Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0192%/8h= +21.1% APRpaid last 24h +0.047%

Price spread now: Phoenix against Bitget−0.139%89s7-day average −0.004% · you buy dearer than you sell

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−$370.368% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 3 days (all we have)+0.504%+$50 · spread now −0.139%, 7d avg −0.004%

Together, before fees+0.816%+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.135% cheaper against Bitget than usual: you would sell low and buy high (spread −0.139% now, against its 7-day average of −0.004%). If the spread goes back, that is −$13 on $10k: about 2.3 days of funding at the current rate (+$6 a day). The two prices were read 89 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	Bitget MSTRUSDT	169.24	0.0039	pay 0.0039% / 8h	58m 02s	$28.8M	$120.6M	25x
Short	Phoenix MSTR	169.00	0.0231	get 0.0029% / 1h	58m 02s	$57K	$392K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.139%Rate

Funding earned: $40.41
Price spread: −0.139% → −0.004%: −$13.48
Slippage, 4 orders: −$17.83
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.91
Costs to cover: 0.368%
Break-even: 8.7 days

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 18 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 Bitget live order book, 1 min ago	0.30 bp	9.2 bp −$9	14.7 bp −$147	26.5 bp −$2,648	doesn't fit
Sell Phoenix live order book, 18 min ago	3.01 bp	10.1 bp −$10	20.4 bp −$204	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	−0.0054%	1h	169.13	−0.066%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0012%	8h	169.15	−0.053%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.15	−0.053%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.28	+0.022%	$89.4M	$629.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.22	−0.012%	$22.0M	$106.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.21	−0.018%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.02	−0.129%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.12	−0.072%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.20	−0.024%	$2.9M	$64K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.22	−0.011%	$276K	$442K	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	169.24	0.000%	$3.6M	$2.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.06	−0.108%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDTlong	+0.0039%	8h	169.24	long leg	$28.8M	$120.6M	25x
Vest MSTR-USD-PERP	+0.0046%	1h	169.31	+0.041%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.25	+0.006%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.19	−0.030%	$393K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.22	−0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.96	−0.165%	$780K	$5.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0055%	1h	169.17	−0.041%	$57.1M	$37.5M	10x	as long as short
Bybit MSTRUSDT	+0.0074%	8h	169.24	0.000%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0095%	8h	169.19	−0.028%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.09	−0.089%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.17	−0.041%	$105K	$104K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.07	−0.100%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.91	−0.195%	$4K	$395K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.21	−0.018%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.32	+0.047%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.21	−0.019%	$140	—	10x	as long as short
Phoenix MSTRshort	+0.0231%	1h	169.00	−0.139%	$57K	$392K	10x
edgeX MSTRUSDC	+0.0424%	4h	169.08	−0.093%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.28	+0.024%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0755%	1h	169.28	+0.024%	$288K	$439K	10x	as long as short