Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.012%

Price spread now: Bybit against Coinbase International+0.718%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs+$24as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 4 days (all we have)−0.723%−$72 · spread now +0.718%, 7d avg +0.106%

Together, before fees−0.830%−$83 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.612% dearer against Coinbase International than usual: you sell high and buy low: +$61 more if the spread goes back to its 7-day average of +0.106%. Mind the row above: over the last 7 days funding on this pair cost −0.106%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.106% in total (about -5.6% 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	Coinbase International MSTR-PERP-INTX	161.52	0.0152	pay 0.0019% / 1h	37m 24s	$1.4M	$1.1M	10x
Short	Bybit MSTRUSDT	162.68	0.0383	get 0.0383% / 8h	1h 37m	$16.8M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.718%Rate

Funding earned: $48.43
Price spread: +0.718% → +0.106%: $61.22
Slippage, 4 orders: −$16.71
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $71.93
Costs to cover: 0.377%
Break-even: from the start

Slippage from Coinbase International: live order book, 1 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 1 min ago	4.92 bp	9.9 bp −$10	15.1 bp −$151	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.62 bp	9.3 bp −$9	13.6 bp −$136	115.5 bp −$11.5K	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	−0.0930%	8h	162.92	+0.867%	$28.6M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.72	+0.743%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.27	+1.083%	$2.7M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0016%	4h	162.56	+0.642%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0026%	8h	162.63	+0.685%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.42	+0.557%	$504K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.842%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.78	+0.780%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.26	+0.458%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.59	+0.662%	$376K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	162.58	+0.656%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.45	+0.576%	$854K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.60	+0.669%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.64	+0.696%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.60	+0.669%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.65	+0.700%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.65	+0.700%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.61	+0.675%	$135	—	10x	as long as short
Lighter MSTR	+0.0136%	1h	162.58	+0.656%	$3.5M	$2.0M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0139%	8h	162.64	+0.693%	$20.7M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0144%	8h	162.76	+0.766%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0152%	1h	161.52	long leg	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0154%	8h	162.58	+0.655%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0225%	8h	162.65	+0.700%	$83.6M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0235%	8h	162.80	+0.795%	$78K	$867K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0257%	1h	162.59	+0.662%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.62	+0.678%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0340%	1h	162.44	+0.570%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0344%	8h	162.66	+0.706%	$1.0M	$2.1M	20x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.66	+0.706%	$261K	$436K	10x	as long as short
Bybit MSTRUSDTshort	+0.0383%	8h	162.68	+0.718%	$16.8M	$41.8M	50x
Deribit MSTR_USDC-PERPETUAL	+0.1043%	1h	162.63	+0.687%	$277K	$437K	10x	as long as short