Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.103%

Price spread now: Phemex against Arcus−0.024%7-day average +0.011% · you buy dearer than you sell

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

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.134%−$13 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.024%, 7d avg +0.011%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.035% cheaper against Arcus than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	169.70	0.0040	pay 0.0005% / 1h	56m 25s	$27K	$122K	10x
Short	Phemex MSTRUSDT	169.66	0	get 0.0000% / 4h	3h 56m	$2.9M	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$8.46
Price spread: −0.024% → +0.011%: −$3.46
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.42
Costs to cover: 0.165%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 17 min ago; Phemex: live order book, 2 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 Arcus live order book, 17 min ago	6.51 bp	12.8 bp −$13	40.0 bp −$400	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	24.18 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
Nado MSTR-PERP	−0.0072%	1h	169.58	−0.069%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.46	−0.144%	$1.3M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.65	−0.029%	$15.2M	$39.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.59	−0.065%	$22.0M	$104.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.57	−0.077%	$4.7M	$18.8M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.152%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	169.66	−0.024%	$2.9M	$66K	10x
Lighter MSTR	+0.0032%	1h	169.56	−0.082%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.48	−0.132%	$581K	$1.7M	10x	as long as short
Bitget MSTRUSDT	+0.0035%	8h	169.54	−0.094%	$28.7M	$116.2M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	169.56	−0.082%	$1.5M	$10.2M	10x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	169.70	long leg	$27K	$122K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.82	+0.071%	—	$2.1M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0046%	8h	169.55	−0.087%	$77K	$871K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.58	−0.071%	$400K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.73	+0.018%	$765K	$5.1M	10x	as long as short
BloFin MSTR-USDT	+0.0057%	8h	169.81	+0.065%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0073%	8h	169.56	−0.082%	$89.5M	$624.2M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.560%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0095%	8h	169.58	−0.069%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.55	−0.090%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.51	−0.112%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	−0.242%	$4K	$223K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.80	+0.059%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.58	−0.072%	$141	—	10x	as long as short
SoDEX MSTR-USD	+0.0197%	1h	169.77	+0.041%	$45K	$3K	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.49	−0.124%	$13K	$21K	30x	as long as short
Phoenix MSTR	+0.0260%	1h	169.47	−0.134%	$57K	$384K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0325%	1h	169.54	−0.094%	$57.2M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.59	−0.068%	$276K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0365%	4h	169.54	−0.094%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0457%	1h	169.79	+0.053%	$289K	$438K	10x	as long as short