Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1181%/8h= +129.3% APRpaid last 24h −0.018%

Price spread now: QFEX against Bitget−0.203%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 7 days+0.125%+$12 · spread now −0.203%, 7d avg −0.059%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.144% cheaper against Bitget than usual: you would sell low and buy high (spread −0.203% now, against its 7-day average of −0.059%). If the spread goes back, that is −$14 on $10k: about 10 hours of funding at the current rate (+$35 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.031% in total (about -3.1% 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	162.62	−0.1127	get 0.1127% / 8h	2h 30m	$27.0M	$117.8M	25x
Short	QFEX MSTR-USD	162.29	0.0054	get 0.0007% / 1h	30m 06s	$1.4M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.203%Rate

Funding earned: $247.91
Price spread: −0.203% → −0.059%: −$14.4
Slippage, 4 orders: −$11.25
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: $200.26
Costs to cover: 0.333%
Break-even: 1.3 days

Slippage from Bitget: live order book, 4 min ago; QFEX: live order book, 9 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, 4 min ago	0.92 bp	8.5 bp −$9	12.4 bp −$124	22.3 bp −$2,234	doesn't fit
Sell QFEX live order book, 9 min ago	2.46 bp	7.5 bp −$7	8.7 bp −$87	16.2 bp −$1,622	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
Bitget MSTRUSDTlong	−0.1127%	8h	162.62	long leg	$27.0M	$117.8M	25x
Aster MSTRUSDT	0.0000%	8h	162.32	−0.183%	$1.7M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.47	−0.092%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.93	+0.191%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.18	−0.271%	$514K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.132%	$8K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0035%	1h	161.99	−0.387%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.63	+0.006%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.28	−0.209%	$375K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.31	−0.191%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.28	−0.209%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0054%	1h	162.29	−0.203%	$1.4M	$7.2M	10x
RISEx MSTR/USDC	+0.0088%	1h	162.33	−0.178%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0092%	8h	162.30	−0.197%	$20.4M	$99.8M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.30	−0.194%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.29	−0.203%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.29	−0.203%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.32	−0.184%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.34	−0.170%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	162.32	−0.185%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0152%	8h	162.28	−0.207%	$65	—	5x	as long as short
Lighter MSTR	+0.0168%	1h	162.32	−0.184%	$3.4M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.16	−0.283%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0197%	8h	162.29	−0.203%	$84.2M	$626.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0207%	8h	162.62	0.000%	$79K	$831K	10x	as long as short
BloFin MSTR-USDT	+0.0317%	8h	162.41	−0.129%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0359%	1h	162.32	−0.184%	$54.0M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.58	−0.025%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0372%	8h	162.37	−0.154%	$16.6M	$41.4M	50x	as long as short
Nado MSTR-PERP	+0.0381%	1h	162.20	−0.256%	$130K	$157K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0737%	1h	162.34	−0.172%	$276K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0858%	4h	162.53	−0.054%	$48K	$5.4M	10x	as long as short