Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0282%/8h= +30.8% APRpaid last 24h −0.014%

Price spread now: tradeXYZ against BloFin−0.042%68s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.370% of the position

Long on BloFin Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.042%, 7d avg −0.059%

Together, before fees−0.047%+ Points / potential airdroptradeXYZ: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.059%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.117%, so the current rate has only just turned in your favour. The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.117% in total (about -6.1% 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	BloFin MSTR-USDT	166.03	−0.0029	get 0.0029% / 8h	7h 00m	$1.1M	$1.9M	20x
Short	tradeXYZ xyz:MSTR	165.96	0.0252	get 0.0032% / 1h	0m 05s	$56.1M	$35.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.042%Rate

Funding earned: $59.15
Price spread: −0.042% → −0.059%: $1.69
Slippage, 4 orders: −$6.97
Fee BloFin: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $23.87
Costs to cover: 0.370%
Break-even: 4.2 days

Slippage from BloFin: live order book, 3 min ago; tradeXYZ: 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 BloFin live order book, 3 min ago	0.30 bp	7.7 bp −$8	9.9 bp −$99	23.4 bp −$2,341	doesn't fit
Sell tradeXYZ live order book, 9 min ago	0.30 bp	11.0 bp −$11	14.2 bp −$142	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
Gate MSTR_USDT	−0.0263%	8h	166.04	+0.006%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDTlong	−0.0029%	8h	166.03	long leg	$1.1M	$1.9M	20x
Aster MSTRUSDT	0.0000%	8h	165.99	−0.026%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.91	−0.070%	$87.5M	$616.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.04	+0.006%	$21.3M	$100.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.12	+0.054%	$27.3M	$114.1M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	−0.014%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.506%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.38	+0.211%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.93	−0.060%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.89	−0.081%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.08	+0.030%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.46	+0.259%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.80	−0.139%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.00	−0.018%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.99	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.90	−0.078%	$768K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0075%	1h	165.90	−0.077%	$134K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	−0.048%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	+0.043%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.98	−0.030%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	+0.157%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.99	−0.024%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.98	−0.030%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0111%	8h	166.02	−0.006%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.994%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTRshort	+0.0252%	1h	165.96	−0.042%	$56.1M	$35.9M	10x
Phoenix MSTR	+0.0259%	1h	166.44	+0.249%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0301%	8h	166.07	+0.024%	$16.6M	$40.4M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	+0.024%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.331%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1137%	1h	166.07	+0.024%	$282K	$438K	10x	as long as short