Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.5% APRpaid last 24h +0.024%

Price spread now: Bybit against Extended+0.068%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.068%, 7d avg +0.087%

Together, before fees−0.056%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.087%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	169.18	0.0032	pay 0.0004% / 1h	32m 50s	$588K	$1.9M	10x
Short	Bybit MSTRUSDT	169.29	0.0092	get 0.0092% / 8h	2h 32m	$15.2M	$41.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: $12.53
Price spread: +0.068% → +0.087%: −$1.87
Slippage, 4 orders: −$18.19
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.52
Costs to cover: 0.342%
Break-even: 20.1 days

Slippage from Extended: 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 Extended live order book, 1 min ago	2.66 bp	6.8 bp −$7	21.2 bp −$212	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.48 bp	10.8 bp −$11	16.4 bp −$164	120.1 bp −$12.0K	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
Nado MSTR-PERP	−0.0121%	1h	169.15	−0.018%	$139K	$101K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.29	+0.068%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.30	+0.073%	$88.7M	$629.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.24	+0.038%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.29	+0.071%	$296K	$437K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.22	+0.027%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.29	+0.067%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	+0.156%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.36	+0.109%	$2.9M	$57K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	169.24	+0.038%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.19	+0.009%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	169.18	long leg	$588K	$1.9M	10x
QFEX MSTR-USD	+0.0039%	1h	169.30	+0.074%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.41	+0.139%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.038%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.19	+0.009%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.26	+0.050%	$410K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.26	+0.050%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.34	+0.098%	$738K	$5.0M	10x	as long as short
Bitget MSTRUSDT	+0.0072%	8h	169.25	+0.044%	$28.8M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0072%	8h	169.23	+0.034%	$68	—	5x	as long as short
Bybit MSTRUSDTshort	+0.0092%	8h	169.29	+0.068%	$15.2M	$41.4M	50x
Pacifica MSTR	+0.0100%	1h	169.25	+0.041%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.20	+0.015%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.39	+0.127%	$4K	$998K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.31	+0.080%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.29	+0.066%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.22	+0.027%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.34	+0.098%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.044%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0689%	4h	169.42	+0.144%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0696%	1h	169.34	+0.098%	$288K	$438K	10x	as long as short