Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0457%/8h= +50.0% APRpaid last 24h −0.012%

Price spread now: Arcus against Gate+0.053%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$510.509% of the position

Long on Gate Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.142%−$14 on $10k

Price spread, last 4 days (all we have)−0.135%−$13 · spread now +0.053%, 7d avg +0.010%

Together, before fees−0.277%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Arcus is 0.043% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.010%. Mind the row above: over the last 3 days funding on this pair cost −0.142%, 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 3 days it paid -0.142% in total (about -15.4% 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	Gate MSTR_USDT	169.10	0	get 0.0000% / 8h	1h 13m	$4.8M	$19.4M	50x
Short	Arcus MSTR-USD	169.19	0.0457	get 0.0057% / 1h	13m 25s	$27K	$129K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Gate. 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 GatebpFee ArcusbpOrdersPrice spread, now +0.053%Rate

Funding earned: $95.91
Price spread: +0.053% → +0.010%: $4.28
Slippage, 4 orders: −$31.37
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $49.32
Costs to cover: 0.509%
Break-even: 3.4 days

Slippage from Gate: live order book, 5 min ago; Arcus: live order book, 4 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 Gate live order book, 5 min ago	1.18 bp	14.0 bp −$14	36.1 bp −$361	doesn't fit	doesn't fit
Sell Arcus live order book, 4 min ago	7.38 bp	11.0 bp −$11	35.3 bp −$353	doesn't fit	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
Nado MSTR-PERP	−0.0073%	1h	169.03	−0.042%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	169.28	+0.106%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	+0.012%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.11	+0.006%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.11	+0.006%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.15	+0.030%	$275K	$442K	10x	as long as short
Gate MSTR_USDTlong	0.0000%	8h	169.10	long leg	$4.8M	$19.4M	50x
Variational Omni MSTR	0.0000%	8h	169.28	+0.109%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.35	+0.151%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.17	+0.041%	$2.9M	$63K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.13	+0.018%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.00	−0.058%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0033%	8h	169.06	−0.024%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.18	+0.047%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.16	+0.035%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.02	−0.047%	$399K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.16	+0.035%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	0.000%	$781K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.260%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0063%	8h	169.09	−0.006%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0080%	8h	169.19	+0.052%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0089%	1h	169.01	−0.053%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.15	+0.029%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.04	−0.035%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.10	0.000%	$4K	$406K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.16	+0.035%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.18	+0.049%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.27	+0.099%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.130%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0348%	4h	169.33	+0.137%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0400%	1h	169.22	+0.071%	$288K	$439K	10x	as long as short
Arcus MSTR-USDshort	+0.0457%	1h	169.19	+0.053%	$27K	$129K	10x