Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0604%/8h= −66.1% APRpaid last 24h −0.148%

Price spread now: Bybit against edgeX+0.128%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days−0.103%−$10 · spread now +0.128%, 7d avg +0.013%

Together, before fees−0.003%+ Points / potential airdropedgeX: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.115% dearer against edgeX than usual: you sell high and buy low (spread +0.128% now, against its 7-day average of +0.013%): +$11 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.099%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.099% in total (about 5.2% 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	edgeX MSTRUSDC	164.58	0.0952	pay 0.0476% / 4h	3h 59m	$49K	$5.4M	10x
Short	Bybit MSTRUSDT	164.79	0.0349	get 0.0349% / 8h	3h 59m	$17.0M	$40.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$126.77
Price spread: +0.128% → +0.013%: $11.47
Slippage, 4 orders: −$19.55
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$154.86
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Bybit: live order book, 4 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 edgeX live order book, 4 min ago	5.77 bp	10.8 bp −$11	17.3 bp −$173	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.22 bp	8.6 bp −$9	13.4 bp −$134	123.4 bp −$12.3K	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	−0.0919%	8h	164.86	+0.171%	$27.9M	$115.2M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.61	+0.018%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.90	+0.195%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.72	+0.085%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0024%	8h	164.77	+0.116%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.67	+0.055%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.62	+0.025%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.893%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.67	+0.055%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.65	+0.043%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.68	+0.061%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.72	+0.085%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.51	−0.042%	$859K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.73	+0.092%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0097%	8h	164.61	+0.016%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.71	+0.080%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.64	+0.037%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.39	−0.115%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.72	+0.085%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.74	+0.097%	$137	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0120%	1h	164.68	+0.061%	$54.9M	$37.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	164.72	+0.088%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.76	+0.110%	$87.0M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.279%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0172%	8h	164.57	−0.006%	$82K	$792K	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.55	−0.020%	$56K	$226K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.77	+0.115%	$267K	$445K	10x	as long as short
BloFin MSTR-USDT	+0.0273%	8h	164.67	+0.055%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0317%	1h	164.57	−0.009%	$122K	$148K	3x	as long as short
Bybit MSTRUSDTshort	+0.0349%	8h	164.79	+0.128%	$17.0M	$40.8M	50x
edgeX MSTRUSDClong	+0.0952%	4h	164.58	long leg	$49K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.1209%	1h	164.78	+0.122%	$280K	$438K	10x	as long as short