Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1112%/8h= −121.8% APRpaid last 24h +0.020%

Price spread now: Bitget against Polymarket Perps+0.139%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 7 days−0.056%−$6 · spread now +0.139%, 7d avg +0.086%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.054% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of +0.086%): +$5 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.117% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.117% in total (about -6.1% 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	Polymarket Perps MSTR-USD	164.89	0.0100	pay 0.0013% / 1h	28m 37s	$384K	$2.7M	10x
Short	Bitget MSTRUSDT	165.12	−0.1012	pay 0.1012% / 8h	6h 28m	$27.5M	$115.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Polymarket Perps. 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 Polymarket PerpsbpFee BitgetbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$233.59
Price spread: +0.139% → +0.086%: $5.38
Slippage, 4 orders: −$9.14
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$257.35
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Bitget: 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 Polymarket Perps live order book, 5 min ago	0.91 bp	7.2 bp −$7	8.5 bp −$85	11.1 bp −$1,107	doesn't fit
Sell Bitget live order book, 5 min ago	0.30 bp	8.8 bp −$9	14.0 bp −$140	42.5 bp −$4,247	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	−0.1012%	8h	165.12	+0.139%	$27.5M	$115.7M	25x
Gate MSTR_USDT	−0.0125%	8h	165.00	+0.067%	$4.6M	$19.0M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.93	+0.026%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.88	−0.006%	$20.8M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.89	0.000%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.40	−0.297%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.71	−0.109%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.72	−0.100%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.62	−0.164%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.78	−0.067%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0047%	8h	164.93	+0.024%	$87.8M	$625.2M	50x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.41	−0.291%	$918K	$4.8M	10x	as long as short
SoDEX MSTR-USD	+0.0052%	1h	164.54	−0.212%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0058%	8h	164.22	−0.404%	$75K	$810K	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.92	+0.018%	$1.4M	$8.4M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.84	−0.029%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.65	−0.146%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.26	−0.382%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.71	−0.109%	$3K	$7K	10x	as long as short
Polymarket Perps MSTR-USDlong	+0.0100%	1h	164.89	long leg	$384K	$2.7M	10x
Aevo MSTR-PERP	+0.0104%	1h	164.58	−0.191%	$137	—	10x	as long as short
Lighter MSTR	+0.0128%	1h	164.75	−0.085%	$3.5M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.37	−0.315%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.84	−0.032%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0288%	1h	164.70	−0.115%	$55.3M	$36.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.699%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0381%	1h	164.43	−0.280%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0382%	1h	164.81	−0.047%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0419%	8h	164.96	+0.042%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.61	−0.170%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0990%	4h	164.44	−0.272%	$48K	$5.5M	10x	as long as short