Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.007%

Price spread now: KuCoin against SoDEX−0.049%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on KuCoin

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—needs both histories

Funding pays, the price is against you. KuCoin is 0.049% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSTR-USD	164.53	0.0050	pay 0.0006% / 1h	11m 42s	$43K	$3K	10x
Short	KuCoin MSTRUSDTM	164.45	0.0100	get 0.0100% / 8h	4h 11m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against SoDEX. 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 SoDEXbpFee KuCoinbpOrdersPrice spread, now −0.049%Rate

Funding earned: $10.5
Price spread: −0.049% → 0.000%: −$4.86
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$14.36
Costs to cover: 0.200%
Break-even: 16.6 days

Slippage unknown: SoDEX: no order-book sample; KuCoin: live order book, 5 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	2.43 bp	18.5 bp −$18	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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	−0.0942%	8h	164.67	+0.085%	$27.9M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.52	−0.008%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.76	+0.140%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.57	+0.024%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0011%	8h	164.58	+0.030%	$20.6M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.52	−0.006%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.38	−0.088%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.923%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.59	+0.036%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.55	+0.012%	$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	164.38	−0.091%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.40	−0.079%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USDlong	+0.0050%	1h	164.53	long leg	$43K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.35	−0.109%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.53	0.000%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0077%	8h	164.39	−0.087%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.51	−0.010%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.45	−0.049%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.36	−0.103%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.52	−0.006%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.51	−0.013%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0132%	8h	164.55	+0.009%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0142%	8h	164.58	+0.030%	$87.4M	$615.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.53	0.000%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.249%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.54	+0.005%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0227%	1h	164.49	−0.024%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0239%	1h	164.37	−0.100%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0261%	8h	164.56	+0.018%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0347%	8h	164.61	+0.049%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0770%	4h	164.42	−0.069%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0784%	1h	164.55	+0.012%	$280K	$438K	10x	as long as short