Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0550%/8h= +60.2% APRpaid last 24h +0.077%

Price spread now: Arcus against OKX+0.024%7-day average +0.007% · you sell dearer than you buy

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

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.024%, 7d avg +0.007%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.064% in total (about 6.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	166.05	0.0252	pay 0.0252% / 8h	4h 45m	$21.9M	$79.6M	50x
Short	Arcus MSTR-USD	166.09	0.0803	get 0.0100% / 1h	45m 23s	$26K	$67K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against OKX. 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 OKXbpFee ArcusbpOrdersPrice spread, now +0.024%Rate

Funding earned: $115.54
Price spread: +0.024% → +0.007%: $1.69
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $102.73
Costs to cover: 0.145%
Break-even: 0.8 days

Slippage unknown: OKX: live order book, 2 min ago; Arcus: 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 OKX live order book, 2 min ago	0.30 bp	7.7 bp −$8	14.4 bp −$144	74.7 bp −$7,475	doesn't fit
Sell Arcus no order-book sample	—	—	—	—	—

Arcus: 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 exchanges

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
Gate MSTR_USDT	0.0000%	8h	166.09	+0.024%	$4.9M	$17.1M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.05	0.000%	$32.3M	$102.9M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.91	−0.084%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.77	−0.169%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.79	−0.154%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.500%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.03	−0.012%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.00	−0.030%	$390K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.97	−0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.85	−0.120%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	165.93	−0.072%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.77	−0.169%	$1.4M	$354K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0089%	8h	165.85	−0.119%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.89	−0.096%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.90	−0.090%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.57	−0.289%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.96	−0.054%	$2K	$11K	10x	as long as short
Nado MSTR-PERP	+0.0102%	1h	165.90	−0.091%	$144K	$135K	3x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.92	−0.080%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0165%	8h	166.06	+0.006%	$16.5M	$37.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0231%	1h	166.01	−0.024%	$54.8M	$33.5M	10x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0252%	8h	166.05	long leg	$21.9M	$79.6M	50x
Aster MSTRUSDT	+0.0263%	8h	165.91	−0.084%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	165.88	−0.102%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0348%	8h	165.74	−0.185%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0418%	8h	166.13	+0.050%	$89K	$962K	10x	as long as short
Binance MSTRUSDT	+0.0442%	8h	166.02	−0.018%	$87.2M	$516.5M	50x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	165.98	−0.042%	$287K	$356K	10x	as long as short
BloFin MSTR-USDT	+0.0574%	8h	166.13	+0.048%	$1.1M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0580%	4h	165.63	−0.255%	$48K	$4.5M	10x	as long as short
Arcus MSTR-USDshort	+0.0803%	1h	166.09	+0.024%	$26K	$67K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0896%	1h	165.94	−0.066%	$282K	$188K	10x	as long as short