Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.0% APRpaid last 24h +0.011%

Price spread now: Bybit against Aevo+0.070%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.070% dearer against Aevo than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSTR-PERP	168.73	0.0104	pay 0.0013% / 1h	30m 15s	$140	—	10x
Short	Bybit MSTRUSDT	168.85	0.0076	get 0.0076% / 8h	7h 30m	$15.2M	$39.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$5.78
Price spread: +0.070% → 0.000%: $7.05
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.73
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.89 bp	9.9 bp −$10	15.7 bp −$157	124.1 bp −$12.4K	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0045%	1h	168.63	−0.057%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	+0.004%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.80	+0.041%	$21.7M	$101.2M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.80	+0.041%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.77	+0.023%	$28.5M	$113.9M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.68	−0.031%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.43	−0.178%	$85K	$825K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.77	+0.023%	$2.8M	$66K	10x	as long as short
BloFin MSTR-USDT	+0.0019%	8h	168.70	−0.018%	$1.1M	$1.9M	20x	as long as short
Lighter MSTR	+0.0032%	1h	168.77	+0.023%	$3.6M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	168.63	−0.057%	$580K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.67	−0.036%	$1.4M	$9.3M	10x	as long as short
Binance MSTRUSDT	+0.0037%	8h	168.81	+0.049%	$89.0M	$615.4M	50x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.59	−0.084%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.69	−0.024%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.65	−0.048%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.73	−0.001%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.45	−0.167%	$756K	$5.0M	10x	as long as short
Bybit MSTRUSDTshort	+0.0076%	8h	168.85	+0.070%	$15.2M	$39.2M	50x
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.161%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0093%	8h	168.69	−0.026%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.69	−0.022%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.68	−0.030%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.29	−0.261%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.75	+0.011%	$3K	$8K	10x	as long as short
Aevo MSTR-PERPlong	+0.0104%	1h	168.73	long leg	$140	—	10x
tradeXYZ xyz:MSTR	+0.0216%	1h	168.81	+0.047%	$56.9M	$35.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.361%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.25	−0.288%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.72	−0.007%	$275K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0521%	1h	168.76	+0.017%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0958%	4h	168.47	−0.152%	$47K	$5.5M	10x	as long as short