Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0161%/8h= +17.7% APRpaid last 24h +0.039%

Price spread now: Bybit against Pacifica+0.109%7-day average +0.029% · 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−$25as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Pacifica Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.109%, 7d avg +0.029%

Together, before fees−0.011%+ Points / potential airdropPacifica: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.080% dearer against Pacifica than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica MSTR	166.09	0.0100	pay 0.0013% / 1h	21m 43s	$102K	$84K	10x
Short	Bybit MSTRUSDT	166.27	0.0261	get 0.0261% / 8h	6h 21m	$17.2M	$39.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.109%Rate

Funding earned: $33.89
Price spread: +0.109% → +0.029%: $8.04
Slippage, 4 orders: −$14.01
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $8.92
Costs to cover: 0.330%
Break-even: 5.2 days

Slippage from Pacifica: live order book, 28 min ago; Bybit: live order book, 5 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, 28 min ago	1.09 bp	5.1 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.60 bp	9.1 bp −$9	13.5 bp −$135	98.6 bp −$9,856	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
Gate MSTR_USDT	0.0000%	8h	166.27	+0.109%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.25	+0.097%	$31.9M	$108.5M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.25	+0.097%	$2.8M	$84K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.13	+0.022%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.32	+0.139%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.28	+0.115%	$384K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.14	+0.031%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.06	−0.017%	$883K	$3.4M	10x	as long as short
Lighter MSTR	+0.0056%	1h	166.17	+0.049%	$3.5M	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.20	+0.067%	$1.3M	$6.4M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0094%	8h	166.18	+0.058%	$66	—	5x	as long as short
Pacifica MSTRlong	+0.0100%	1h	166.09	long leg	$102K	$84K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	166.09	+0.001%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.76	−0.198%	$6K	$167K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.23	+0.085%	$3K	$10K	10x	as long as short
Nado MSTR-PERP	+0.0103%	1h	166.13	+0.025%	$127K	$133K	3x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.20	+0.068%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.186%	$1.4M	$405K	10x	as long as short
Aster MSTRUSDT	+0.0192%	8h	165.99	−0.061%	$1.8M	$7.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	166.20	+0.067%	$54.9M	$34.6M	10x	as long as short
Bybit MSTRUSDTshort	+0.0261%	8h	166.27	+0.109%	$17.2M	$39.0M	50x
OKX MSTR-USDT-SWAP	+0.0264%	8h	166.23	+0.085%	$21.6M	$87.5M	50x	as long as short
Variational Omni MSTR	+0.0281%	8h	165.68	−0.246%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	165.61	−0.286%	$55K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0376%	8h	166.24	+0.091%	$87.0M	$560.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0389%	8h	166.00	−0.054%	$88K	$852K	10x	as long as short
edgeX MSTRUSDC	+0.0424%	4h	165.69	−0.241%	$49K	$5.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.523%	$7K	$28K	30x	as long as short
BloFin MSTR-USDT	+0.0489%	8h	166.03	−0.036%	$1.1M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.34	+0.151%	$274K	$356K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0653%	1h	166.29	+0.121%	$283K	$224K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.30	+0.127%	$26K	$79K	10x	as long as short