Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0335%/8h= −36.7% APRpaid last 24h +0.069%

Price spread now: Arcus against Bybit−0.110%7-day average +0.002% · 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−$52as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.026%−$3 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.110%, 7d avg +0.002%

Together, before fees+0.035%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Arcus is 0.112% cheaper against Bybit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.026% in total (about -2.6% 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	Bybit MSTRUSDT	164.21	0.0375	pay 0.0375% / 8h	2h 05m	$16.8M	$41.9M	50x
Short	Arcus MSTR-USD	164.03	0.0040	get 0.0005% / 1h	5m 40s	$26K	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$70.39
Price spread: −0.110% → +0.002%: −$11.17
Slippage, 4 orders: −$25.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$122.78
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Arcus: live order book, 42 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 Bybit live order book, 3 min ago	1.22 bp	10.1 bp −$10	14.9 bp −$149	128.5 bp −$12.8K	doesn't fit
Sell Arcus live order book, 42 min ago	7.32 bp	11.1 bp −$11	33.0 bp −$330	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	−0.1037%	8h	164.34	+0.079%	$28.4M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.20	−0.006%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.89	−0.195%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.263%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0018%	8h	164.07	−0.083%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	−0.110%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.03	−0.107%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.124%	$8K	$26K	30x	as long as short
Arcus MSTR-USDshort	+0.0040%	1h	164.03	−0.110%	$26K	$113K	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	−0.097%	$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	−0.268%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.09	−0.073%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.15	−0.037%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.05	−0.100%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.09	−0.073%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	−0.152%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.20	−0.006%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.14	−0.041%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.15	−0.037%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.09	−0.073%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	164.20	−0.006%	$66	—	5x	as long as short
Variational Omni MSTR	+0.0147%	8h	164.18	−0.021%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.638%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0221%	8h	164.13	−0.049%	$84.2M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	−0.118%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0243%	1h	164.10	−0.067%	$54.4M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	−0.180%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	−0.104%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.201%	$56K	$226K	10x	as long as short
Bybit MSTRUSDTlong	+0.0375%	8h	164.21	long leg	$16.8M	$41.9M	50x
SoDEX MSTR-USD	+0.0414%	1h	164.16	−0.030%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.18	−0.018%	$279K	$438K	10x	as long as short