Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.016%

Price spread now: Vest against Orderly−0.260%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Vest is 0.260% cheaper against Orderly than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	161.71	0.0100	pay 0.0100% / 8h	2h 26m	$3K	$8K	10x
Short	Vest MSTR-USD-PERP	161.29	0.0030	get 0.0004% / 1h	26m 11s	—	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Orderly. 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 OrderlybpFee VestbpOrdersPrice spread, now −0.260%Rate

Funding earned: −$14.77
Price spread: −0.260% → 0.000%: −$25.97
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$48.74
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Vest: 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 Orderly no order-book sample	—	—	—	—	—
Sell Vest no order-book sample	—	—	—	—	—

Orderly and Vest: 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	−0.1221%	8h	161.92	+0.130%	$26.7M	$117.8M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.68	−0.019%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	161.78	+0.043%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.365%	$2.7M	$77K	10x	as long as short
Vest MSTR-USD-PERPshort	+0.0030%	1h	161.29	−0.260%	—	$1.8M	25x
Extended MSTR_24_5-USD	+0.0032%	1h	161.47	−0.148%	$495K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.718%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.10	+0.241%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.67	−0.025%	$373K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.64	−0.043%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	161.62	−0.056%	$863K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	161.74	+0.019%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.75	+0.025%	$262K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	161.72	+0.006%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.72	+0.006%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.62	−0.056%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.11	+0.247%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	161.71	long leg	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	161.71	+0.003%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0121%	8h	161.70	−0.004%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0144%	1h	161.65	−0.037%	$3.4M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	161.68	−0.017%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−0.117%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0195%	8h	161.70	−0.006%	$83.5M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0209%	8h	162.29	+0.360%	$77K	$849K	10x	as long as short
BloFin MSTR-USDT	+0.0316%	8h	161.68	−0.019%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0336%	1h	161.64	−0.043%	$53.7M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.433%	$55K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0369%	1h	161.64	−0.046%	$129K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0369%	8h	161.76	+0.031%	$16.7M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	162.30	+0.363%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0555%	1h	161.70	−0.006%	$275K	$438K	10x	as long as short