Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0479%/8h= +52.4% APRpaid last 24h −0.042%

Price spread now: Bybit against Arcus+0.012%7-day average −0.002% · 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−$38as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.065%+$6 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.012%, 7d avg −0.002%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.065% in total (about 6.2% 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	162.48	0.0040	pay 0.0005% / 1h	27m 32s	$26K	$114K	10x
Short	Bybit MSTRUSDT	162.50	0.0519	get 0.0519% / 8h	7h 27m	$17.0M	$41.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: $100.49
Price spread: +0.012% → −0.002%: $1.42
Slippage, 4 orders: −$23.57
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $62.84
Costs to cover: 0.391%
Break-even: 2.6 days

Slippage from Arcus: live order book, 5 min ago; Bybit: live order book, 1 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, 5 min ago	7.36 bp	10.7 bp −$11	43.3 bp −$433	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.92 bp	9.8 bp −$10	15.7 bp −$157	101.5 bp −$10.1K	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	162.44	−0.025%	$4.7M	$18.7M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	162.50	+0.012%	$30.6M	$118.0M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.38	−0.062%	$2.7M	$86K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.29	−0.118%	$590K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	+0.080%	$7K	$26K	30x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	162.48	long leg	$26K	$114K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	162.28	−0.123%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.45	−0.018%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.31	−0.105%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.37	−0.068%	$901K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0061%	1h	162.43	−0.031%	$1.3M	$7.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.33	−0.090%	$99K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.36	−0.074%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.55	+0.043%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.31	−0.105%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.33	−0.091%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.26	−0.135%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0122%	8h	162.35	−0.081%	$1.7M	$8.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0170%	8h	162.38	−0.063%	$65	—	5x	as long as short
Lighter MSTR	+0.0176%	1h	162.40	−0.049%	$3.4M	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0183%	1h	162.34	−0.084%	$124K	$157K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0229%	8h	162.45	−0.018%	$20.7M	$97.0M	50x	as long as short
Variational Omni MSTR	+0.0240%	8h	162.69	+0.128%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0314%	8h	162.45	−0.021%	$84.4M	$617.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0342%	8h	162.74	+0.160%	$84K	$846K	10x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	162.38	−0.061%	$267K	$398K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0414%	1h	162.36	−0.074%	$53.4M	$37.6M	10x	as long as short
BloFin MSTR-USDT	+0.0438%	8h	162.55	+0.043%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0460%	1h	162.62	+0.084%	$55K	$223K	10x	as long as short
Bybit MSTRUSDTshort	+0.0519%	8h	162.50	+0.012%	$17.0M	$41.2M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0861%	1h	162.26	−0.135%	$276K	$430K	10x	as long as short
edgeX MSTRUSDC	+0.0901%	4h	162.71	+0.143%	$46K	$5.4M	10x	as long as short