Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0369%/8h= +40.4% APRpaid last 24h +0.061%

Price spread now: Arcus against Bitget+0.118%50s7-day average −0.006% · you sell dearer than you buy

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−$410.411% of the position

Long on Bitget Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.118%, 7d avg −0.006%

Together, before fees−0.125%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Arcus is 0.124% dearer against Bitget than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.006%. The two prices were read 50 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 3 days it paid 0.071% in total (about 7.8% 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	Bitget MSTRUSDT	169.30	0.0063	pay 0.0063% / 8h	1h 59m	$28.8M	$120.1M	25x
Short	Arcus MSTR-USD	169.50	0.0432	get 0.0054% / 1h	59m 52s	$27K	$134K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bitget. 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 BitgetbpFee ArcusbpOrdersPrice spread, now +0.118%Rate

Funding earned: $77.52
Price spread: +0.118% → −0.006%: $12.44
Slippage, 4 orders: −$24.62
Fee Bitget: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $48.85
Costs to cover: 0.411%
Break-even: 2.6 days

Slippage from Bitget: live order book, 4 min ago; Arcus: live order book, 23 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 Bitget live order book, 4 min ago	0.29 bp	9.3 bp −$9	12.7 bp −$127	30.5 bp −$3,053	doesn't fit
Sell Arcus live order book, 23 min ago	5.60 bp	9.5 bp −$10	36.2 bp −$362	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
Nado MSTR-PERP	−0.0070%	1h	169.30	0.000%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.37	+0.039%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.31	+0.006%	$88.5M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.30	0.000%	$22.1M	$107.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.40	+0.056%	$277K	$445K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.27	−0.018%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.40	+0.059%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.40	+0.059%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.43	+0.077%	$2.9M	$59K	10x	as long as short
BloFin MSTR-USDT	+0.0016%	8h	169.46	+0.095%	$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
Lighter MSTR	+0.0032%	1h	169.29	−0.006%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.23	−0.041%	$587K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.41	+0.065%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.52	+0.130%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.112%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.34	+0.024%	$406K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.38	+0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	−0.030%	$752K	$5.1M	10x	as long as short
Bitget MSTRUSDTlong	+0.0063%	8h	169.30	long leg	$28.8M	$120.1M	25x
Paradex MSTR-USD-PERP	+0.0081%	8h	169.37	+0.041%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0082%	8h	169.35	+0.030%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.31	+0.008%	$103K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.26	−0.024%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.35	+0.030%	$4K	$854K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.41	+0.065%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.39	+0.056%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0128%	1h	169.30	0.000%	$56.8M	$38.4M	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.46	+0.096%	$57K	$396K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0341%	1h	169.43	+0.077%	$288K	$439K	10x	as long as short
Arcus MSTR-USDshort	+0.0432%	1h	169.50	+0.118%	$27K	$134K	10x
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.183%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0818%	4h	169.43	+0.078%	$48K	$5.4M	10x	as long as short