Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h +0.028%

Price spread now: tradeXYZ against Bybit−0.073%7-day average −0.069% · 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−$38as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.073%, 7d avg −0.069%

Together, before fees+0.117%+ Points / potential airdroptradeXYZ: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.068%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSTRUSDT	164.96	0.0386	pay 0.0386% / 8h	6h 18m	$17.1M	$41.2M	50x
Short	tradeXYZ xyz:MSTR	164.84	0.0242	get 0.0030% / 1h	18m 05s	$55.2M	$36.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$30.31
Price spread: −0.073% → −0.069%: −$0.33
Slippage, 4 orders: −$8.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$68.15
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; tradeXYZ: live order book, 11 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	8.5 bp −$8	12.8 bp −$128	122.0 bp −$12.2K	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.30 bp	10.8 bp −$11	13.4 bp −$134	doesn't fit	doesn't fit

MSTR on 31 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	−0.1067%	8h	165.03	+0.042%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0166%	8h	164.95	−0.006%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.95	−0.007%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.90	−0.036%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.65	−0.188%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	−0.155%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.07	+0.067%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.72	−0.142%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.78	−0.109%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.61	−0.212%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.48	−0.291%	$910K	$4.5M	10x	as long as short
SoDEX MSTR-USD	+0.0062%	1h	164.67	−0.176%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0063%	8h	164.90	−0.036%	$87.9M	$624.2M	50x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.75	−0.127%	$1.4M	$8.1M	10x	as long as short
Lighter MSTR	+0.0072%	1h	165.00	+0.024%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0090%	1h	164.62	−0.206%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.73	−0.140%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.76	−0.121%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.56	−0.242%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.65	−0.188%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.77	−0.116%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0148%	8h	165.00	+0.024%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.339%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.73	−0.138%	$66	—	5x	as long as short
tradeXYZ xyz:MSTRshort	+0.0242%	1h	164.84	−0.073%	$55.2M	$36.9M	10x
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.655%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0366%	1h	164.47	−0.295%	$111K	$143K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.70	−0.160%	$55K	$219K	10x	as long as short
Bybit MSTRUSDTlong	+0.0386%	8h	164.96	long leg	$17.1M	$41.2M	50x
edgeX MSTRUSDC	+0.0596%	4h	164.80	−0.098%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1449%	1h	165.08	+0.073%	$281K	$438K	10x	as long as short