Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0315%/8h= −34.4% APRpaid last 24h −0.082%

Price spread now: Phemex against BloFin+0.289%7-day average +0.015% · you sell dearer than you buy

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

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 4 days (all we have)−0.286%−$29 · spread now +0.289%, 7d avg +0.015%

Together, before fees−0.750%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.274% dearer against BloFin than usual: you sell high and buy low (spread +0.289% now, against its 7-day average of +0.015%): +$27 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	162.57	0.0315	pay 0.0315% / 8h	2h 33m	$1.0M	$2.1M	20x
Short	Phemex MSTRUSDT	163.04	0	get 0.0000% / 4h	2h 33m	$2.7M	$77K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now +0.289%Rate

Funding earned: −$66.06
Price spread: +0.289% → +0.015%: $27.44
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.62
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: BloFin: live order book, 5 min ago; Phemex: live order book, 5 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 BloFin live order book, 5 min ago	0.31 bp	6.9 bp −$7	9.9 bp −$99	16.6 bp −$1,657	doesn't fit
Sell Phemex live order book, 5 min ago	0.31 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
Bitget MSTRUSDT	−0.1073%	8h	162.75	+0.111%	$27.0M	$117.7M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	162.48	−0.053%	$1.7M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.59	+0.012%	$4.6M	$19.5M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	163.04	+0.289%	$2.7M	$77K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	162.26	−0.191%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.164%	$8K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0039%	1h	162.22	−0.215%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.96	+0.240%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.43	−0.086%	$375K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.48	−0.055%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.38	−0.117%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.53	−0.025%	$1.4M	$7.2M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.53	−0.023%	$264K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0091%	8h	162.55	−0.012%	$20.6M	$99.6M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.54	−0.016%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.41	−0.098%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.94	+0.228%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.45	−0.074%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.54	−0.018%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	163.00	+0.264%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.46	−0.068%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.54	−0.018%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0192%	1h	162.43	−0.086%	$3.4M	$1.9M	10x	as long as short
Binance MSTRUSDT	+0.0195%	8h	162.50	−0.042%	$84.3M	$625.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0200%	8h	163.11	+0.330%	$79K	$831K	10x	as long as short
BloFin MSTR-USDTlong	+0.0315%	8h	162.57	long leg	$1.0M	$2.1M	20x
Phoenix MSTR	+0.0362%	1h	163.10	+0.326%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0367%	8h	162.54	−0.018%	$16.6M	$41.3M	50x	as long as short
edgeX MSTRUSDC	+0.0367%	4h	163.14	+0.353%	$48K	$5.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0370%	1h	162.49	−0.049%	$54.1M	$37.2M	10x	as long as short
Nado MSTR-PERP	+0.0382%	1h	162.32	−0.151%	$130K	$156K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0921%	1h	162.49	−0.049%	$276K	$438K	10x	as long as short