Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0343%/8h= +37.6% APRpaid last 24h +0.028%

Price spread now: Arcus against Bybit0.000%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now 0.000%, 7d avg +0.002%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.044% in total (about -4.8% 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	Bybit MSTRUSDT	169.32	0.0089	pay 0.0089% / 8h	2h 29m	$15.2M	$41.1M	50x
Short	Arcus MSTR-USD	169.32	0.0432	get 0.0054% / 1h	29m 06s	$27K	$134K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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

Position, each leg$Hold fordaysFee BybitbpFee ArcusbpOrdersPrice spread, now 0.000%Rate

Funding earned: $72.09
Price spread: 0.000% → +0.002%: −$0.19
Slippage, 4 orders: −$28.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $28.06
Costs to cover: 0.438%
Break-even: 4.3 days

Slippage from Bybit: live order book, 5 min ago; Arcus: live order book, 59 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 Bybit live order book, 5 min ago	1.48 bp	10.9 bp −$11	15.1 bp −$151	117.0 bp −$11.7K	doesn't fit
Sell Arcus live order book, 59 min ago	5.30 bp	10.1 bp −$10	30.4 bp −$304	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	−0.0108%	1h	169.12	−0.117%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.25	−0.039%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.31	−0.006%	$88.7M	$629.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.28	−0.024%	$22.1M	$107.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.26	−0.035%	$296K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.25	−0.041%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.30	−0.013%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.28	−0.026%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	−0.006%	$2.9M	$57K	10x	as long as short
BloFin MSTR-USDT	+0.0002%	8h	169.21	−0.065%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.22	−0.059%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.20	−0.072%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.27	−0.030%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.36	+0.024%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.124%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.20	−0.071%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.22	−0.059%	$410K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.28	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.11	−0.124%	$737K	$5.0M	10x	as long as short
Bitget MSTRUSDT	+0.0069%	8h	169.26	−0.035%	$28.8M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0071%	8h	169.20	−0.073%	$68	—	5x	as long as short
Bybit MSTRUSDTlong	+0.0089%	8h	169.32	long leg	$15.2M	$41.1M	50x
Pacifica MSTR	+0.0100%	1h	169.23	−0.053%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.20	−0.071%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.27	−0.030%	$4K	$979K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.28	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.28	−0.024%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.27	−0.028%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0358%	4h	169.27	−0.030%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USDshort	+0.0432%	1h	169.32	0.000%	$27K	$134K	10x
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.130%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.31	−0.006%	$288K	$438K	10x	as long as short