Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0750%/8h= −82.1% APRpaid last 24h −0.073%

Price spread now: Aster against Arcus−0.131%7-day average −0.035% · 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−$46as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Arcus Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.090%−$9 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.131%, 7d avg −0.035%

Together, before fees+0.003%+ Points / potential airdropAster: Stage 5 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Aster is 0.096% cheaper against Arcus than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.090% in total (about -8.6% 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	Arcus MSTR-USD	166.47	0.0942	pay 0.0118% / 1h	58m 18s	$26K	$102K	10x
Short	Aster MSTRUSDT	166.25	0.0192	get 0.0192% / 8h	6h 58m	$1.8M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Arcus. 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 ArcusbpFee AsterbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$157.47
Price spread: −0.131% → −0.035%: −$9.57
Slippage, 4 orders: −$23.67
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$203.21
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Arcus: live order book, 35 min ago; Aster: live order book, 5 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 Arcus live order book, 35 min ago	7.36 bp	10.7 bp −$11	43.3 bp −$433	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.90 bp	7.7 bp −$8	88.6 bp −$886	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
Gate MSTR_USDT	0.0000%	8h	166.39	−0.048%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.37	−0.060%	$31.3M	$113.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.11	−0.216%	$2.8M	$84K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.15	−0.192%	$541K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.54	+0.042%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.18	−0.174%	$384K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.25	−0.132%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.56	+0.054%	$926K	$3.5M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.37	−0.060%	$1.3M	$6.8M	10x	as long as short
Nado MSTR-PERP	+0.0086%	1h	166.23	−0.144%	$127K	$143K	3x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	166.36	−0.068%	$102K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.37	−0.060%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.50	+0.018%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.40	−0.042%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.37	−0.061%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	166.23	−0.144%	$1.4M	$642K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0186%	8h	166.35	−0.073%	$67	—	5x	as long as short
Aster MSTRUSDTshort	+0.0192%	8h	166.25	−0.131%	$1.8M	$8.6M	50x
Lighter MSTR	+0.0264%	1h	166.22	−0.150%	$3.5M	$1.7M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0276%	8h	166.04	−0.258%	$21.7M	$92.2M	50x	as long as short
Variational Omni MSTR	+0.0308%	8h	166.59	+0.075%	$1.2M	$1.8M	—	as long as short
tradeXYZ xyz:MSTR	+0.0310%	1h	166.27	−0.120%	$55.0M	$36.2M	10x	as long as short
Binance MSTRUSDT	+0.0385%	8h	166.16	−0.188%	$86.6M	$588.9M	50x	as long as short
edgeX MSTRUSDC	+0.0420%	4h	166.79	+0.192%	$49K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	162.61	−2.319%	$7K	$26K	30x	as long as short
Phoenix MSTR	+0.0460%	1h	166.84	+0.225%	$56K	$215K	10x	as long as short
BloFin MSTR-USDT	+0.0507%	8h	166.49	+0.012%	$1.1M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0563%	8h	166.10	−0.222%	$17.2M	$40.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0593%	1h	166.31	−0.096%	$283K	$280K	10x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.45	−0.012%	$271K	$382K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0669%	8h	166.65	+0.108%	$82K	$844K	10x	as long as short
Arcus MSTR-USDlong	+0.0942%	1h	166.47	long leg	$26K	$102K	10x