Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0295%/8h= −32.3% APRpaid last 24h −0.027%

Price spread now: Polymarket Perps against Bybit−0.054%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 7 days−0.010%−$1 · spread now −0.054%, 7d avg −0.076%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.022% dearer against Bybit than usual: you sell high and buy low (spread −0.054% now, against its 7-day average of −0.076%): +$2 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 6 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.8% 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	165.21	0.0345	pay 0.0345% / 8h	5h 28m	$17.2M	$40.7M	50x
Short	Polymarket Perps MSTR-USD	165.12	0.0050	get 0.0006% / 1h	28m 51s	$383K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$61.88
Price spread: −0.054% → −0.076%: $2.2
Slippage, 4 orders: −$15.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$94.12
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Polymarket Perps: 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 Bybit live order book, 5 min ago	0.91 bp	9.4 bp −$9	13.5 bp −$135	117.7 bp −$11.8K	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.73 bp	6.7 bp −$7	7.2 bp −$72	10.1 bp −$1,008	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	−0.1206%	8h	165.25	+0.024%	$27.8M	$114.5M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.08	−0.076%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.14	−0.042%	$20.7M	$100.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.21	0.000%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.16	−0.030%	$2.8M	$71K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.08	−0.079%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.02	−0.115%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.500%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0034%	8h	165.14	−0.042%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.00	−0.127%	$27K	$112K	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	165.20	−0.006%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	165.12	−0.054%	$383K	$2.7M	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.00	−0.127%	$868K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.13	−0.048%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0065%	1h	165.06	−0.091%	$55.0M	$36.8M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.11	−0.059%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.09	−0.073%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	−0.036%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.23	+0.012%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0100%	8h	165.14	−0.042%	$88.5M	$618.4M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.16	−0.028%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	165.09	−0.073%	$66	—	5x	as long as short
SoDEX MSTR-USD	+0.0170%	1h	165.11	−0.061%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0173%	8h	165.30	+0.057%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.678%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0219%	1h	165.04	−0.105%	$122K	$150K	3x	as long as short
BloFin MSTR-USDT	+0.0220%	8h	165.14	−0.042%	$1.0M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0277%	4h	164.71	−0.303%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.19	−0.012%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	−0.072%	$56K	$227K	10x	as long as short
Bybit MSTRUSDTlong	+0.0345%	8h	165.21	long leg	$17.2M	$40.7M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0719%	1h	165.26	+0.030%	$281K	$438K	10x	as long as short