Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.007%

Price spread now: Bybit against tradeXYZ+0.036%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 7 days+0.029%+$3 · spread now +0.036%, 7d avg +0.074%

Together, before fees−0.017%+ Points / potential airdroptradeXYZ: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.038% cheaper against tradeXYZ than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	166.26	0.0208	pay 0.0026% / 1h	48m 59s	$54.9M	$34.4M	10x
Short	Bybit MSTRUSDT	166.32	0.0216	get 0.0216% / 8h	5h 48m	$17.1M	$38.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now +0.036%Rate

Funding earned: $1.69
Price spread: +0.036% → +0.074%: −$3.76
Slippage, 4 orders: −$11.21
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.27
Costs to cover: 0.402%
Break-even: 181.9 days

Slippage from tradeXYZ: live order book, 4 min ago; Bybit: live order book, 3 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 tradeXYZ live order book, 4 min ago	0.60 bp	11.4 bp −$11	13.6 bp −$136	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.20 bp	9.7 bp −$10	16.7 bp −$167	195.7 bp −$19.6K	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	−0.626%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.33	+0.042%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.27	+0.006%	$32.0M	$105.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.32	+0.036%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.24	−0.012%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.15	−0.068%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.41	+0.090%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.24	−0.012%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.21	−0.030%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.28	+0.012%	$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	166.09	−0.102%	$875K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0058%	1h	166.18	−0.048%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.289%	$1.4M	$386K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.12	−0.082%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.23	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.060%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.30	+0.024%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.33	+0.041%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	166.29	+0.015%	$67	—	5x	as long as short
tradeXYZ xyz:MSTRlong	+0.0208%	1h	166.26	long leg	$54.9M	$34.4M	10x
Bybit MSTRUSDTshort	+0.0216%	8h	166.32	+0.036%	$17.1M	$38.0M	50x
Aster MSTRUSDT	+0.0273%	8h	166.29	+0.018%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0296%	8h	166.25	−0.006%	$21.6M	$83.7M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.49	+0.138%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0364%	8h	166.38	+0.074%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.27	+0.006%	$274K	$351K	10x	as long as short
Binance MSTRUSDT	+0.0461%	8h	166.27	+0.006%	$87.2M	$536.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0472%	1h	166.28	+0.012%	$283K	$209K	10x	as long as short
BloFin MSTR-USDT	+0.0591%	8h	166.32	+0.036%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0608%	8h	166.43	+0.103%	$87K	$855K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	+0.014%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.36	+0.060%	$26K	$71K	10x	as long as short