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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 06:00 UTC−0.0280%/8h= −30.6% APRpaid last 24h −0.012%
Price spread now: ApeX Omni against Bybit−0.391%49s7-day average −0.014% · you buy dearer than you sell
Net, funding: paid 7d − costs−$114as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1101.097% of the position
Long on BybitShort on ApeX Omni
What this pair did over the last
the charts below follow
Funding, last 7 days−0.045%−$4 on $10k
Price spread, last 4 days (all we have)+0.539%+$54 · spread now −0.391%, 7d avg −0.014%
Together, before fees+0.494%+$49 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and ApeX Omni is 0.377% cheaper against Bybit than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.014%). Swap the legs. The two prices were read 49 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 7 days it paid -0.045% in total (about -2.3% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBybit MSTRUSDT163.630.0380pay 0.0380% / 8h2h 12m$16.8M$41.9M50x
ShortApeX Omni MSTRUSDT162.990.0100get 0.0013% / 1h12m 40s$5K$182K50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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

Funding earned
−$58.71
Price spread: −0.391% → −0.014%
−$37.72
Slippage, 4 orders
−$88.7
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee ApeX Omni: 5 bp × 2 orders
−$10
Net
−$206.13
Costs to cover
1.097%
Break-even
never at this rate
Slippage from Bybit: live order book, 1 min ago; ApeX Omni: live order book, 46 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bybit live order book, 1 min ago0.31 bp8.6 bp −$914.5 bp −$145124.8 bp −$12.5Kdoesn't fit
Sell ApeX Omni live order book, 46 min ago3.06 bp38.6 bp −$39doesn't fitdoesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.1256%8h163.75+0.073%$27.9M$118.8M25xas long as short
Gate MSTR_USDT0.0000%8h163.58−0.031%$4.7M$19.8M50xas long as short
Phemex MSTRUSDT0.0000%4h163.47−0.098%$2.8M$78K10xas long as short
Aster MSTRUSDT+0.0006%8h163.26−0.223%$1.8M$8.7M50xas long as short
Vest MSTR-USD-PERP+0.0020%1h163.09−0.330%—$1.8M25xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.32−0.189%$500K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.490%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.05−0.354%$26K$109K10xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.32−0.189%$377K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h162.93−0.428%$870K$3.9M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0054%1h163.34−0.177%$1.3M$7.3M10xas long as short
RISEx MSTR/USDC+0.0088%1h163.36−0.165%$263K$444K10xas long as short
Pacifica MSTR+0.0100%1h163.54−0.057%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.32−0.189%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDTshort+0.0100%1h162.99−0.391%$5K$182K50x
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.33−0.183%$4K$9K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.32−0.191%$136—10xas long as short
OKX MSTR-USDT-SWAP+0.0110%8h163.65+0.012%$20.7M$100.8M50xas long as short
Variational Omni MSTR+0.0132%8h162.96−0.411%$1.2M$2.1M—as long as short
Paradex MSTR-USD-PERP+0.0147%8h163.52−0.070%$65—5xas long as short
Lighter MSTR+0.0152%1h163.51−0.073%$3.5M$2.0M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0168%1h161.52−1.289%$1.4M$1.1M10xas long as short
SoDEX MSTR-USD+0.0174%1h163.35−0.171%$43K$3K10xas long as short
Binance MSTRUSDT+0.0214%8h163.60−0.020%$84.0M$628.5M50xas long as short
GRVT MSTR_USDT_Perp+0.0220%8h163.14−0.299%$79K$857K10xas long as short
tradeXYZ xyz:MSTR+0.0282%1h163.45−0.110%$54.3M$37.3M10xas long as short
BloFin MSTR-USDT+0.0329%8h163.38−0.153%$1.0M$2.1M20xas long as short
Nado MSTR-PERP+0.0339%1h163.25−0.232%$130K$157K3xas long as short
Phoenix MSTR+0.0362%1h163.21−0.257%$55K$226K10xas long as short
Bybit MSTRUSDTlong+0.0380%8h163.63long leg$16.8M$41.9M50x
edgeX MSTRUSDC+0.0460%4h163.05−0.354%$45K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0914%1h163.45−0.110%$278K$438K10xas long as short