Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1106%/8h= +121.1% APRpaid last 24h −0.020%

Price spread now: Polymarket Perps against Bitget−0.133%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Bitget Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.133%, 7d avg −0.086%

Together, before fees+0.166%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.048% cheaper against Bitget than usual: you would sell low and buy high (spread −0.133% now, against its 7-day average of −0.086%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$33 a day). At the pace of the last 7 days (+0.117% in total) that is about 2.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% 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	Bitget MSTRUSDT	164.92	−0.1000	get 0.1000% / 8h	6h 28m	$27.4M	$115.8M	25x
Short	Polymarket Perps MSTR-USD	164.70	0.0106	get 0.0013% / 1h	28m 41s	$383K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bitget. 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 BitgetbpFee Polymarket PerpsbpOrdersPrice spread, now −0.133%Rate

Funding earned: $232.28
Price spread: −0.133% → −0.086%: −$4.78
Slippage, 4 orders: −$9.14
Fee Bitget: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $198.36
Costs to cover: 0.291%
Break-even: 1.0 days

Slippage from Bitget: live order book, 5 min ago; Polymarket Perps: 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 Bitget live order book, 5 min ago	0.30 bp	6.9 bp −$7	11.9 bp −$119	34.6 bp −$3,460	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.91 bp	6.4 bp −$6	8.1 bp −$81	10.5 bp −$1,054	doesn't fit

MSTR on 31 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 MSTRUSDTlong	−0.1000%	8h	164.92	long leg	$27.4M	$115.8M	25x
Gate MSTR_USDT	−0.0124%	8h	164.85	−0.042%	$4.6M	$19.0M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.81	−0.067%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.93	+0.006%	$20.8M	$101.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.82	−0.058%	$270K	$437K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.40	−0.316%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.71	−0.127%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.58	−0.206%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.62	−0.182%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.70	−0.133%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0047%	8h	164.85	−0.043%	$87.7M	$625.4M	50x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.41	−0.309%	$918K	$4.8M	10x	as long as short
SoDEX MSTR-USD	+0.0052%	1h	164.54	−0.230%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0058%	8h	164.22	−0.422%	$75K	$810K	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.81	−0.067%	$1.4M	$8.4M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.84	−0.047%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.65	−0.164%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.26	−0.400%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.71	−0.127%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.58	−0.209%	$137	—	10x	as long as short
Polymarket Perps MSTR-USDshort	+0.0106%	1h	164.70	−0.133%	$383K	$2.7M	10x
Lighter MSTR	+0.0128%	1h	164.75	−0.103%	$3.5M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.37	−0.333%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.84	−0.050%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0288%	1h	164.70	−0.133%	$55.3M	$36.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.680%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0381%	1h	164.43	−0.298%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0387%	1h	164.64	−0.171%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0419%	8h	164.91	−0.006%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.61	−0.188%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0990%	4h	164.44	−0.290%	$48K	$5.5M	10x	as long as short