Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.060%7-day average +0.036% · you sell dearer than you buy

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

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.060%, 7d avg +0.036%

Together, before fees−0.460%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.025% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.036%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSTRUSDT	165.40	0.0100	pay 0.0013% / 1h	12m 35s	$4K	$184K	50x
Short	Phemex MSTRUSDT	165.50	0	get 0.0000% / 4h	1h 12m	$2.8M	$72K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$21
Price spread: +0.060% → +0.036%: $2.49
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$40.51
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 61 min ago; 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 ApeX Omni live order book, 61 min ago	3.03 bp	34.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.84 bp	doesn't fit	doesn't fit	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
Bitget MSTRUSDT	−0.0932%	8h	165.66	+0.157%	$27.8M	$114.6M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.48	+0.046%	$1.9M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.61	+0.127%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	165.50	+0.060%	$2.8M	$72K	10x
OKX MSTR-USDT-SWAP	+0.0001%	8h	165.55	+0.091%	$20.8M	$100.1M	50x	as long as short
Lighter MSTR	+0.0032%	1h	165.48	+0.048%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.40	0.000%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.382%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0040%	8h	165.67	+0.165%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.57	+0.103%	$27K	$110K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.68	+0.169%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.44	+0.024%	$55.1M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.50	+0.060%	$383K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.39	−0.006%	$882K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.53	+0.079%	$1.4M	$7.5M	10x	as long as short
SoDEX MSTR-USD	+0.0093%	1h	165.49	+0.054%	$44K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.46	+0.035%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.50	+0.060%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	165.40	long leg	$4K	$184K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.54	+0.085%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.53	+0.081%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0109%	8h	165.61	+0.127%	$88.3M	$616.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0134%	8h	165.57	+0.104%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	165.55	+0.088%	$75K	$749K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	+0.067%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0216%	1h	165.51	+0.068%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0228%	8h	165.53	+0.079%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.58	+0.109%	$271K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.57	+0.101%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	165.64	+0.145%	$17.3M	$40.6M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0657%	1h	165.56	+0.097%	$282K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0965%	4h	165.49	+0.053%	$51K	$5.4M	10x	as long as short