Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0315%/8h= +34.4% APRpaid last 24h +0.011%

Price spread now: Bybit against Aevo+0.043%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Bybit is 0.043% dearer against Aevo than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSTR-PERP	165.00	0.0104	pay 0.0013% / 1h	27m 58s	$137	—	10x
Short	Bybit MSTRUSDT	165.07	0.0419	get 0.0419% / 8h	6h 27m	$17.2M	$41.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.043%Rate

Funding earned: $66.05
Price spread: +0.043% → 0.000%: $4.26
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $43.31
Costs to cover: 0.270%
Break-even: 2.4 days

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 1 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.30 bp	9.6 bp −$10	15.3 bp −$153	124.0 bp −$12.4K	doesn't fit

Aevo: 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 31 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	−0.1012%	8h	165.16	+0.097%	$27.5M	$115.7M	25x	as long as short
Gate MSTR_USDT	−0.0125%	8h	165.12	+0.073%	$4.6M	$19.0M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.06	+0.037%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.03	+0.018%	$20.9M	$101.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.89	−0.066%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.40	−0.364%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.01	+0.006%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.88	−0.073%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.62	−0.230%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.78	−0.133%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0047%	8h	165.07	+0.043%	$87.9M	$625.3M	50x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.41	−0.357%	$918K	$4.8M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0058%	8h	164.22	−0.470%	$75K	$810K	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.92	−0.048%	$1.4M	$8.4M	10x	as long as short
SoDEX MSTR-USD	+0.0066%	1h	164.88	−0.073%	$43K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.84	−0.095%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.93	−0.042%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.26	−0.448%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.01	+0.006%	$3K	$8K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0100%	1h	164.89	−0.066%	$384K	$2.7M	10x	as long as short
Aevo MSTR-PERPlong	+0.0104%	1h	165.00	long leg	$137	—	10x
Lighter MSTR	+0.0128%	1h	164.94	−0.036%	$3.5M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.37	−0.382%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.84	−0.098%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0283%	1h	164.94	−0.036%	$55.4M	$36.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.630%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0381%	1h	164.43	−0.346%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0382%	1h	164.81	−0.114%	$111K	$143K	3x	as long as short
Bybit MSTRUSDTshort	+0.0419%	8h	165.07	+0.043%	$17.2M	$41.2M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0963%	1h	165.08	+0.049%	$281K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0990%	4h	164.44	−0.338%	$48K	$5.5M	10x	as long as short