Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0842%/8h= +92.2% APRpaid last 24h +0.082%

Price spread now: Arcus against KuCoin+0.181%7-day average +0.036% · 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−$52as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on KuCoin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.114%+$11 on $10k

Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.181%, 7d avg +0.036%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Arcus is 0.144% dearer against KuCoin than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.036%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.114% in total (about 10.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	166.07	0.0100	pay 0.0100% / 8h	6h 16m	$2.4M	$2.7M	20x
Short	Arcus MSTR-USD	166.37	0.0942	get 0.0118% / 1h	16m 25s	$26K	$71K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against KuCoin. 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 KuCoinbpFee ArcusbpOrdersPrice spread, now +0.181%Rate

Funding earned: $176.87
Price spread: +0.181% → +0.036%: $14.43
Slippage, 4 orders: −$49.92
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $124.88
Costs to cover: 0.664%
Break-even: 2.1 days

Slippage from KuCoin: live order book, 4 min ago; Arcus: live order book, 34 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 KuCoin live order book, 4 min ago	2.11 bp	22.9 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 34 min ago	7.85 bp	10.1 bp −$10	32.2 bp −$322	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Gate MSTR_USDT	0.0000%	8h	166.34	+0.163%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.34	+0.163%	$32.0M	$107.3M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.26	+0.114%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.14	+0.041%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.45	+0.229%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	166.24	+0.102%	$3.5M	$1.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.25	+0.108%	$384K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.25	+0.108%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.97	−0.060%	$882K	$3.4M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.28	+0.126%	$1.3M	$6.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0098%	8h	166.28	+0.129%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.20	+0.076%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	166.07	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	165.92	−0.090%	$6K	$162K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.25	+0.108%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.28	+0.124%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0105%	1h	166.21	+0.084%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.175%	$1.4M	$394K	10x	as long as short
Aster MSTRUSDT	+0.0204%	8h	166.26	+0.112%	$1.8M	$7.0M	50x	as long as short
Bybit MSTRUSDT	+0.0262%	8h	166.33	+0.157%	$17.2M	$38.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0263%	1h	166.20	+0.078%	$54.9M	$34.7M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0272%	8h	166.33	+0.157%	$21.6M	$86.5M	50x	as long as short
Variational Omni MSTR	+0.0287%	8h	166.04	−0.017%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	166.15	+0.047%	$56K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0387%	8h	166.30	+0.137%	$87.1M	$551.0M	50x	as long as short
edgeX MSTRUSDC	+0.0405%	4h	166.10	+0.018%	$50K	$5.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0431%	8h	166.16	+0.052%	$78K	$842K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.512%	$7K	$28K	30x	as long as short
BloFin MSTR-USDT	+0.0502%	8h	166.26	+0.114%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0593%	1h	166.27	+0.120%	$283K	$219K	10x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.30	+0.138%	$274K	$353K	10x	as long as short
Arcus MSTR-USDshort	+0.0942%	1h	166.37	+0.181%	$26K	$71K	10x