Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.065%

Price spread now: Bitget against Arcus+0.024%50s7-day average +0.006% · 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−$410.407% of the position

Long on Arcus Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.024%, 7d avg +0.006%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. The two prices were read 50 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 -0.077% in total (about -8.4% 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	169.21	0.0457	pay 0.0057% / 1h	43m 41s	$27K	$134K	10x
Short	Bitget MSTRUSDT	169.25	0.0047	get 0.0047% / 8h	1h 43m	$28.8M	$119.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$86.04
Price spread: +0.024% → +0.006%: $1.8
Slippage, 4 orders: −$24.19
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$124.93
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Arcus: live order book, 39 min ago; Bitget: 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 Arcus live order book, 39 min ago	5.60 bp	12.5 bp −$12	39.4 bp −$394	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.30 bp	8.0 bp −$8	11.1 bp −$111	17.2 bp −$1,717	54.5 bp −$27.2K

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	−0.0098%	1h	169.11	−0.061%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0012%	8h	169.16	−0.030%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.20	−0.006%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.24	+0.018%	$88.4M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.28	+0.041%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.19	−0.010%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.21	0.000%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.03	−0.107%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.10	−0.065%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.19	−0.012%	$2.9M	$60K	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	169.21	0.000%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.08	−0.075%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.15	−0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.24	+0.018%	—	$2.1M	25x	as long as short
Bitget MSTRUSDTshort	+0.0047%	8h	169.25	+0.024%	$28.8M	$119.6M	25x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.13	−0.047%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.18	−0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.165%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.165%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0077%	8h	169.13	−0.049%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0077%	8h	169.27	+0.035%	$15.2M	$40.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0087%	1h	169.19	−0.012%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.14	−0.040%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.07	−0.083%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.07	−0.083%	$4K	$632K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.17	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.17	−0.023%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.125%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.024%	$13K	$22K	30x	as long as short
Arcus MSTR-USDlong	+0.0457%	1h	169.21	long leg	$27K	$134K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0460%	1h	169.22	+0.006%	$288K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0964%	4h	169.04	−0.098%	$48K	$5.4M	10x	as long as short