Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0339%/8h= +37.1% APRpaid last 24h +0.025%

Price spread now: Bybit against Extended+0.099%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

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

costs, in and out, $10k−$330.330% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.099%, 7d avg +0.090%

Together, before fees−0.074%+ Points / potential airdropExtended: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.090%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% 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	Extended MSTR_24_5-USD	162.15	0.0032	pay 0.0004% / 1h	29m 15s	$513K	$2.0M	10x
Short	Bybit MSTRUSDT	162.31	0.0371	get 0.0371% / 8h	2h 29m	$16.6M	$41.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.099%Rate

Funding earned: $71.12
Price spread: +0.099% → +0.090%: $0.87
Slippage, 4 orders: −$17.02
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $38.96
Costs to cover: 0.330%
Break-even: 3.2 days

Slippage from Extended: live order book, 4 min ago; Bybit: 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 Extended live order book, 4 min ago	2.77 bp	6.6 bp −$7	19.7 bp −$197	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.92 bp	9.6 bp −$10	15.6 bp −$156	113.8 bp −$11.4K	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	−0.1146%	8h	162.46	+0.191%	$26.9M	$117.8M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	162.27	+0.076%	$1.7M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.36	+0.130%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.87	+0.444%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	162.15	long leg	$513K	$2.0M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.434%	$8K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0034%	1h	161.94	−0.130%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.55	+0.247%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.25	+0.062%	$374K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.21	+0.037%	$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	+0.019%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.31	+0.099%	$1.4M	$7.2M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.38	+0.145%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0093%	8h	162.23	+0.049%	$20.4M	$99.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.27	+0.075%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.22	+0.043%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.29	+0.086%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.28	+0.080%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.29	+0.087%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	162.32	+0.105%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0151%	8h	162.28	+0.079%	$65	—	5x	as long as short
Lighter MSTR	+0.0160%	1h	162.18	+0.019%	$3.4M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.16	+0.006%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0197%	8h	162.23	+0.049%	$83.7M	$626.1M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0210%	8h	162.40	+0.156%	$79K	$831K	10x	as long as short
BloFin MSTR-USDT	+0.0317%	8h	162.23	+0.049%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0357%	1h	162.25	+0.062%	$54.0M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.160%	$55K	$226K	10x	as long as short
Bybit MSTRUSDTshort	+0.0371%	8h	162.31	+0.099%	$16.6M	$41.4M	50x
Nado MSTR-PERP	+0.0378%	1h	162.24	+0.058%	$130K	$157K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0675%	1h	162.31	+0.099%	$276K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0858%	4h	162.53	+0.235%	$48K	$5.4M	10x	as long as short