Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h −0.020%

Price spread now: Coinbase International against Bybit−0.291%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 3 days (all we have)+0.304%+$30 · spread now −0.291%, 7d avg −0.084%

Together, before fees+0.413%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Coinbase International is 0.207% cheaper against Bybit than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.084%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% 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	164.88	0.0391	pay 0.0391% / 8h	6h 17m	$17.1M	$41.2M	50x
Short	Coinbase International MSTR-PERP-INTX	164.40	0.0168	get 0.0021% / 1h	17m 02s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.291%Rate

Funding earned: −$46.74
Price spread: −0.291% → −0.084%: −$20.68
Slippage, 4 orders: −$15.85
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$104.27
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Coinbase International: live order book, 2 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, 2 min ago	0.61 bp	8.5 bp −$8	12.8 bp −$128	122.0 bp −$12.2K	doesn't fit
Sell Coinbase International live order book, 2 min ago	3.34 bp	8.3 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit

MSTR on 31 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	−0.1071%	8h	164.93	+0.030%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0171%	8h	164.80	−0.049%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.81	−0.044%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.82	−0.036%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.83	−0.030%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	−0.106%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.92	+0.024%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.65	−0.139%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.83	−0.030%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.75	−0.079%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	+0.012%	$910K	$4.5M	10x	as long as short
Lighter MSTR	+0.0064%	1h	164.74	−0.085%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.89	+0.006%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	164.83	−0.030%	$87.9M	$624.1M	50x	as long as short
SoDEX MSTR-USD	+0.0067%	1h	164.79	−0.055%	$43K	$3K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0087%	1h	164.74	−0.085%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.87	−0.009%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.71	−0.103%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.53	−0.212%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.77	−0.067%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.78	−0.059%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.68	−0.124%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0168%	1h	164.40	−0.291%	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0176%	8h	164.86	−0.010%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0236%	1h	164.71	−0.103%	$55.2M	$36.9M	10x	as long as short
edgeX MSTRUSDC	+0.0315%	4h	164.58	−0.179%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.705%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0363%	1h	164.82	−0.034%	$122K	$150K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.92	+0.026%	$55K	$219K	10x	as long as short
Bybit MSTRUSDTlong	+0.0391%	8h	164.88	long leg	$17.1M	$41.2M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0661%	1h	164.88	0.000%	$280K	$438K	10x	as long as short