Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h +0.004%

Price spread now: Phoenix against BloFin−0.083%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.321%+$32 · spread now −0.083%, 7d avg −0.017%

Together, before fees+0.345%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.066% cheaper against BloFin than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.017%). If the spread goes back, that is −$7 on $10k: about 44 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.024% in total) that is about 19 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	164.78	0.0217	pay 0.0217% / 8h	5h 32m	$1.0M	$2.0M	20x
Short	Phoenix MSTR	164.64	0.0336	get 0.0042% / 1h	32m 23s	$56K	$227K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.083%Rate

Funding earned: $24.99
Price spread: −0.083% → −0.017%: −$6.57
Slippage, 4 orders: −$20.21
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.79
Costs to cover: 0.392%
Break-even: 12.8 days

Slippage from BloFin: live order book, 11 min ago; Phoenix: live order book, 27 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 BloFin live order book, 11 min ago	1.52 bp	7.5 bp −$8	9.8 bp −$98	18.5 bp −$1,853	doesn't fit
Sell Phoenix live order book, 27 min ago	3.89 bp	12.0 bp −$12	25.2 bp −$252	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	−0.1254%	8h	164.93	+0.091%	$27.7M	$114.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.76	−0.011%	$1.9M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.87	+0.055%	$20.9M	$99.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.93	+0.091%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.85	+0.042%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0029%	8h	164.54	−0.144%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.83	+0.030%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.73	−0.030%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.767%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.63	−0.091%	$26K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.75	−0.018%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.77	−0.006%	$384K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.84	+0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.35	−0.261%	$855K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.80	+0.012%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0074%	1h	164.76	−0.012%	$54.9M	$36.7M	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	164.86	+0.049%	$88.4M	$618.4M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.76	−0.015%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.78	0.000%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.51	−0.164%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.85	+0.042%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.85	+0.041%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.82	+0.025%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0164%	8h	164.63	−0.091%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.419%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDTlong	+0.0217%	8h	164.78	long leg	$1.0M	$2.0M	20x
Nado MSTR-PERP	+0.0220%	1h	164.76	−0.015%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.84	+0.039%	$270K	$447K	10x	as long as short
Phoenix MSTRshort	+0.0336%	1h	164.64	−0.083%	$56K	$227K	10x
Bybit MSTRUSDT	+0.0347%	8h	164.92	+0.085%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0600%	1h	164.91	+0.079%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0681%	4h	164.52	−0.157%	$49K	$5.4M	10x	as long as short