Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h +0.035%

Price spread now: Bybit against ApeX Omni−0.112%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1131.132% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now −0.112%, 7d avg +0.004%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.117% cheaper against ApeX Omni than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSTRUSDT	169.17	0.0100	pay 0.0013% / 1h	33m 22s	$4K	$552K	50x
Short	Bybit MSTRUSDT	168.98	0.0057	get 0.0057% / 8h	1h 33m	$15.2M	$40.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$8.97
Price spread: −0.112% → +0.004%: −$11.68
Slippage, 4 orders: −$92.23
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$133.88
Costs to cover: 1.132%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 61 min ago; Bybit: 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 ApeX Omni live order book, 61 min ago	2.95 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.59 bp	10.4 bp −$10	16.6 bp −$166	126.1 bp −$12.6K	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
Nado MSTR-PERP	−0.0113%	1h	168.92	−0.146%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	169.08	−0.053%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.07	−0.061%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.04	−0.075%	$88.3M	$628.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.99	−0.106%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.06	−0.065%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.99	−0.106%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.07	−0.062%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.12	−0.030%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.13	−0.024%	$2.9M	$61K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.94	−0.136%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.90	−0.160%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0032%	8h	169.06	−0.065%	$28.9M	$119.7M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.98	−0.112%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.07	−0.059%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.95	−0.130%	$402K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.03	−0.083%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.02	−0.089%	$740K	$5.2M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.142%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0056%	1h	168.95	−0.130%	$56.9M	$37.9M	10x	as long as short
Bybit MSTRUSDTshort	+0.0057%	8h	168.98	−0.112%	$15.2M	$40.8M	50x
Paradex MSTR-USD-PERP	+0.0071%	8h	168.94	−0.138%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.00	−0.100%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.99	−0.106%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	169.17	long leg	$4K	$552K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.99	−0.106%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.02	−0.089%	$140	—	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0223%	1h	169.11	−0.035%	$287K	$439K	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.22	+0.029%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.071%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.09	−0.047%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0849%	4h	169.05	−0.073%	$47K	$5.4M	10x	as long as short