Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.003%

Price spread now: Orderly against Coinbase International+1.195%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 1.195% dearer against Coinbase International than usual: you sell high and buy low (spread +1.195% now, against zero (this spread has no 7-day history yet)): +$119 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSTR-PERP-INTX	161.52	0.0136	pay 0.0017% / 1h	37m 11s	$1.4M	$1.1M	10x
Short	Orderly PERP_MSTR_USDC_mythos	163.45	0.0100	get 0.0100% / 8h	37m 11s	$2K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +1.195%Rate

Funding earned: −$7.56
Price spread: +1.195% → 0.000%: $119.49
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $95.93
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

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, 1 min ago	5.81 bp	10.8 bp −$11	15.1 bp −$151	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 MSTRUSDT	−0.0381%	8h	163.65	+1.319%	$29.4M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.55	+1.257%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.56	+1.263%	$2.8M	$82K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.22	+1.056%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.842%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.92	+1.486%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.43	+1.183%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.41	+1.170%	$378K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.42	+1.176%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.79	+1.405%	$868K	$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	163.50	+1.226%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0079%	8h	163.44	+1.190%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	163.44	+1.188%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.38	+1.152%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.92	+1.486%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	163.45	+1.195%	$2K	$13K	10x
Lighter MSTR	+0.0104%	1h	163.36	+1.139%	$3.5M	$2.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.28	+1.092%	$136	—	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0136%	1h	161.52	long leg	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0168%	8h	163.44	+1.190%	$65	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0199%	8h	163.51	+1.232%	$20.9M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0202%	8h	164.04	+1.562%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0273%	8h	163.47	+1.208%	$84.2M	$620.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0282%	8h	163.75	+1.379%	$85K	$849K	10x	as long as short
Nado MSTR-PERP	+0.0301%	1h	163.37	+1.147%	$125K	$165K	3x	as long as short
Phoenix MSTR	+0.0357%	1h	163.61	+1.291%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0393%	8h	163.41	+1.170%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0416%	8h	163.49	+1.220%	$17.1M	$41.7M	50x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	163.50	+1.229%	$266K	$417K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0512%	1h	163.50	+1.226%	$54.0M	$37.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0607%	1h	163.47	+1.207%	$278K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0677%	4h	163.81	+1.416%	$46K	$5.4M	10x	as long as short