Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0432%/8h= −47.3% APRpaid last 24h −0.041%

Price spread now: Aster against Arcus+0.001%56s7-day average −0.022% · 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−$400.396% of the position

Long on Arcus Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.071%−$7 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.001%, 7d avg −0.022%

Together, before fees−0.098%+ Points / potential airdropAster: Stage 5 · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.023% dearer against Arcus than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.022%): +$2 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 3 days (−0.071% in total) that is about 25 hours. The two prices were read 56 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 3 days it paid -0.071% in total (about -7.9% 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	Arcus MSTR-USD	169.34	0.0432	pay 0.0054% / 1h	36m 42s	$27K	$134K	10x
Short	Aster MSTRUSDT	169.34	0	get 0.0000% / 8h	2h 36m	$1.3M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Arcus. 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 ArcusbpFee AsterbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$90.75
Price spread: +0.001% → −0.022%: $2.26
Slippage, 4 orders: −$27.14
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$128.13
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Arcus: live order book, 51 min ago; Aster: live order book, 2 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 Arcus live order book, 51 min ago	5.30 bp	12.1 bp −$12	40.4 bp −$404	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.18 bp	7.4 bp −$7	327.9 bp −$3,279	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
Nado MSTR-PERP	−0.0147%	1h	169.22	−0.072%	$139K	$101K	3x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	169.34	+0.001%	$1.3M	$6.2M	50x
Binance MSTRUSDT	0.0000%	8h	169.41	+0.041%	$88.7M	$629.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.30	−0.024%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.36	+0.012%	$299K	$435K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.23	−0.065%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.21	−0.079%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.17	−0.102%	$83K	$960K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.40	+0.035%	$2.9M	$56K	10x	as long as short
BloFin MSTR-USDT	+0.0019%	8h	169.36	+0.012%	$1.1M	$1.8M	20x	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	169.34	0.000%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.24	−0.057%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.32	−0.012%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.34	0.000%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.136%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.33	−0.006%	$56.9M	$38.0M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.30	−0.024%	$416K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.25	−0.053%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	−0.142%	$737K	$5.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0068%	8h	169.26	−0.047%	$68	—	5x	as long as short
Bitget MSTRUSDT	+0.0075%	8h	169.37	+0.018%	$28.9M	$119.6M	25x	as long as short
Bybit MSTRUSDT	+0.0088%	8h	169.42	+0.047%	$15.2M	$41.4M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.32	−0.013%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.26	−0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.26	−0.047%	$4K	$1.0M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	+0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.34	−0.001%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.22	−0.071%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0192%	4h	169.19	−0.088%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USDlong	+0.0432%	1h	169.34	long leg	$27K	$134K	10x
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.142%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0577%	1h	169.44	+0.059%	$288K	$438K	10x	as long as short