Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0708%/8h= −77.5% APRpaid last 24h −0.083%

Price spread now: GRVT against Arcus−0.259%54s7-day average +0.030% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.411% of the position

Long on Arcus Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.087%−$9 on $10k

Price spread, last 3 days (all we have)+0.480%+$48 · spread now −0.259%, 7d avg +0.030%

Together, before fees+0.393%+ Points / potential airdropGRVT: Active · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GRVT is 0.290% cheaper against Arcus than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.030%). Swap the legs. The two prices were read 54 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 -0.087% in total (about -9.3% 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	169.57	0.0738	pay 0.0092% / 1h	0m 27s	$27K	$129K	10x
Short	GRVT MSTR_USDT_Perp	169.13	0.0030	get 0.0030% / 8h	0m 27s	$77K	$871K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.259%Rate

Funding earned: −$148.59
Price spread: −0.259% → +0.030%: −$28.97
Slippage, 4 orders: −$27.61
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$218.68
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Arcus: live order book, 12 min ago; GRVT: live order book, 13 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, 12 min ago	6.51 bp	12.8 bp −$13	40.0 bp −$400	doesn't fit	doesn't fit
Sell GRVT live order book, 13 min ago	0.89 bp	9.5 bp −$9	14.8 bp −$148	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	−0.0044%	1h	169.42	−0.090%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.26	−0.184%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.55	−0.012%	$21.9M	$106.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.48	−0.053%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.075%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	−0.153%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.53	−0.024%	$276K	$441K	10x	as long as short
GRVT MSTR_USDT_Perpshort	+0.0030%	8h	169.13	−0.259%	$77K	$871K	10x
Bitget MSTRUSDT	+0.0031%	8h	169.55	−0.012%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.47	−0.059%	$3.6M	$2.4M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.40	−0.103%	$581K	$1.8M	10x	as long as short
BloFin MSTR-USDT	+0.0037%	8h	169.60	+0.018%	$1.1M	$1.9M	20x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.69	+0.071%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.50	−0.041%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.47	−0.059%	$400K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.51	−0.035%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.201%	$764K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.58	+0.006%	$15.2M	$40.3M	50x	as long as short
Binance MSTRUSDT	+0.0062%	8h	169.60	+0.018%	$89.5M	$628.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0094%	8h	169.47	−0.061%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.484%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.53	−0.026%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.36	−0.124%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.248%	$4K	$224K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.51	−0.035%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.407%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.34	−0.134%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0123%	1h	169.50	−0.041%	$57.3M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.45	−0.071%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0458%	1h	169.54	−0.018%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0628%	4h	169.42	−0.088%	$48K	$5.5M	10x	as long as short
Arcus MSTR-USDlong	+0.0738%	1h	169.57	long leg	$27K	$129K	10x