Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0202%/8h= +22.1% APRpaid last 24h +0.015%

Price spread now: Bybit against Coinbase International+0.068%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.068%, 7d avg +0.092%

Together, before fees−0.181%−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.024% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.068% now, against its 7-day average of +0.092%). If the spread goes back, that is −$2 on $10k: about 10 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.108%, 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 7 days it paid -0.108% in total (about -5.6% 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	Coinbase International MSTR-PERP-INTX	161.81	0.0168	pay 0.0021% / 1h	28m 16s	$1.4M	$1.1M	10x
Short	Bybit MSTRUSDT	161.92	0.0370	get 0.0370% / 8h	2h 28m	$16.5M	$41.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: $42.32
Price spread: +0.068% → +0.092%: −$2.42
Slippage, 4 orders: −$23.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4.12
Costs to cover: 0.440%
Break-even: 7.7 days

Slippage from Coinbase International: live order book, just now; 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 Coinbase International live order book, just now	6.18 bp	11.2 bp −$11	16.0 bp −$160	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.16 bp	11.7 bp −$12	19.7 bp −$197	125.3 bp −$12.5K	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	−0.1165%	8h	162.14	+0.204%	$26.9M	$117.8M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.87	+0.039%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.04	+0.142%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.303%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	161.72	−0.059%	$497K	$2.0M	10x	as long as short
Vest MSTR-USD-PERP	+0.0033%	1h	161.61	−0.124%	—	$1.8M	25x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.654%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.44	+0.389%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.89	+0.049%	$374K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.89	+0.049%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.18	+0.229%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	161.94	+0.080%	$1.4M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.95	+0.087%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0092%	8h	161.88	+0.043%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.98	+0.105%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.89	+0.049%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.29	+0.297%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.83	+0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.87	+0.040%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	162.32	+0.315%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0149%	8h	161.92	+0.069%	$65	—	5x	as long as short
Lighter MSTR	+0.0160%	1h	161.91	+0.062%	$3.4M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0168%	1h	161.81	long leg	$1.4M	$1.1M	10x
Binance MSTRUSDT	+0.0197%	8h	161.84	+0.019%	$83.5M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0210%	8h	162.40	+0.367%	$79K	$831K	10x	as long as short
BloFin MSTR-USDT	+0.0317%	8h	162.23	+0.260%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0349%	1h	161.88	+0.043%	$53.8M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.371%	$55K	$226K	10x	as long as short
Bybit MSTRUSDTshort	+0.0370%	8h	161.92	+0.068%	$16.5M	$41.6M	50x
Nado MSTR-PERP	+0.0376%	1h	161.93	+0.077%	$129K	$157K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0430%	1h	161.77	−0.025%	$275K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0858%	4h	162.53	+0.446%	$48K	$5.4M	10x	as long as short