Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.065%

Price spread now: Aster against Arcus−0.147%56s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$370.367% of the position

Long on Arcus Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.095%−$9 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.147%, 7d avg −0.029%

Together, before fees+0.025%+ Points / potential airdropAster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.118% cheaper against Arcus than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.029%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	164.57	0.0040	pay 0.0005% / 1h	18m 47s	$26K	$109K	10x
Short	Aster MSTRUSDT	164.33	0	get 0.0000% / 8h	4h 18m	$1.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Arcus. 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 ArcusbpFee AsterbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$8.46
Price spread: −0.147% → −0.029%: −$11.75
Slippage, 4 orders: −$24.15
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$56.86
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Arcus: live order book, 39 min ago; Aster: 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 Arcus live order book, 39 min ago	7.57 bp	11.1 bp −$11	44.9 bp −$449	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.61 bp	5.0 bp −$5	54.6 bp −$546	doesn't fit	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	−0.0938%	8h	164.48	−0.055%	$27.8M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0004%	8h	164.33	−0.146%	$4.6M	$18.7M	50x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	164.33	−0.147%	$1.8M	$8.5M	50x
Phemex MSTRUSDT	0.0000%	4h	164.46	−0.067%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0005%	8h	164.32	−0.152%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.29	−0.170%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.13	−0.264%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.898%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.47	−0.063%	$267K	$449K	10x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	164.57	long leg	$26K	$109K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.38	−0.115%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.39	−0.109%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.44	−0.079%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.48	−0.055%	$852K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.47	−0.061%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	−0.101%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.41	−0.100%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.26	−0.188%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	−0.115%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.39	−0.109%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.42	−0.089%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0135%	8h	164.40	−0.105%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0138%	8h	164.35	−0.134%	$87.5M	$616.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.67	+0.062%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.273%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.52	−0.030%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0229%	1h	164.25	−0.194%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.28	−0.174%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0257%	8h	164.48	−0.055%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0352%	8h	164.40	−0.103%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0824%	4h	164.54	−0.019%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1028%	1h	164.49	−0.049%	$280K	$438K	10x	as long as short