Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h −0.015%

Price spread now: SoDEX against Bybit−0.024%46s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SoDEX is 0.024% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	168.95	0.0088	pay 0.0088% / 8h	25m 37s	$15.1M	$40.4M	50x
Short	SoDEX MSTR-USD	168.91	0.0050	get 0.0006% / 1h	25m 37s	$44K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$7.94
Price spread: −0.024% → 0.000%: −$2.37
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$29.31
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; SoDEX: no order-book sample. Net counts fees only.

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, 3 min ago	0.59 bp	9.2 bp −$9	15.3 bp −$153	123.6 bp −$12.4K	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0014%	1h	168.93	−0.012%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.98	+0.019%	$1.2M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.91	−0.024%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.01	+0.033%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.07	+0.071%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	168.94	−0.009%	$275K	$441K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0013%	8h	168.94	−0.006%	$22.0M	$106.1M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.90	−0.030%	$3.6M	$2.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.90	−0.030%	$583K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.08	+0.077%	—	$2.1M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSTR_USDT_Perp	+0.0048%	8h	169.09	+0.085%	$77K	$879K	10x	as long as short
Bitget MSTRUSDT	+0.0048%	8h	168.95	0.000%	$28.7M	$119.9M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	168.92	−0.018%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	+0.006%	$395K	$2.8M	10x	as long as short
SoDEX MSTR-USDshort	+0.0050%	1h	168.91	−0.024%	$44K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.80	−0.089%	$779K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0063%	8h	168.94	−0.006%	$88.9M	$628.5M	50x	as long as short
BloFin MSTR-USDT	+0.0067%	8h	169.10	+0.089%	$1.1M	$1.9M	20x	as long as short
Bybit MSTRUSDTlong	+0.0088%	8h	168.95	long leg	$15.1M	$40.4M	50x
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.118%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.91	−0.026%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.90	−0.030%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.94	−0.006%	$4K	$354K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.95	0.000%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.21	+0.154%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.95	−0.002%	$140	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0119%	8h	168.95	+0.001%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0176%	1h	168.93	−0.012%	$57.0M	$37.2M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.11	+0.092%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0461%	1h	169.00	+0.030%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0539%	4h	168.98	+0.020%	$47K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.05	+0.059%	$27K	$129K	10x	as long as short