Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1382%/8h= +151.3% APRpaid last 24h −0.013%

Price spread now: Coinbase International against Bitget−0.146%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now −0.146%, 7d avg −0.093%

Together, before fees+0.372%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.053% cheaper against Bitget than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of −0.093%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$41 a day). At the pace of the last 7 days (+0.210% in total) that is about 42 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.210% in total (about 11.0% 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	Bitget MSTRUSDT	164.55	−0.1182	get 0.1182% / 8h	5h 58m	$27.5M	$114.6M	25x
Short	Coinbase International MSTR-PERP-INTX	164.31	0.0200	get 0.0025% / 1h	58m 02s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.146%Rate

Funding earned: $290.22
Price spread: −0.146% → −0.093%: −$5.25
Slippage, 4 orders: −$12.16
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $250.81
Costs to cover: 0.342%
Break-even: 1.0 days

Slippage from Bitget: live order book, 1 min ago; Coinbase International: 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 Bitget live order book, 1 min ago	0.30 bp	8.8 bp −$9	13.9 bp −$139	25.2 bp −$2,516	doesn't fit
Sell Coinbase International live order book, 1 min ago	3.04 bp	8.0 bp −$8	13.3 bp −$133	doesn't fit	doesn't fit

MSTR on 31 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 MSTRUSDTlong	−0.1182%	8h	164.55	long leg	$27.5M	$114.6M	25x
Gate MSTR_USDT	−0.0114%	8h	164.26	−0.176%	$4.6M	$18.3M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.33	−0.134%	$1.2M	$7.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.16	−0.237%	$20.8M	$99.1M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.41	−0.085%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0016%	8h	164.41	−0.087%	$1.2M	$2.0M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.37	−0.109%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.04	−0.310%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.911%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.51	−0.024%	$26K	$112K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.37	−0.109%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.39	−0.097%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.41	−0.085%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.25	−0.182%	$895K	$4.3M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.48	−0.043%	$1.4M	$7.9M	10x	as long as short
Binance MSTRUSDT	+0.0086%	8h	164.20	−0.211%	$87.7M	$618.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.45	−0.061%	$101K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.29	−0.158%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.36	−0.115%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.41	−0.085%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.42	−0.076%	$136	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0106%	1h	164.16	−0.237%	$55.0M	$36.6M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0154%	8h	164.48	−0.044%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0200%	1h	164.31	−0.146%	$1.4M	$1.1M	10x
GRVT MSTR_USDT_Perp	+0.0202%	8h	164.53	−0.011%	$79K	$760K	10x	as long as short
Nado MSTR-PERP	+0.0216%	1h	164.43	−0.074%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.47	−0.046%	$269K	$447K	10x	as long as short
Bybit MSTRUSDT	+0.0347%	8h	164.26	−0.176%	$17.0M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.45	−0.063%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0443%	4h	164.44	−0.067%	$50K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0724%	1h	164.48	−0.043%	$280K	$438K	10x	as long as short