Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0310%/8h= −34.0% APRpaid last 24h −0.025%

Price spread now: Extended against Bybit−0.140%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.140%, 7d avg −0.089%

Together, before fees+0.123%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Extended is 0.050% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.019% in total (about 1.0% 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	164.75	0.0342	pay 0.0342% / 8h	3h 55m	$16.9M	$40.8M	50x
Short	Extended MSTR_24_5-USD	164.52	0.0032	get 0.0004% / 1h	55m 01s	$594K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$65.19
Price spread: −0.140% → −0.089%: −$5.04
Slippage, 4 orders: −$18.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$104.72
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Extended: live order book, 3 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, 4 min ago	0.91 bp	10.6 bp −$11	15.9 bp −$159	134.9 bp −$13.5K	doesn't fit
Sell Extended live order book, 3 min ago	2.73 bp	8.6 bp −$9	67.7 bp −$677	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
Bitget MSTRUSDT	−0.0898%	8h	164.84	+0.055%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.57	−0.107%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.79	+0.024%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.76	+0.006%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	164.74	−0.006%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.63	−0.073%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.52	−0.140%	$594K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.786%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.72	−0.018%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.49	−0.158%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.51	−0.146%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.64	−0.067%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.40	−0.212%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.56	−0.115%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	−0.057%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.57	−0.112%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.58	−0.103%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.61	−0.085%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.64	−0.067%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.65	−0.059%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.51	−0.143%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0156%	8h	164.72	−0.019%	$87.0M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.382%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0169%	1h	164.64	−0.067%	$54.8M	$37.0M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	−0.012%	$82K	$792K	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.76	+0.004%	$56K	$226K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.61	−0.085%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0236%	1h	164.45	−0.185%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0276%	8h	164.74	−0.006%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDTlong	+0.0342%	8h	164.75	long leg	$16.9M	$40.8M	50x
edgeX MSTRUSDC	+0.0749%	4h	164.71	−0.022%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0905%	1h	164.71	−0.024%	$280K	$438K	10x	as long as short