Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.058%

Price spread now: RISEx against Bybit+0.077%45s7-day average +0.010% · 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—prices read too far apart to compare

costs, in and out, $10k−$250.249% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.187%+$19 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.077%, 7d avg +0.010%

Together, before fees+0.137%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and RISEx is 0.066% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.010%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSTRUSDT	162.94	0.0409	pay 0.0409% / 8h	17m 46s	$17.1M	$41.7M	50x
Short	RISEx MSTR/USDC	163.06	0.0493	get 0.0062% / 1h	17m 46s	$268K	$419K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.077%Rate

Funding earned: $17.7
Price spread: +0.077% → +0.010%: $6.64
Slippage, 4 orders: −$7.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$0.58
Costs to cover: 0.249%
Break-even: 7.2 days

Slippage from Bybit: live order book, 1 min ago; RISEx: live order book, 20 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, 1 min ago	0.61 bp	7.9 bp −$8	12.7 bp −$127	127.4 bp −$12.7K	doesn't fit
Sell RISEx live order book, 20 min ago	0.61 bp	3.6 bp −$4	4.4 bp −$44	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	−0.0458%	8h	163.14	+0.123%	$29.4M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.03	+0.055%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.03	+0.055%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.79	−0.092%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.928%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.03	+0.055%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.84	−0.061%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.92	−0.012%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.01	+0.043%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.86	−0.049%	$896K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	163.02	+0.049%	$1.3M	$7.1M	10x	as long as short
Lighter MSTR	+0.0072%	1h	162.94	0.000%	$3.5M	$2.0M	10x	as long as short
Aster MSTRUSDT	+0.0078%	8h	162.92	−0.009%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	163.03	+0.053%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.91	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.77	−0.104%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.98	+0.025%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.99	+0.028%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	−0.068%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	163.03	+0.053%	$65	—	5x	as long as short
Nado MSTR-PERP	+0.0195%	1h	162.96	+0.014%	$125K	$165K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0201%	8h	162.95	+0.006%	$20.8M	$99.8M	50x	as long as short
Variational Omni MSTR	+0.0203%	8h	162.78	−0.100%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0272%	8h	162.86	−0.048%	$78K	$849K	10x	as long as short
Binance MSTRUSDT	+0.0272%	8h	162.93	−0.003%	$83.8M	$620.6M	50x	as long as short
Phoenix MSTR	+0.0357%	1h	162.90	−0.023%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	163.07	+0.080%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDTlong	+0.0409%	8h	162.94	long leg	$17.1M	$41.7M	50x
tradeXYZ xyz:MSTR	+0.0460%	1h	162.94	0.000%	$53.8M	$37.7M	10x	as long as short
RISEx MSTR/USDCshort	+0.0493%	1h	163.06	+0.077%	$268K	$419K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0610%	1h	162.97	+0.018%	$277K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0886%	4h	162.82	−0.072%	$46K	$5.4M	10x	as long as short