Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0302%/8h= −33.0% APRpaid last 24h −0.108%

Price spread now: Extended against edgeX+0.060%53s7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as 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−$340.342% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 7 days−0.074%−$7 · spread now +0.060%, 7d avg −0.073%

Together, before fees+0.122%+ Points / potential airdropedgeX: Active · Extended: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.134% dearer against edgeX than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of −0.073%): +$13 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 35 hours. Mind the row above: over the last 7 days funding on this pair paid +0.196%, so the current rate has only just turned against you. The two prices were read 53 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 0.196% in total (about 10.2% 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	edgeX MSTRUSDC	166.79	0.0334	pay 0.0167% / 4h	3h 04m	$43K	$5.4M	10x
Short	Extended MSTR_24_5-USD	166.89	0.0032	get 0.0004% / 1h	4m 39s	$575K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee ExtendedbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$63.37
Price spread: +0.060% → −0.073%: $13.38
Slippage, 4 orders: −$20.17
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$84.16
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Extended: 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 edgeX live order book, 4 min ago	5.69 bp	10.6 bp −$11	17.3 bp −$173	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	2.70 bp	6.4 bp −$6	20.0 bp −$200	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	−0.0204%	8h	167.03	+0.141%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0023%	8h	166.80	+0.003%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.97	+0.103%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	167.03	+0.143%	$87.8M	$614.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	167.04	+0.147%	$21.5M	$99.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	167.10	+0.183%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	−0.006%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.294%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.16	+0.219%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	167.00	+0.123%	$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-USDshort	+0.0032%	1h	166.89	+0.060%	$575K	$1.9M	10x
QFEX MSTR-USD	+0.0035%	1h	167.02	+0.135%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.01	+0.129%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.55	−0.146%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0049%	1h	166.65	−0.089%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.70	−0.056%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.68	−0.068%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.49	−0.182%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	−0.062%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	167.04	+0.146%	$104K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.90	+0.063%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.201%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.81	+0.009%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.79	−0.005%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0105%	8h	167.02	+0.136%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.526%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	167.03	+0.141%	$56.5M	$35.9M	10x	as long as short
Bybit MSTRUSDT	+0.0258%	8h	167.08	+0.171%	$16.1M	$39.7M	50x	as long as short
Phoenix MSTR	+0.0259%	1h	166.74	−0.034%	$56K	$384K	10x	as long as short
edgeX MSTRUSDClong	+0.0334%	4h	166.79	long leg	$43K	$5.4M	10x
RISEx MSTR/USDC	+0.0349%	1h	167.03	+0.142%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0650%	1h	166.81	+0.009%	$284K	$438K	10x	as long as short