Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1211%/8h= −132.6% APRpaid last 24h +0.005%

Price spread now: Bitget against Pacifica+0.122%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Pacifica Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.122%, 7d avg +0.031%

Together, before fees−0.192%+ Points / potential airdropPacifica: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.091% dearer against Pacifica than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.031%): +$9 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.111% in total) that is about 5.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.111% in total (about -5.8% 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	Pacifica MSTR	164.42	0.0100	pay 0.0013% / 1h	8m 29s	$101K	$86K	10x
Short	Bitget MSTRUSDT	164.62	−0.1111	pay 0.1111% / 8h	6h 08m	$27.6M	$115.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Pacifica. 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 PacificabpFee BitgetbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$254.31
Price spread: +0.122% → +0.031%: $9.1
Slippage, 4 orders: −$19.35
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$284.55
Costs to cover: 0.393%
Break-even: never at this rate

Slippage from Pacifica: live order book, 59 min ago; Bitget: live order book, 6 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 Pacifica live order book, 59 min ago	0.78 bp	11.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	0.30 bp	8.8 bp −$9	12.3 bp −$123	36.5 bp −$3,649	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 MSTRUSDTshort	−0.1111%	8h	164.62	+0.122%	$27.6M	$115.5M	25x
Gate MSTR_USDT	−0.0191%	8h	164.39	−0.018%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.50	+0.052%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.47	+0.030%	$20.8M	$100.2M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.46	+0.023%	$269K	$447K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.53	+0.067%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0007%	8h	164.71	+0.174%	$1.2M	$2.1M	—	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.21	−0.128%	$594K	$2.0M	10x	as long as short
Lighter MSTR	+0.0040%	1h	164.43	+0.006%	$3.5M	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.70	+0.170%	$26K	$113K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.38	−0.024%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.53	+0.067%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.38	−0.024%	$911K	$4.4M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0058%	1h	164.38	−0.024%	$384K	$2.7M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.39	−0.018%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0081%	8h	164.46	+0.024%	$87.6M	$623.1M	50x	as long as short
Pacifica MSTRlong	+0.0100%	1h	164.42	long leg	$101K	$86K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	164.38	−0.024%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.67	+0.152%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.52	+0.061%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.50	+0.050%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	164.39	−0.019%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.43	+0.006%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0202%	1h	164.40	−0.012%	$55.1M	$36.6M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0208%	8h	164.88	+0.277%	$79K	$760K	10x	as long as short
edgeX MSTRUSDC	+0.0259%	4h	164.76	+0.208%	$50K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.992%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0347%	1h	164.21	−0.127%	$122K	$150K	3x	as long as short
Bybit MSTRUSDT	+0.0357%	8h	164.46	+0.024%	$17.1M	$41.0M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.86	+0.266%	$56K	$219K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0663%	1h	164.52	+0.061%	$280K	$438K	10x	as long as short