50x	as long as short
Variational Omni MSTR	+0.0264%	8h	164.61	−0.306%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDTlong	+0.0352%	8h	165.12	long leg	$85.7M	$598.6M	50x
tradeXYZ xyz:MSTR	+0.0394%	1h	165.10	−0.010%	$54.5M	$36.3M	10x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	165.14	+0.014%	$269K	$390K	10x	as long as short
Phoenix MSTR	+0.0460%	1h	164.61	−0.309%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0471%	8h	164.63	−0.295%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0606%	8h	165.17	+0.032%	$17.5M	$39.8M	50x	as long as short
SoDEX MSTR-USDshort	+0.0623%	1h	164.85	−0.162%	$43K	$3K	10x
GRVT MSTR_USDT_Perp	+0.0651%	8h	164.64	−0.286%	$81K	$859K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0661%	1h	164.83	−0.174%	$280K	$338K	10x	as long as short
edgeX MSTRUSDC	+0.0901%	4h	164.72	−0.243%	$47K	$5.4M	10x	as long as short