Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0378%/8h= −41.3% APRpaid last 24h −0.064%

Price spread now: Phemex against Binance−0.004%7-day average +0.028% · you buy dearer than you sell

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

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.273%−$27 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now −0.004%, 7d avg +0.028%

Together, before fees−0.265%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.033% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	166.17	0.0378	pay 0.0378% / 8h	6h 20m	$87.0M	$556.3M	50x
Short	Phemex MSTRUSDT	166.16	0	get 0.0000% / 4h	2h 20m	$2.8M	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$79.3
Price spread: −0.004% → +0.028%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$104.57
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 2 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 Binance live order book, 2 min ago	0.30 bp	5.7 bp −$6	9.5 bp −$95	30.5 bp −$3,051	121.1 bp −$60.5K
Sell Phemex live order book, 2 min ago	3.91 bp	doesn't fit	doesn't fit	doesn't fit	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	166.16	−0.004%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.18	+0.008%	$31.9M	$108.2M	25x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	166.16	−0.004%	$2.8M	$85K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	166.04	−0.079%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.26	+0.056%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.07	−0.059%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.16	−0.004%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.89	−0.167%	$883K	$3.4M	10x	as long as short
Lighter MSTR	+0.0056%	1h	166.10	−0.041%	$3.5M	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.04	−0.077%	$1.3M	$6.4M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0096%	8h	166.07	−0.056%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.95	−0.131%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.99	−0.107%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.76	−0.245%	$6K	$167K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.15	−0.010%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.13	−0.020%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0106%	1h	165.99	−0.107%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.233%	$1.4M	$401K	10x	as long as short
Aster MSTRUSDT	+0.0192%	8h	165.93	−0.141%	$1.8M	$7.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0255%	1h	166.11	−0.034%	$54.9M	$34.7M	10x	as long as short
Bybit MSTRUSDT	+0.0259%	8h	166.21	+0.026%	$17.2M	$38.8M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0268%	8h	166.14	−0.016%	$21.6M	$87.1M	50x	as long as short
Variational Omni MSTR	+0.0287%	8h	166.04	−0.076%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	165.61	−0.333%	$55K	$217K	10x	as long as short
Binance MSTRUSDTlong	+0.0378%	8h	166.17	long leg	$87.0M	$556.3M	50x
GRVT MSTR_USDT_Perp	+0.0397%	8h	166.07	−0.059%	$88K	$852K	10x	as long as short
edgeX MSTRUSDC	+0.0424%	4h	165.69	−0.288%	$49K	$5.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.570%	$7K	$28K	30x	as long as short
BloFin MSTR-USDT	+0.0496%	8h	166.04	−0.077%	$1.1M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.12	−0.026%	$274K	$353K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0714%	1h	166.20	+0.020%	$283K	$224K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.20	+0.020%	$26K	$77K	10x	as long as short