Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.038%

Price spread now: Extended against Bitget−0.040%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days−0.029%−$3 · spread now −0.040%, 7d avg −0.098%

Together, before fees+0.094%+ Points / potential airdropExtended: Active · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.059% dearer against Bitget than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	169.22	0.0035	pay 0.0035% / 8h	1h 16m	$28.8M	$119.4M	25x
Short	Extended MSTR_24_5-USD	169.15	0.0032	get 0.0004% / 1h	16m 48s	$585K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$0.63
Price spread: −0.040% → −0.098%: $5.86
Slippage, 4 orders: −$13.94
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$25.71
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Extended: live order book, 2 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, 2 min ago	0.29 bp	9.0 bp −$9	13.0 bp −$130	33.5 bp −$3,353	doesn't fit
Sell Extended live order book, 2 min ago	2.36 bp	7.4 bp −$7	20.7 bp −$207	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	−0.0070%	1h	169.22	0.000%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0019%	8h	169.32	+0.059%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.18	−0.024%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.29	+0.042%	$89.4M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.28	+0.035%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.33	+0.065%	$276K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.22	0.000%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.35	+0.079%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.37	+0.089%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.26	+0.024%	$2.9M	$62K	10x	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	169.25	+0.018%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	169.15	−0.040%	$585K	$1.8M	10x
Bitget MSTRUSDTlong	+0.0035%	8h	169.22	long leg	$28.8M	$119.4M	25x
QFEX MSTR-USD	+0.0042%	1h	169.31	+0.053%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.40	+0.106%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.27	+0.030%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.28	+0.035%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	+0.018%	$782K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.331%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0066%	8h	169.27	+0.030%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0083%	8h	169.24	+0.012%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0095%	1h	169.19	−0.018%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.31	+0.056%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.12	−0.059%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.041%	$4K	$481K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.27	+0.030%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.25	+0.018%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.34	+0.069%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0287%	4h	169.42	+0.116%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.059%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.38	+0.095%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0577%	1h	169.34	+0.071%	$288K	$439K	10x	as long as short