Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.012%

Price spread now: Phoenix against Binance+0.130%75s7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$310.307% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 2 days (all we have)−0.370%−$37 · spread now +0.130%, 7d avg −0.014%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.144% dearer against Binance than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.014%. The two prices were read 75 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	Binance MSTRUSDT	169.00	0	get 0.0000% / 8h	1h 36m	$88.3M	$628.7M	50x
Short	Phoenix MSTR	169.22	0.0231	get 0.0029% / 1h	36m 14s	$57K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.130%Rate

Funding earned: $48.6
Price spread: +0.130% → −0.014%: $14.35
Slippage, 4 orders: −$13.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $32.21
Costs to cover: 0.307%
Break-even: 2.4 days

Slippage from Binance: live order book, 8 min ago; Phoenix: live order book, 45 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 Binance live order book, 8 min ago	0.29 bp	5.9 bp −$6	9.5 bp −$95	24.6 bp −$2,455	116.3 bp −$58.1K
Sell Phoenix live order book, 45 min ago	2.77 bp	9.5 bp −$9	18.9 bp −$189	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	−0.0098%	1h	169.03	+0.020%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0006%	8h	169.20	+0.118%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	+0.073%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDTlong	0.0000%	8h	169.00	long leg	$88.3M	$628.7M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	168.98	−0.012%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.11	+0.062%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.00	0.000%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.40	+0.234%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.36	+0.215%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.01	+0.006%	$2.9M	$61K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.95	−0.030%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.98	−0.013%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0038%	8h	169.04	+0.024%	$28.9M	$119.6M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.06	+0.036%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.18	+0.107%	—	$2.1M	25x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0046%	1h	169.03	+0.018%	$287K	$439K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.01	+0.006%	$403K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.01	+0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.02	+0.012%	$740K	$5.2M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.041%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0059%	1h	169.01	+0.006%	$56.9M	$37.9M	10x	as long as short
Bybit MSTRUSDT	+0.0064%	8h	169.01	+0.006%	$15.1M	$40.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0072%	8h	169.05	+0.027%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.11	+0.065%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.09	+0.053%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.32	+0.189%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.08	+0.047%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.06	+0.037%	$140	—	10x	as long as short
Phoenix MSTRshort	+0.0231%	1h	169.22	+0.130%	$57K	$394K	10x
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.172%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.15	+0.089%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0499%	4h	169.32	+0.189%	$48K	$5.4M	10x	as long as short