Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.013%

Price spread now: QFEX against KuCoin+0.049%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.049%, 7d avg −0.015%

Together, before fees−0.025%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.063% dearer against KuCoin than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of −0.015%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.9 days. At the pace of the last 3 days (−0.004% in total) that is about 56 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	164.18	0.0100	pay 0.0100% / 8h	6h 35m	$2.4M	$2.7M	20x
Short	QFEX MSTR-USD	164.26	0.0064	get 0.0008% / 1h	35m 59s	$1.4M	$8.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$7.48
Price spread: +0.049% → −0.015%: $6.35
Slippage, 4 orders: −$45.44
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$68.57
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; QFEX: live order book, 8 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 KuCoin live order book, 6 min ago	2.43 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.82 bp	6.8 bp −$7	7.6 bp −$76	15.0 bp −$1,502	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	−0.0836%	8h	164.45	+0.164%	$27.2M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0221%	8h	164.32	+0.085%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.33	+0.091%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.33	+0.091%	$20.8M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.23	+0.029%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.33	+0.091%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.19	+0.009%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.44	+0.158%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.834%	$1.1M	$1.9M	20x	as long as short
edgeX MSTRUSDC	+0.0016%	4h	163.85	−0.203%	$48K	$5.5M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0020%	8h	164.33	+0.091%	$87.3M	$626.5M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.16	−0.012%	$591K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.25	+0.043%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.07	−0.067%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.22	+0.024%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.13	−0.030%	$917K	$4.9M	10x	as long as short
QFEX MSTR-USDshort	+0.0064%	1h	164.26	+0.049%	$1.4M	$8.5M	10x
Pacifica MSTR	+0.0100%	1h	164.15	−0.016%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.18	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	163.80	−0.231%	$4K	$203K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.22	+0.024%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.30	+0.072%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	164.23	+0.030%	$381K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.31	+0.079%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0165%	8h	164.14	−0.025%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.04	−0.085%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.143%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0347%	1h	164.26	+0.049%	$55.3M	$36.4M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.13	−0.030%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0400%	1h	164.26	+0.049%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0439%	8h	164.35	+0.104%	$17.2M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1151%	1h	164.35	+0.104%	$279K	$438K	10x	as long as short