Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0593%/8h= −64.9% APRpaid last 24h +0.002%

Price spread now: Bitget against Coinbase International+0.111%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$21 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.111%, 7d avg +0.131%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Bitget is 0.020% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.131%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.205% in total (about -10.7% 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	Coinbase International MSTR-PERP-INTX	162.83	0.0136	pay 0.0017% / 1h	20m 31s	$1.4M	$1.1M	10x
Short	Bitget MSTRUSDT	163.01	−0.0457	pay 0.0457% / 8h	20m 31s	$29.4M	$119.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$124.53
Price spread: +0.111% → +0.131%: −$2.01
Slippage, 4 orders: −$15.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$164.35
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bitget: live order book, 4 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 Coinbase International live order book, 3 min ago	5.53 bp	10.5 bp −$11	15.0 bp −$150	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.31 bp	8.6 bp −$9	12.6 bp −$126	45.6 bp −$4,563	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 MSTRUSDTshort	−0.0457%	8h	163.01	+0.111%	$29.4M	$119.1M	25x
Gate MSTR_USDT	0.0000%	8h	162.93	+0.061%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.82	−0.006%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.72	−0.071%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.998%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.96	+0.080%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.65	−0.111%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.76	−0.043%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.77	−0.037%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.59	−0.147%	$896K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	162.83	0.000%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0078%	8h	162.85	+0.011%	$1.8M	$8.7M	50x	as long as short
Lighter MSTR	+0.0080%	1h	162.82	−0.006%	$3.5M	$2.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.87	+0.023%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.83	0.000%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.77	−0.037%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.81	−0.012%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.82	−0.009%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0136%	1h	162.83	long leg	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0149%	8h	162.83	+0.001%	$65	—	5x	as long as short
Nado MSTR-PERP	+0.0200%	1h	162.74	−0.053%	$125K	$165K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0201%	8h	162.95	+0.074%	$20.8M	$99.8M	50x	as long as short
Variational Omni MSTR	+0.0203%	8h	162.78	−0.033%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0271%	8h	162.88	+0.029%	$83.9M	$620.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0276%	8h	162.85	+0.014%	$78K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	162.90	+0.045%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	162.79	−0.025%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0411%	8h	162.92	+0.055%	$17.0M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0468%	1h	162.85	+0.012%	$53.8M	$37.7M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0487%	1h	162.84	+0.006%	$277K	$437K	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.90	+0.041%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0886%	4h	162.82	−0.004%	$46K	$5.4M	10x	as long as short