Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0447%/8h= −48.9% APRpaid last 24h −0.026%

Price spread now: BloFin against Arcus−0.096%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.077%+$8 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.096%, 7d avg −0.009%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BloFin is 0.088% cheaper against Arcus than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.009%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.077%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.077% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	166.20	0.0942	pay 0.0118% / 1h	20m 29s	$26K	$77K	10x
Short	BloFin MSTR-USDT	166.04	0.0496	get 0.0496% / 8h	6h 20m	$1.1M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$93.8
Price spread: −0.096% → −0.009%: −$8.76
Slippage, 4 orders: −$21.33
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$140.39
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Arcus: live order book, 30 min ago; BloFin: 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, 30 min ago	7.85 bp	12.5 bp −$12	44.8 bp −$448	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.91 bp	7.9 bp −$8	11.7 bp −$117	21.1 bp −$2,113	doesn't fit

MSTR on 32 exchanges

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
Gate MSTR_USDT	0.0000%	8h	166.16	−0.024%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.15	−0.030%	$31.9M	$108.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.11	−0.054%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.93	−0.163%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.26	+0.036%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	166.04	−0.096%	$3.5M	$1.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.07	−0.078%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.08	−0.072%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.89	−0.187%	$883K	$3.4M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.04	−0.096%	$1.3M	$6.4M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0096%	8h	166.07	−0.075%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.95	−0.151%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.96	−0.144%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.76	−0.265%	$6K	$167K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.15	−0.030%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.06	−0.082%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0106%	1h	165.99	−0.126%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.253%	$1.4M	$405K	10x	as long as short
Aster MSTRUSDT	+0.0192%	8h	165.93	−0.162%	$1.8M	$7.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0255%	1h	166.11	−0.054%	$54.9M	$34.7M	10x	as long as short
Bybit MSTRUSDT	+0.0259%	8h	166.20	0.000%	$17.2M	$38.8M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0268%	8h	166.19	−0.006%	$21.5M	$87.1M	50x	as long as short
Variational Omni MSTR	+0.0287%	8h	166.04	−0.096%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	165.61	−0.353%	$55K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0378%	8h	166.13	−0.042%	$87.0M	$556.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0397%	8h	166.07	−0.078%	$88K	$852K	10x	as long as short
edgeX MSTRUSDC	+0.0424%	4h	165.69	−0.308%	$49K	$5.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.590%	$7K	$28K	30x	as long as short
BloFin MSTR-USDTshort	+0.0496%	8h	166.04	−0.096%	$1.1M	$2.0M	20x
RISEx MSTR/USDC	+0.0598%	1h	166.12	−0.046%	$274K	$353K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0714%	1h	166.08	−0.072%	$282K	$224K	10x	as long as short
Arcus MSTR-USDlong	+0.0942%	1h	166.20	long leg	$26K	$77K	10x