Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.092%

Price spread now: QFEX against BloFin−0.083%99s7-day average −0.023% · 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—prices read too far apart to compare

costs, in and out, $10k−$290.286% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.163%−$16 on $10k

Price spread, last 3 days (all we have)+0.120%+$12 · spread now −0.083%, 7d avg −0.023%

Together, before fees−0.043%−$4 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: QFEX is 0.060% cheaper against BloFin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.023%. The two prices were read 99 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	BloFin MSTR-USDT	169.37	0.0046	pay 0.0046% / 8h	39m 26s	$1.1M	$1.8M	20x
Short	QFEX MSTR-USD	169.23	0.0049	get 0.0006% / 1h	39m 26s	$1.5M	$10.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0.67
Price spread: −0.083% → −0.023%: −$5.97
Slippage, 4 orders: −$6.57
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$33.88
Costs to cover: 0.286%
Break-even: 363.3 days

Slippage from BloFin: live order book, 3 min ago; QFEX: live order book, 5 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 BloFin live order book, 3 min ago	0.59 bp	7.3 bp −$7	9.2 bp −$92	20.6 bp −$2,056	doesn't fit
Sell QFEX live order book, 5 min ago	1.47 bp	6.5 bp −$6	6.5 bp −$65	13.6 bp −$1,358	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
Aster MSTRUSDT	0.0000%	8h	169.29	−0.045%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.16	−0.124%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.42	+0.032%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.42	+0.030%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.21	−0.094%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	169.16	−0.124%	$22.1M	$106.5M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.35	−0.012%	—	$2.1M	25x	as long as short
BloFin MSTR-USDTlong	+0.0046%	8h	169.37	long leg	$1.1M	$1.8M	20x
QFEX MSTR-USDshort	+0.0049%	1h	169.23	−0.083%	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.18	−0.112%	$389K	$2.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	169.19	−0.106%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.19	−0.106%	$782K	$5.2M	10x	as long as short
Nado MSTR-PERP	+0.0053%	1h	169.12	−0.145%	$139K	$97K	3x	as long as short
GRVT MSTR_USDT_Perp	+0.0053%	8h	169.43	+0.035%	$77K	$879K	10x	as long as short
Extended MSTR_24_5-USD	+0.0056%	1h	169.19	−0.109%	$583K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.19	−0.106%	$28.7M	$120.0M	25x	as long as short
Binance MSTRUSDT	+0.0066%	8h	169.18	−0.112%	$89.2M	$628.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.030%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.12	−0.146%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.19	−0.106%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.16	−0.124%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.17	−0.118%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.171%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.21	−0.092%	$140	—	10x	as long as short
Bybit MSTRUSDT	+0.0110%	8h	169.22	−0.089%	$15.2M	$40.5M	50x	as long as short
Lighter MSTR	+0.0120%	1h	169.18	−0.112%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	169.20	−0.098%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0211%	1h	169.18	−0.112%	$57.1M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.36	−0.004%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0696%	1h	169.31	−0.035%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.32	−0.030%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0874%	4h	169.41	+0.022%	$47K	$5.5M	10x	as long as short