Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0337%/8h= +36.9% APRpaid last 24h −0.069%

Price spread now: Bybit against Arcus+0.234%7-day average −0.002% · 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−$17as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now +0.234%, 7d avg −0.002%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Bybit is 0.236% dearer against Arcus than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.002%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.026% in total (about 2.6% 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	162.12	0.0040	pay 0.0005% / 1h	21m 31s	$26K	$109K	10x
Short	Bybit MSTRUSDT	162.50	0.0377	get 0.0377% / 8h	2h 21m	$16.7M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.234%Rate

Funding earned: $70.78
Price spread: +0.234% → −0.002%: $23.65
Slippage, 4 orders: −$24.93
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $53.99
Costs to cover: 0.404%
Break-even: 1.7 days

Slippage from Arcus: live order book, 26 min ago; Bybit: 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, 26 min ago	7.32 bp	11.1 bp −$11	43.1 bp −$431	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.62 bp	9.0 bp −$9	15.6 bp −$156	113.1 bp −$11.3K	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
Bitget MSTRUSDT	−0.1308%	8h	162.58	+0.284%	$26.9M	$118.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.48	+0.222%	$4.7M	$19.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.111%	$2.7M	$77K	10x	as long as short
Aster MSTRUSDT	+0.0002%	8h	162.50	+0.237%	$1.7M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0024%	1h	161.90	−0.136%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.26	+0.086%	$500K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.453%	$8K	$26K	30x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	162.12	long leg	$26K	$109K	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	162.34	+0.136%	$375K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.08	−0.025%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	161.69	−0.265%	$866K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.38	+0.160%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.41	+0.179%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0100%	8h	162.42	+0.185%	$20.6M	$100.1M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.39	+0.168%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.22	+0.062%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	161.80	−0.197%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.12	0.000%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.14	+0.014%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0121%	8h	161.70	−0.257%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.29	+0.106%	$65	—	5x	as long as short
Lighter MSTR	+0.0152%	1h	162.27	+0.093%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−0.370%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0204%	8h	162.42	+0.185%	$83.2M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0214%	8h	161.97	−0.093%	$78K	$850K	10x	as long as short
BloFin MSTR-USDT	+0.0320%	8h	161.95	−0.105%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0323%	1h	162.31	+0.117%	$53.9M	$37.2M	10x	as long as short
Nado MSTR-PERP	+0.0359%	1h	162.26	+0.084%	$130K	$157K	3x	as long as short
Phoenix MSTR	+0.0362%	1h	162.32	+0.126%	$55K	$226K	10x	as long as short
Bybit MSTRUSDTshort	+0.0377%	8h	162.50	+0.234%	$16.7M	$41.8M	50x
edgeX MSTRUSDC	+0.0675%	4h	161.86	−0.160%	$44K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0737%	1h	162.27	+0.093%	$276K	$438K	10x	as long as short