Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.004%

Price spread now: Phoenix against Bybit−0.016%45s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$400.402% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$22 on $10k

Price spread, last 3 days (all we have)+0.475%+$48 · spread now −0.016%, 7d avg +0.004%

Together, before fees+0.690%+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.020% cheaper against Bybit than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.004%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day). The two prices were read 45 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	Bybit MSTRUSDT	169.30	0.0091	pay 0.0091% / 8h	2h 28m	$15.2M	$41.1M	50x
Short	Phoenix MSTR	169.27	0.0184	get 0.0023% / 1h	28m 41s	$57K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.016%Rate

Funding earned: $19.47
Price spread: −0.016% → +0.004%: −$2.03
Slippage, 4 orders: −$22.18
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$22.75
Costs to cover: 0.402%
Break-even: 15.2 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 58 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 Bybit live order book, 5 min ago	1.48 bp	10.9 bp −$11	15.1 bp −$151	117.0 bp −$11.7K	doesn't fit
Sell Phoenix live order book, 58 min ago	2.65 bp	9.3 bp −$9	18.3 bp −$183	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	−0.0108%	1h	169.12	−0.105%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.27	−0.018%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.33	+0.019%	$88.7M	$629.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.34	+0.024%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.33	+0.019%	$296K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.29	−0.006%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.30	−0.002%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.28	−0.014%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	+0.006%	$2.9M	$57K	10x	as long as short
BloFin MSTR-USDT	+0.0002%	8h	169.21	−0.053%	$1.1M	$1.8M	20x	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	169.23	−0.041%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.11	−0.109%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.29	−0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.36	+0.035%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.112%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.22	−0.047%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.22	−0.047%	$410K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.28	−0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.11	−0.112%	$737K	$5.0M	10x	as long as short
Bitget MSTRUSDT	+0.0068%	8h	169.33	+0.018%	$28.8M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	169.26	−0.024%	$68	—	5x	as long as short
Bybit MSTRUSDTlong	+0.0091%	8h	169.30	long leg	$15.2M	$41.1M	50x
Pacifica MSTR	+0.0100%	1h	169.27	−0.017%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.20	−0.059%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.27	−0.018%	$4K	$979K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.28	−0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.28	−0.012%	$141	—	10x	as long as short
Phoenix MSTRshort	+0.0184%	1h	169.27	−0.016%	$57K	$396K	10x
edgeX MSTRUSDC	+0.0358%	4h	169.27	−0.018%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.35	+0.030%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.118%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.31	+0.006%	$288K	$438K	10x	as long as short