Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0537%/8h= +58.8% APRpaid last 24h +0.075%

Price spread now: Arcus against OKX+0.042%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.025%−$2 · spread now +0.042%, 7d avg +0.007%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Arcus is 0.035% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.007%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.064% in total (about 6.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	165.87	0.0287	pay 0.0287% / 8h	5h 30m	$21.8M	$81.8M	50x
Short	Arcus MSTR-USD	165.94	0.0824	get 0.0103% / 1h	30m 07s	$26K	$71K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against OKX. 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 OKXbpFee ArcusbpOrdersPrice spread, now +0.042%Rate

Funding earned: $112.72
Price spread: +0.042% → +0.007%: $3.5
Slippage, 4 orders: −$22.14
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $79.58
Costs to cover: 0.366%
Break-even: 2.1 days

Slippage from OKX: live order book, 2 min ago; Arcus: live order book, 80 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 OKX live order book, 2 min ago	0.30 bp	7.2 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell Arcus live order book, 80 min ago	7.85 bp	10.1 bp −$10	32.2 bp −$322	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.392%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.87	0.000%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.92	+0.030%	$32.1M	$104.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.91	+0.024%	$2.8M	$82K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.79	−0.048%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.75	−0.071%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.93	+0.036%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	165.87	0.000%	$1.3M	$5.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.85	−0.012%	$379K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.86	−0.006%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.77	−0.060%	$852K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0055%	1h	165.72	−0.092%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.80	−0.042%	$1.4M	$358K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.77	−0.058%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.79	−0.048%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.82	−0.030%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.91	+0.024%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.91	+0.025%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0109%	8h	165.88	+0.004%	$66	—	5x	as long as short
Bybit MSTRUSDT	+0.0190%	8h	165.91	+0.024%	$16.6M	$38.0M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0241%	1h	165.83	−0.024%	$54.8M	$33.9M	10x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0287%	8h	165.87	long leg	$21.8M	$81.8M	50x
Aster MSTRUSDT	+0.0288%	8h	165.85	−0.013%	$1.8M	$7.0M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.00	+0.081%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0379%	8h	165.88	+0.004%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	165.94	+0.042%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0470%	8h	165.89	+0.012%	$87.2M	$526.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0602%	8h	165.99	+0.075%	$81K	$878K	10x	as long as short
BloFin MSTR-USDT	+0.0616%	8h	165.84	−0.018%	$1.1M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0658%	4h	165.87	+0.001%	$48K	$4.7M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0716%	1h	165.87	0.000%	$282K	$195K	10x	as long as short
Arcus MSTR-USDshort	+0.0824%	1h	165.94	+0.042%	$26K	$71K	10x