Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0897%/8h= −98.2% APRpaid last 24h −0.174%

Price spread now: QFEX against edgeX−0.119%7-day average −0.035% · 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−$43as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on edgeX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.103%−$10 on $10k

Price spread, last 7 days+0.134%+$13 · spread now −0.119%, 7d avg −0.035%

Together, before fees+0.031%+ Points / potential airdropedgeX: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and QFEX is 0.085% cheaper against edgeX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.103% in total (about -10.6% 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	164.67	0.0951	pay 0.0476% / 4h	39m 12s	$49K	$5.3M	10x
Short	QFEX MSTR-USD	164.47	0.0054	get 0.0007% / 1h	39m 12s	$1.4M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against edgeX. 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 edgeXbpFee QFEXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$188.34
Price spread: −0.119% → −0.035%: −$8.46
Slippage, 4 orders: −$15.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$231.67
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; QFEX: live order book, 10 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, 5 min ago	5.77 bp	10.9 bp −$11	17.7 bp −$177	doesn't fit	doesn't fit
Sell QFEX live order book, 10 min ago	1.52 bp	6.5 bp −$7	7.4 bp −$74	15.7 bp −$1,568	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 MSTRUSDT	−0.0865%	8h	164.62	−0.028%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0048%	8h	164.47	−0.119%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.50	−0.102%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.54	−0.077%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.35	−0.192%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.29	−0.229%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.26	−0.244%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.838%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.45	−0.131%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.71	+0.026%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.45	−0.131%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.43	−0.144%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.34	−0.198%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.50	−0.101%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USDshort	+0.0054%	1h	164.47	−0.119%	$1.4M	$7.5M	10x
Variational Omni MSTR	+0.0069%	8h	164.72	+0.035%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.51	−0.095%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.46	−0.125%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.63	−0.022%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.34	−0.198%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.32	−0.208%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0129%	8h	164.34	−0.198%	$87.8M	$617.9M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	164.44	−0.141%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.077%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.063%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.59	−0.050%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0239%	1h	164.44	−0.138%	$54.9M	$36.9M	10x	as long as short
BloFin MSTR-USDT	+0.0249%	8h	164.38	−0.174%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0270%	1h	164.47	−0.118%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0372%	8h	164.42	−0.150%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0420%	1h	164.38	−0.174%	$280K	$438K	10x	as long as short
edgeX MSTRUSDClong	+0.0951%	4h	164.67	long leg	$49K	$5.3M	10x