Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0415%/8h= −45.5% APRpaid last 24h −0.076%

Price spread now: Bitget against Arcus−0.024%7-day average +0.004% · 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−$47as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on Arcus Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.089%−$9 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.024%, 7d avg +0.004%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bitget is 0.028% cheaper against Arcus than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.089% in total (about -9.4% 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	165.52	0.0040	pay 0.0005% / 1h	48m 28s	$27K	$113K	10x
Short	Bitget MSTRUSDT	165.48	−0.0375	pay 0.0375% / 8h	6h 48m	$26.9M	$115.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$87.21
Price spread: −0.024% → +0.004%: −$2.8
Slippage, 4 orders: −$27.98
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$134.49
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Arcus: live order book, 19 min ago; Bitget: live order book, 6 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, 19 min ago	10.18 bp	13.2 bp −$13	43.6 bp −$436	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	0.30 bp	9.4 bp −$9	15.0 bp −$150	33.1 bp −$3,310	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
Bitget MSTRUSDTshort	−0.0375%	8h	165.48	−0.024%	$26.9M	$115.5M	25x
Gate MSTR_USDT	−0.0316%	8h	165.39	−0.079%	$4.6M	$18.7M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.49	−0.017%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.40	−0.075%	$87.4M	$623.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.36	−0.097%	$21.1M	$100.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.34	−0.109%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.36	−0.097%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	165.86	+0.203%	$84K	$802K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.06	+0.326%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.018%	$1.1M	$1.9M	20x	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	165.16	−0.214%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	165.52	long leg	$27K	$113K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	165.21	−0.187%	—	$1.8M	25x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.35	−0.103%	$781K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.34	−0.109%	$1.4M	$8.5M	10x	as long as short
SoDEX MSTR-USD	+0.0067%	1h	165.47	−0.030%	$44K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.41	−0.067%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.37	−0.091%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.21	−0.187%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.43	−0.054%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.44	−0.047%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	165.30	−0.133%	$385K	$2.7M	10x	as long as short
Lighter MSTR	+0.0136%	1h	165.35	−0.103%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	165.37	−0.092%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.21	−0.187%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0328%	1h	165.32	−0.121%	$55.8M	$36.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.308%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0381%	1h	165.41	−0.065%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0387%	8h	165.39	−0.079%	$17.2M	$41.1M	50x	as long as short
Nado MSTR-PERP	+0.0389%	1h	165.17	−0.210%	$134K	$129K	3x	as long as short
edgeX MSTRUSDC	+0.0963%	4h	165.32	−0.118%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1081%	1h	165.53	+0.006%	$281K	$438K	10x	as long as short