Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.125%

Price spread now: edgeX against tradeXYZ+0.125%66s7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.436% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.125%, 7d avg +0.057%

Together, before fees−0.311%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and edgeX is 0.069% dearer against tradeXYZ than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.057%. Mind the row above: over the last 7 days funding on this pair cost −0.170%, so the current rate has only just turned in your favour. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	164.16	0.0234	pay 0.0029% / 1h	34m 18s	$54.7M	$36.9M	10x
Short	edgeX MSTRUSDC	164.37	0.0443	get 0.0221% / 4h	34m 18s	$49K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against tradeXYZ. 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 tradeXYZbpFee edgeXbpOrdersPrice spread, now +0.125%Rate

Funding earned: $43.84
Price spread: +0.125% → +0.057%: $6.86
Slippage, 4 orders: −$16.59
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $7.1
Costs to cover: 0.436%
Break-even: 5.9 days

Slippage from tradeXYZ: live order book, 5 min ago; edgeX: live order book, 5 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 tradeXYZ live order book, 5 min ago	0.61 bp	10.6 bp −$11	12.3 bp −$123	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	5.78 bp	10.9 bp −$11	18.5 bp −$185	doesn't fit	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	−0.0915%	8h	164.33	+0.104%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0021%	8h	164.23	+0.043%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.18	+0.014%	$1.8M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.16	0.000%	$20.6M	$99.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.23	+0.043%	$2.8M	$72K	10x	as long as short
Lighter MSTR	+0.0032%	1h	164.14	−0.012%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.04	−0.073%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.155%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.19	+0.018%	$266K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.41	+0.152%	$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	164.07	−0.055%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.11	−0.030%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.13	−0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.13	−0.018%	$865K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.14	−0.012%	$1.4M	$7.6M	10x	as long as short
Variational Omni MSTR	+0.0067%	8h	164.09	−0.045%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.16	−0.001%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.16	0.000%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.22	+0.037%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.18	+0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.15	−0.006%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0128%	8h	164.19	+0.018%	$87.7M	$618.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.08	−0.051%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	164.38	+0.134%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.024%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.34	+0.107%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTRlong	+0.0234%	1h	164.16	long leg	$54.7M	$36.9M	10x
BloFin MSTR-USDT	+0.0248%	8h	164.38	+0.134%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0255%	1h	164.03	−0.079%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0361%	8h	164.22	+0.037%	$17.0M	$40.8M	50x	as long as short
edgeX MSTRUSDCshort	+0.0443%	4h	164.37	+0.125%	$49K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0542%	1h	164.24	+0.049%	$279K	$438K	10x	as long as short