Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h −0.083%

Price spread now: Bybit against edgeX−0.399%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 7 days+0.420%+$42 · spread now −0.399%, 7d avg +0.012%

Together, before fees+0.598%+ Points / potential airdropedgeX: Active · farm board+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.411% cheaper against edgeX than usual: you would sell low and buy high (spread −0.399% now, against its 7-day average of +0.012%). If the spread goes back, that is −$41 on $10k: about 3.5 days of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.178% in total) that is about 16 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.178% in total (about 9.3% 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	edgeX MSTRUSDC	165.04	0.0056	pay 0.0028% / 4h	2h 41m	$47K	$5.4M	10x
Short	Bybit MSTRUSDT	164.38	0.0445	get 0.0445% / 8h	6h 41m	$17.1M	$41.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now −0.399%Rate

Funding earned: $81.56
Price spread: −0.399% → +0.012%: −$41.15
Slippage, 4 orders: −$27.92
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$7.51
Costs to cover: 0.479%
Break-even: 7.6 days

Slippage from edgeX: live order book, 3 min ago; Bybit: live order book, 2 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 edgeX live order book, 3 min ago	7.58 bp	18.1 bp −$18	25.0 bp −$250	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.30 bp	8.9 bp −$9	16.1 bp −$161	119.4 bp −$11.9K	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	−0.0617%	8h	164.46	−0.351%	$27.0M	$115.7M	25x	as long as short
Gate MSTR_USDT	−0.0311%	8h	164.27	−0.466%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.40	−0.385%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.32	−0.435%	$21.1M	$100.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.35	−0.417%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.99	−0.027%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.86	−0.108%	$76K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.02	−0.011%	$2.8M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0008%	8h	164.34	−0.423%	$86.9M	$625.3M	50x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.310%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.09	−0.575%	$565K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.88	−0.096%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.17	−0.526%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.49	−0.332%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.22	−0.496%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDClong	+0.0056%	4h	165.04	long leg	$47K	$5.4M	10x
QFEX MSTR-USD	+0.0064%	1h	164.30	−0.447%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.39	−0.391%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.23	−0.490%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	−0.241%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.41	−0.381%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.40	−0.386%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0124%	1h	164.28	−0.460%	$383K	$2.7M	10x	as long as short
Lighter MSTR	+0.0152%	1h	164.26	−0.472%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0162%	8h	164.27	−0.463%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	−0.223%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.606%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0368%	1h	164.26	−0.472%	$55.5M	$36.5M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	−0.277%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0408%	1h	164.14	−0.544%	$111K	$142K	3x	as long as short
Bybit MSTRUSDTshort	+0.0445%	8h	164.38	−0.399%	$17.1M	$41.2M	50x
Deribit MSTR_USDC-PERPETUAL	+0.1090%	1h	164.43	−0.369%	$280K	$438K	10x	as long as short