Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0277%/8h= +30.3% APRpaid last 24h +0.012%

Price spread now: Bybit against ApeX Omni+0.165%99s7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1091.093% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)−0.313%−$31 · spread now +0.165%, 7d avg +0.014%

Together, before fees−0.268%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Bybit is 0.151% dearer against ApeX Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.014%. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.045% in total (about 2.3% 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	ApeX Omni MSTRUSDT	163.96	0.0100	pay 0.0013% / 1h	5m 51s	$5K	$182K	50x
Short	Bybit MSTRUSDT	164.23	0.0377	get 0.0377% / 8h	2h 05m	$16.9M	$41.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now +0.165%Rate

Funding earned: $58.09
Price spread: +0.165% → +0.014%: $15.08
Slippage, 4 orders: −$88.28
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.11
Costs to cover: 1.093%
Break-even: 11.4 days

Slippage from ApeX Omni: live order book, 53 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 ApeX Omni live order book, 53 min ago	3.06 bp	51.6 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.22 bp	9.0 bp −$9	16.1 bp −$161	130.4 bp −$13.0K	doesn't fit

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
Bitget MSTRUSDT	−0.1067%	8h	164.42	+0.281%	$28.4M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.24	+0.171%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.89	−0.043%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.111%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	164.08	+0.071%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	+0.043%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	+0.085%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.281%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.95	−0.006%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	+0.055%	$379K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.77	−0.116%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	+0.067%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.16	+0.121%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.03	+0.046%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	+0.061%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	163.96	long leg	$5K	$182K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.20	+0.146%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.14	+0.112%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.20	+0.146%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.12	+0.098%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	+0.078%	$66	—	5x	as long as short
Variational Omni MSTR	+0.0147%	8h	164.18	+0.132%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.488%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0219%	8h	164.23	+0.165%	$84.3M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	+0.034%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0243%	1h	164.10	+0.085%	$54.4M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	−0.027%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	+0.049%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.049%	$56K	$226K	10x	as long as short
Bybit MSTRUSDTshort	+0.0377%	8h	164.23	+0.165%	$16.9M	$41.9M	50x
SoDEX MSTR-USD	+0.0414%	1h	164.16	+0.122%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.18	+0.134%	$279K	$438K	10x	as long as short