Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.029%

Price spread now: Vest against Bybit−0.152%7-day average −0.413% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.115%−$11 on $10k

Price spread, last 7 days+0.130%+$13 · spread now −0.152%, 7d avg −0.413%

Together, before fees+0.015%+ Points / potential airdropVest: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Vest is 0.261% dearer against Bybit than usual: you sell high and buy low (spread −0.152% now, against its 7-day average of −0.413%): +$26 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 3 days (−0.115% in total) that is about 7.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSTRUSDT	164.05	0.0323	pay 0.0323% / 8h	3h 18m	$16.6M	$41.1M	50x
Short	Vest MSTR-USD-PERP	163.80	0.0046	get 0.0006% / 1h	18m 23s	—	$1.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$58.16
Price spread: −0.152% → −0.413%: $26.08
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Vest: 1 bp × 2 orders: −$2
Net: −$45.08
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Bybit: live order book, 5 min ago; Vest: no order-book sample. Net counts fees only.

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	0.61 bp	7.2 bp −$7	13.0 bp −$130	131.2 bp −$13.1K	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0946%	8h	164.11	+0.037%	$27.2M	$116.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.96	−0.057%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.04	−0.006%	$4.6M	$19.2M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.15	+0.061%	$2.8M	$77K	10x	as long as short
Lighter MSTR	+0.0032%	1h	163.96	−0.055%	$3.5M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.82	−0.140%	$601K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.225%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.07	+0.012%	$26K	$110K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0045%	8h	164.08	+0.018%	$20.7M	$99.1M	50x	as long as short
Vest MSTR-USD-PERPshort	+0.0046%	1h	163.80	−0.152%	—	$1.7M	25x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	163.96	−0.055%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.03	−0.012%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.80	−0.152%	$846K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.93	−0.073%	$1.4M	$7.3M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0068%	8h	163.97	−0.050%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	163.94	−0.065%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.91	−0.085%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.89	−0.098%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.93	−0.073%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0102%	8h	164.03	−0.014%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.93	−0.074%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0165%	8h	164.00	−0.030%	$86.4M	$618.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0166%	8h	164.07	+0.009%	$76K	$826K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.104%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	163.99	−0.040%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0252%	1h	163.88	−0.101%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0263%	1h	164.03	−0.012%	$54.6M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0284%	8h	164.04	−0.006%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDTlong	+0.0323%	8h	164.05	long leg	$16.6M	$41.1M	50x
Phoenix MSTR	+0.0340%	1h	164.02	−0.021%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	163.93	−0.076%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0788%	1h	164.00	−0.030%	$279K	$438K	10x	as long as short