Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.006%

Price spread now: Bybit against tradeXYZ+0.036%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.025%+$2 · spread now +0.036%, 7d avg +0.074%

Together, before fees−0.019%+ Points / potential airdroptradeXYZ: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.037% cheaper against tradeXYZ than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	166.03	0.0271	pay 0.0034% / 1h	8m 13s	$54.8M	$34.3M	10x
Short	Bybit MSTRUSDT	166.09	0.0273	get 0.0273% / 8h	6h 08m	$17.1M	$38.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0.53
Price spread: +0.036% → +0.074%: −$3.75
Slippage, 4 orders: −$10.94
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.16
Costs to cover: 0.399%
Break-even: 580.3 days

Slippage from tradeXYZ: live order book, 4 min ago; Bybit: 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 tradeXYZ live order book, 4 min ago	0.30 bp	10.7 bp −$11	12.6 bp −$126	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.20 bp	9.0 bp −$9	14.0 bp −$140	116.8 bp −$11.7K	doesn't fit

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	166.10	+0.042%	$4.9M	$18.5M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.11	+0.048%	$32.0M	$106.5M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.10	+0.042%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.97	−0.033%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.20	+0.102%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	166.03	0.000%	$3.5M	$1.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.00	−0.018%	$383K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.01	−0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.86	−0.102%	$881K	$3.3M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.02	−0.006%	$1.3M	$6.2M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0100%	1h	165.95	−0.051%	$127K	$133K	3x	as long as short
Pacifica MSTR	+0.0100%	1h	165.96	−0.045%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.01	−0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.85	−0.108%	$6K	$157K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.08	+0.030%	$3K	$10K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0103%	8h	166.03	−0.002%	$66	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.07	+0.025%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.151%	$1.4M	$390K	10x	as long as short
Aster MSTRUSDT	+0.0213%	8h	166.03	0.000%	$1.8M	$7.0M	50x	as long as short
tradeXYZ xyz:MSTRlong	+0.0271%	1h	166.03	long leg	$54.8M	$34.3M	10x
Bybit MSTRUSDTshort	+0.0273%	8h	166.09	+0.036%	$17.1M	$38.2M	50x
OKX MSTR-USDT-SWAP	+0.0275%	8h	166.05	+0.012%	$21.6M	$85.0M	50x	as long as short
Variational Omni MSTR	+0.0305%	8h	165.95	−0.050%	$1.2M	$1.7M	—	as long as short
edgeX MSTRUSDC	+0.0338%	4h	166.00	−0.016%	$49K	$5.0M	10x	as long as short
Phoenix MSTR	+0.0355%	1h	165.98	−0.029%	$55K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0396%	8h	166.05	+0.012%	$86.9M	$545.4M	50x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.488%	$7K	$28K	30x	as long as short
GRVT MSTR_USDT_Perp	+0.0466%	8h	166.03	−0.001%	$80K	$843K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0473%	1h	166.03	0.000%	$282K	$209K	10x	as long as short
BloFin MSTR-USDT	+0.0515%	8h	166.04	+0.006%	$1.1M	$1.9M	20x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.10	+0.039%	$274K	$353K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.11	+0.048%	$26K	$71K	10x	as long as short