Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.051%

Price spread now: Bybit against Vest−0.041%7-day average +0.939% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Vest Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.113%+$11 on $10k

Price spread, last 3 days (all we have)−0.337%−$34 · spread now −0.041%, 7d avg +0.939%

Together, before fees−0.224%+ Points / potential airdropVest: Active · farm board−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.980% cheaper against Vest than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.939%). If the spread goes back, that is −$98 on $10k: about 11 months of funding at the current rate ($0 a day). At the pace of the last 3 days (+0.113% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSTR-USD-PERP	168.96	0.0046	pay 0.0006% / 1h	32m 36s	—	$2.1M	25x
Short	Bybit MSTRUSDT	168.89	0.0055	get 0.0055% / 8h	1h 32m	$15.1M	$40.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $2.04
Price spread: −0.041% → +0.939%: −$97.99
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$108.96
Costs to cover: 0.130%
Break-even: 381.0 days

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	2.37 bp	9.2 bp −$9	14.7 bp −$147	112.6 bp −$11.3K	doesn't fit

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MSTR on 32 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
Nado MSTR-PERP	−0.0113%	1h	168.90	−0.036%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.03	+0.039%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.94	−0.012%	$88.3M	$628.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.88	−0.047%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.95	−0.006%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.90	−0.036%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.07	+0.062%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.12	+0.095%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.08	+0.071%	$2.9M	$61K	10x	as long as short
BloFin MSTR-USDT	+0.0001%	8h	169.01	+0.030%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0030%	8h	168.90	−0.036%	$28.9M	$119.7M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.91	−0.030%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.86	−0.058%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.92	−0.024%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERPlong	+0.0046%	1h	168.96	long leg	—	$2.1M	25x
Polymarket Perps MSTR-USD	+0.0050%	1h	168.84	−0.071%	$402K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.98	+0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.79	−0.101%	$740K	$5.2M	10x	as long as short
Bybit MSTRUSDTshort	+0.0055%	8h	168.89	−0.041%	$15.1M	$40.9M	50x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.018%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0058%	1h	168.88	−0.047%	$56.9M	$37.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0071%	8h	168.92	−0.024%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.92	−0.024%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.93	−0.018%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.17	+0.124%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.99	+0.018%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.00	+0.021%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.22	+0.153%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.195%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.03	+0.041%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0579%	1h	169.05	+0.053%	$287K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0849%	4h	169.05	+0.052%	$47K	$5.4M	10x	as long as short