Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.017%

Price spread now: Phoenix against Aster−0.078%95s7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.360% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 3 days (all we have)+0.474%+$47 · spread now −0.078%, 7d avg +0.024%

Together, before fees+0.805%+ Points / potential airdropAster: Stage 5 · farm board+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.102% cheaper against Aster than usual: you would sell low and buy high (spread −0.078% now, against its 7-day average of +0.024%). If the spread goes back, that is −$10 on $10k: about 44 hours of funding at the current rate (+$6 a day). The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSTRUSDT	169.35	0	get 0.0000% / 8h	2h 35m	$1.3M	$6.2M	50x
Short	Phoenix MSTR	169.22	0.0184	get 0.0023% / 1h	35m 49s	$57K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.078%Rate

Funding earned: $38.57
Price spread: −0.078% → +0.024%: −$10.2
Slippage, 4 orders: −$20.98
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.61
Costs to cover: 0.360%
Break-even: 8.4 days

Slippage from Aster: live order book, 3 min ago; Phoenix: live order book, 51 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 Aster live order book, 3 min ago	1.18 bp	10.0 bp −$10	123.3 bp −$1,233	doesn't fit	doesn't fit
Sell Phoenix live order book, 51 min ago	2.65 bp	9.3 bp −$9	18.3 bp −$183	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	−0.0145%	1h	169.34	−0.006%	$139K	$101K	3x	as long as short
Aster MSTRUSDTlong	0.0000%	8h	169.35	long leg	$1.3M	$6.2M	50x
Binance MSTRUSDT	0.0000%	8h	169.36	+0.005%	$88.7M	$629.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.38	+0.017%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.37	+0.010%	$299K	$435K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.29	−0.037%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.21	−0.086%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.17	−0.109%	$83K	$960K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	0.0000%	1h	169.38	+0.017%	$288K	$438K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.39	+0.023%	$2.9M	$56K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MSTR-USDT	+0.0019%	8h	169.36	+0.005%	$1.1M	$1.8M	20x	as long as short
Lighter MSTR	+0.0032%	1h	169.31	−0.025%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.29	−0.036%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.28	−0.042%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.43	+0.046%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.143%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.36	+0.005%	$56.9M	$38.0M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.32	−0.019%	$416K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.27	−0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	−0.149%	$738K	$5.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0067%	8h	169.38	+0.017%	$68	—	5x	as long as short
Bitget MSTRUSDT	+0.0074%	8h	169.37	+0.011%	$28.9M	$119.6M	25x	as long as short
Bybit MSTRUSDT	+0.0088%	8h	169.45	+0.058%	$15.2M	$41.4M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.37	+0.008%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.24	−0.066%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.26	−0.054%	$4K	$1.0M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.34	−0.007%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.002%	$141	—	10x	as long as short
Phoenix MSTRshort	+0.0184%	1h	169.22	−0.078%	$57K	$396K	10x
edgeX MSTRUSDC	+0.0192%	4h	169.19	−0.095%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.40	+0.028%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.149%	$13K	$22K	30x	as long as short