Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1256%/8h= −137.5% APRpaid last 24h +0.005%

Price spread now: Bitget against Pacifica+0.116%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Pacifica Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.116%, 7d avg +0.031%

Together, before fees−0.187%+ Points / potential airdropPacifica: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.086% dearer against Pacifica than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.031%): +$9 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.111% in total) that is about 5.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.111% in total (about -5.8% 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	Pacifica MSTR	164.46	0.0100	pay 0.0013% / 1h	2m 21s	$101K	$86K	10x
Short	Bitget MSTRUSDT	164.65	−0.1156	pay 0.1156% / 8h	6h 02m	$27.6M	$115.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Pacifica. 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 PacificabpFee BitgetbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$263.76
Price spread: +0.116% → +0.031%: $8.55
Slippage, 4 orders: −$19.8
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$295
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Pacifica: live order book, 65 min ago; Bitget: 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 Pacifica live order book, 65 min ago	0.78 bp	11.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.30 bp	8.7 bp −$9	11.7 bp −$117	40.3 bp −$4,027	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 MSTRUSDTshort	−0.1156%	8h	164.65	+0.116%	$27.6M	$115.0M	25x
Gate MSTR_USDT	−0.0159%	8h	164.71	+0.153%	$4.6M	$19.2M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.40	−0.033%	$1.2M	$7.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.54	+0.049%	$20.8M	$99.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.49	+0.019%	$269K	$447K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.56	+0.061%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0014%	8h	164.39	−0.044%	$1.2M	$2.1M	—	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.37	−0.054%	$594K	$1.9M	10x	as long as short
Lighter MSTR	+0.0040%	1h	164.42	−0.024%	$3.5M	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.55	+0.055%	$26K	$112K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.42	−0.024%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.47	+0.007%	$384K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.48	+0.013%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−0.078%	$909K	$4.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.46	+0.001%	$1.4M	$7.9M	10x	as long as short
Binance MSTRUSDT	+0.0086%	8h	164.57	+0.066%	$87.8M	$619.9M	50x	as long as short
Pacifica MSTRlong	+0.0100%	1h	164.46	long leg	$101K	$86K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	164.44	−0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.47	+0.007%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	+0.043%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	+0.034%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0159%	8h	164.44	−0.010%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.55	+0.055%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0188%	1h	164.48	+0.013%	$55.1M	$36.6M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0205%	8h	164.38	−0.046%	$79K	$760K	10x	as long as short
Nado MSTR-PERP	+0.0334%	1h	164.40	−0.036%	$122K	$149K	3x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.968%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0361%	8h	164.60	+0.086%	$17.1M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.51	+0.029%	$55K	$219K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0541%	1h	164.58	+0.074%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0652%	4h	164.61	+0.089%	$50K	$5.4M	10x	as long as short