Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0310%/8h= −34.0% APRpaid last 24h −0.027%

Price spread now: Polymarket Perps against Bybit−0.024%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 7 days−0.132%−$13 · spread now −0.024%, 7d avg −0.081%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.057% dearer against Bybit than usual: you sell high and buy low (spread −0.024% now, against its 7-day average of −0.081%): +$6 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.8% 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	164.68	0.0360	pay 0.0360% / 8h	4h 47m	$17.1M	$40.7M	50x
Short	Polymarket Perps MSTR-USD	164.64	0.0050	get 0.0006% / 1h	47m 13s	$381K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$65.18
Price spread: −0.024% → −0.081%: $5.66
Slippage, 4 orders: −$13.97
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$92.49
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Polymarket Perps: live order book, 2 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, 2 min ago	0.30 bp	9.0 bp −$9	12.9 bp −$129	128.1 bp −$12.8K	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	1.82 bp	6.7 bp −$7	8.4 bp −$84	10.7 bp −$1,074	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	−0.0813%	8h	164.77	+0.055%	$27.7M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0049%	8h	164.74	+0.036%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.75	+0.045%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.66	−0.012%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.58	−0.061%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.49	−0.115%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.44	−0.146%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.830%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.74	+0.039%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.94	+0.158%	$27K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.67	−0.006%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	164.64	−0.024%	$381K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	164.55	−0.079%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.54	−0.085%	$868K	$4.1M	10x	as long as short
Variational Omni MSTR	+0.0051%	8h	164.95	+0.162%	$1.2M	$2.1M	—	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.69	+0.006%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.63	−0.032%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.50	−0.109%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	−0.061%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.58	−0.061%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.56	−0.071%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0123%	8h	164.57	−0.064%	$87.9M	$617.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	164.62	−0.034%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.81	+0.078%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.055%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0191%	4h	164.83	+0.089%	$49K	$5.4M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.75	+0.044%	$56K	$226K	10x	as long as short
BloFin MSTR-USDT	+0.0243%	8h	164.62	−0.036%	$1.0M	$2.0M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0258%	1h	164.64	−0.024%	$54.9M	$36.9M	10x	as long as short
Nado MSTR-PERP	+0.0311%	1h	164.65	−0.016%	$122K	$148K	3x	as long as short
Bybit MSTRUSDTlong	+0.0360%	8h	164.68	long leg	$17.1M	$40.7M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0601%	1h	164.63	−0.030%	$280K	$438K	10x	as long as short