Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0060%/8h= +6.5% APRpaid last 24h −0.081%

Price spread now: Orderly against Arcus−0.123%7-day average — · you buy dearer than you sell

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

Long on Arcus Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.123% cheaper against Arcus than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 6.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	162.73	0.0040	pay 0.0005% / 1h	34m 57s	$26K	$113K	10x
Short	Orderly PERP_MSTR_USDC_mythos	162.53	0.0100	get 0.0100% / 8h	1h 34m	$2K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.123%Rate

Funding earned: $12.54
Price spread: −0.123% → 0.000%: −$12.29
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.25
Costs to cover: 0.105%
Break-even: 12.7 days

Slippage unknown: Arcus: live order book, 8 min ago; Orderly: no order-book sample. 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 live order book, 8 min ago	7.06 bp	10.9 bp −$11	43.0 bp −$430	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	−0.0942%	8h	162.81	+0.049%	$28.6M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.65	−0.049%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.08	+0.215%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0029%	8h	162.53	−0.126%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.36	−0.227%	$509K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.062%	$8K	$26K	30x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	162.73	long leg	$26K	$113K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	162.18	−0.338%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.49	−0.147%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.55	−0.111%	$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	162.45	−0.172%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.54	−0.117%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.59	−0.086%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.50	−0.141%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.41	−0.197%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	162.53	−0.123%	$2K	$13K	10x
Aevo MSTR-PERP	+0.0104%	1h	162.53	−0.125%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0142%	8h	162.61	−0.074%	$20.7M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	−0.107%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0152%	1h	162.52	−0.129%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.744%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0158%	8h	162.55	−0.111%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0228%	8h	162.54	−0.117%	$83.6M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0238%	8h	162.63	−0.064%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0275%	1h	162.57	−0.098%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.62	−0.071%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0348%	8h	162.56	−0.104%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0349%	1h	162.44	−0.178%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.56	−0.104%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0383%	8h	162.59	−0.086%	$16.8M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0711%	4h	162.63	−0.062%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0920%	1h	162.55	−0.111%	$276K	$437K	10x	as long as short