Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Phemex against Aevo+0.064%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.064% dearer against Aevo than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSTR-PERP	168.57	0.0104	pay 0.0013% / 1h	37m 35s	$140	—	10x
Short	Phemex MSTRUSDT	168.68	0	get 0.0000% / 4h	3h 37m	$2.8M	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$21.84
Price spread: +0.064% → 0.000%: $6.38
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.46
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phemex: live order book, 6 min ago. 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 Aevo no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	5.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Aevo: 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 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	−0.0076%	1h	168.45	−0.074%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.61	+0.022%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.64	+0.040%	$21.7M	$101.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.65	+0.046%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.66	+0.052%	$28.5M	$114.1M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.74	+0.099%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.93	+0.215%	$85K	$860K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	168.68	+0.064%	$2.8M	$66K	10x
Bybit MSTRUSDT	+0.0004%	8h	168.64	+0.040%	$15.1M	$39.3M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.54	−0.019%	$3.6M	$2.0M	10x	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	168.38	−0.111%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.54	−0.019%	$1.4M	$9.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.81	+0.141%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.56	−0.007%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.48	−0.055%	$395K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.53	−0.025%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.47	−0.061%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0054%	8h	168.64	+0.039%	$88.9M	$617.3M	50x	as long as short
BloFin MSTR-USDT	+0.0085%	8h	168.71	+0.082%	$1.1M	$1.9M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.54	−0.021%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.067%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.58	+0.006%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.61	+0.022%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.63	+0.034%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.57	−0.001%	$3K	$8K	10x	as long as short
Aevo MSTR-PERPlong	+0.0104%	1h	168.57	long leg	$140	—	10x
tradeXYZ xyz:MSTR	+0.0196%	1h	168.54	−0.019%	$56.9M	$35.2M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.455%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.69	+0.070%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.65	+0.047%	$275K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0640%	1h	168.60	+0.016%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0894%	4h	168.75	+0.106%	$47K	$5.5M	10x	as long as short