Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0724%/8h= −79.2% APRpaid last 24h −0.092%

Price spread now: KuCoin against Arcus−0.048%7-day average −0.036% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Arcus Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.114%−$11 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.048%, 7d avg −0.036%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: −$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.114% in total (about -10.7% 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	165.95	0.0824	pay 0.0103% / 1h	8m 49s	$26K	$63K	10x
Short	KuCoin MSTRUSDTM	165.87	0.0100	get 0.0100% / 8h	5h 08m	$2.3M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Arcus. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$151.94
Price spread: −0.048% → −0.036%: −$1.18
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$169.62
Costs to cover: 0.165%
Break-even: never at this rate

Slippage unknown: Arcus: no order-book sample; KuCoin: live order book, 1 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 1 min ago	0.60 bp	13.1 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

Arcus: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.440%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.09	+0.084%	$4.9M	$17.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.09	+0.084%	$32.3M	$103.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.97	+0.012%	$2.8M	$83K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.99	+0.024%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.91	−0.024%	$535K	$1.9M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.94	−0.006%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	165.89	−0.036%	$1.3M	$5.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.84	−0.066%	$391K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.90	−0.030%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.65	−0.181%	$858K	$3.2M	10x	as long as short
Nado MSTR-PERP	+0.0067%	1h	165.76	−0.113%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.58	−0.223%	$1.4M	$356K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	165.82	−0.079%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.78	−0.105%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	165.87	−0.048%	$2.3M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	165.76	−0.114%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.87	−0.048%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.90	−0.028%	$138	—	10x	as long as short
Bybit MSTRUSDT	+0.0169%	8h	166.08	+0.078%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0222%	1h	165.97	+0.012%	$54.8M	$33.5M	10x	as long as short
Aster MSTRUSDT	+0.0257%	8h	165.97	+0.013%	$1.8M	$6.3M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0261%	8h	166.07	+0.072%	$21.8M	$80.5M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	165.87	−0.051%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0351%	8h	165.80	−0.088%	$1.2M	$1.6M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	165.94	−0.006%	$274K	$348K	10x	as long as short
Binance MSTRUSDT	+0.0436%	8h	166.04	+0.054%	$87.1M	$519.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0447%	8h	165.85	−0.061%	$85K	$922K	10x	as long as short
edgeX MSTRUSDC	+0.0544%	4h	165.84	−0.063%	$49K	$4.6M	10x	as long as short
BloFin MSTR-USDT	+0.0574%	8h	165.98	+0.018%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0654%	1h	165.99	+0.024%	$282K	$184K	10x	as long as short
Arcus MSTR-USDlong	+0.0824%	1h	165.95	long leg	$26K	$63K	10x