Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1155%/8h= −126.4% APRpaid last 24h −0.072%

Price spread now: Bitget against RISEx+0.160%48s7-day average −0.003% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.230% of the position

Long on RISEx Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.299%−$30 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now +0.160%, 7d avg −0.003%

Together, before fees−0.491%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.162% dearer against RISEx than usual: you sell high and buy low (spread +0.160% now, against its 7-day average of −0.003%): +$16 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.299% in total) that is about 48 hours. The two prices were read 48 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 4 days it paid -0.299% in total (about -29.8% 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	RISEx MSTR/USDC	164.16	0.0088	pay 0.0011% / 1h	5m 53s	$264K	$442K	10x
Short	Bitget MSTRUSDT	164.42	−0.1067	pay 0.1067% / 8h	2h 05m	$28.4M	$119.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against RISEx. 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 RISExbpFee BitgetbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$242.47
Price spread: +0.160% → −0.003%: $16.23
Slippage, 4 orders: −$4.95
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$249.19
Costs to cover: 0.230%
Break-even: never at this rate

Slippage from RISEx: live order book, 42 min ago; Bitget: live order book, 3 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 RISEx live order book, 42 min ago	0.31 bp	3.3 bp −$3	4.5 bp −$45	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.91 bp	8.3 bp −$8	11.8 bp −$118	34.7 bp −$3,472	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 MSTRUSDTshort	−0.1067%	8h	164.42	+0.160%	$28.4M	$119.0M	25x
Gate MSTR_USDT	0.0000%	8h	164.24	+0.050%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.89	−0.163%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.232%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	164.08	−0.050%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	−0.078%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	−0.035%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.157%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.95	−0.127%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	−0.066%	$379K	$2.7M	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	163.77	−0.236%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	−0.053%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDClong	+0.0088%	1h	164.16	long leg	$264K	$442K	10x
Pacifica MSTR	+0.0100%	1h	164.03	−0.075%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	−0.060%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	−0.120%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.20	+0.026%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.14	−0.009%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.20	+0.026%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.12	−0.023%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	−0.042%	$66	—	5x	as long as short
Variational Omni MSTR	+0.0147%	8h	164.18	+0.011%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.607%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0219%	8h	164.23	+0.044%	$84.3M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	−0.086%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0243%	1h	164.10	−0.035%	$54.4M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	−0.148%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	−0.072%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.169%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0377%	8h	164.23	+0.044%	$16.9M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0414%	1h	164.16	+0.001%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.18	+0.014%	$279K	$438K	10x	as long as short