Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.148%

Price spread now: edgeX against Bybit−0.008%101s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.413% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.008%, 7d avg −0.013%

Together, before fees−0.117%+ Points / potential airdropedgeX: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.099%, so the current rate has only just turned in your favour. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.2% 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	Bybit MSTRUSDT	164.68	0.0371	pay 0.0371% / 8h	4h 40m	$17.1M	$40.7M	50x
Short	edgeX MSTRUSDC	164.67	0.0951	get 0.0476% / 4h	40m 02s	$49K	$5.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bybit. 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 BybitbpFee edgeXbpOrdersPrice spread, now −0.008%Rate

Funding earned: $121.85
Price spread: −0.008% → −0.013%: $0.52
Slippage, 4 orders: −$21.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $81.07
Costs to cover: 0.413%
Break-even: 2.3 days

Slippage from Bybit: live order book, 4 min ago; edgeX: live order book, 4 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 Bybit live order book, 4 min ago	1.21 bp	10.1 bp −$10	13.4 bp −$134	120.1 bp −$12.0K	doesn't fit
Sell edgeX live order book, 4 min ago	5.77 bp	11.0 bp −$11	18.1 bp −$181	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
Bitget MSTRUSDT	−0.0860%	8h	164.73	+0.030%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0045%	8h	164.55	−0.079%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.59	−0.055%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.64	−0.024%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0010%	8h	164.53	−0.091%	$20.6M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.50	−0.109%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.43	−0.152%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.830%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.81	+0.082%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.73	+0.030%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.66	−0.012%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.69	+0.006%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.58	−0.061%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.52	−0.097%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.81	+0.079%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.027%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.78	+0.061%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.49	−0.115%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.56	−0.073%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.63	−0.030%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.64	−0.023%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0128%	8h	164.57	−0.068%	$87.9M	$617.9M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	164.76	+0.046%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0162%	8h	164.73	+0.030%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.055%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.59	−0.058%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	164.52	−0.097%	$54.9M	$36.9M	10x	as long as short
BloFin MSTR-USDT	+0.0247%	8h	164.78	+0.061%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0271%	1h	164.69	+0.004%	$122K	$148K	3x	as long as short
Bybit MSTRUSDTlong	+0.0371%	8h	164.68	long leg	$17.1M	$40.7M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.68	0.000%	$280K	$438K	10x	as long as short
edgeX MSTRUSDCshort	+0.0951%	4h	164.67	−0.008%	$49K	$5.3M	10x