Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0468%/8h= +51.3% APRpaid last 24h −0.010%

Price spread now: Arcus against BloFin+0.024%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−$35as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.035%+$3 · spread now +0.024%, 7d avg −0.002%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Arcus is 0.025% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.002%. Mind the row above: over the last 3 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.054% in total (about -5.9% 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	BloFin MSTR-USDT	169.16	−0.0012	get 0.0012% / 8h	1h 44m	$1.1M	$1.8M	20x
Short	Arcus MSTR-USD	169.20	0.0457	get 0.0057% / 1h	44m 54s	$27K	$134K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now +0.024%Rate

Funding earned: $98.36
Price spread: +0.024% → −0.002%: $2.52
Slippage, 4 orders: −$20.96
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $63.42
Costs to cover: 0.375%
Break-even: 2.5 days

Slippage from BloFin: live order book, 3 min ago; Arcus: live order book, 38 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 BloFin live order book, 3 min ago	0.30 bp	6.9 bp −$7	9.3 bp −$93	20.6 bp −$2,059	doesn't fit
Sell Arcus live order book, 38 min ago	5.60 bp	9.5 bp −$10	36.2 bp −$362	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
Nado MSTR-PERP	−0.0100%	1h	169.09	−0.041%	$139K	$97K	3x	as long as short
BloFin MSTR-USDTlong	−0.0012%	8h	169.16	long leg	$1.1M	$1.8M	20x
Aster MSTRUSDT	0.0000%	8h	169.18	+0.010%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.19	+0.018%	$88.4M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.17	+0.006%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.18	+0.014%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.16	0.000%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.03	−0.077%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.10	−0.036%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.16	0.000%	$2.9M	$60K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.16	0.000%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.04	−0.073%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.17	+0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.20	+0.024%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0047%	8h	169.17	+0.006%	$28.8M	$119.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.11	−0.030%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.12	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.136%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.136%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0077%	8h	169.12	−0.022%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0079%	8h	169.19	+0.018%	$15.2M	$40.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0088%	1h	169.12	−0.024%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.18	+0.010%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.03	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.07	−0.053%	$4K	$632K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.19	+0.018%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.15	−0.005%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.095%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.053%	$13K	$22K	30x	as long as short
Arcus MSTR-USDshort	+0.0457%	1h	169.20	+0.024%	$27K	$134K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0519%	1h	169.23	+0.041%	$288K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0964%	4h	169.04	−0.069%	$48K	$5.4M	10x	as long as short