Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0536%/8h= −58.7% APRpaid last 24h −0.104%

Price spread now: Phoenix against edgeX+0.027%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$430.435% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.306%+$31 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now +0.027%, 7d avg +0.006%

Together, before fees+0.367%+ Points / potential airdropedgeX: Active · farm board+$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.021% dearer against edgeX than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of +0.006%): +$2 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 7 days funding on this pair paid +0.306%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.306% in total (about 16.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSTRUSDC	164.71	0.0749	pay 0.0375% / 4h	3h 54m	$49K	$5.3M	10x
Short	Phoenix MSTR	164.76	0.0213	get 0.0027% / 1h	54m 55s	$56K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$112.64
Price spread: +0.027% → +0.006%: $2.05
Slippage, 4 orders: −$27.45
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$154.04
Costs to cover: 0.435%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Phoenix: live order book, 60 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 edgeX live order book, 4 min ago	5.77 bp	10.7 bp −$11	17.8 bp −$178	doesn't fit	doesn't fit
Sell Phoenix live order book, 60 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	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	−0.0898%	8h	164.84	+0.077%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.58	−0.080%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.76	+0.028%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.76	+0.028%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	164.72	+0.004%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.63	−0.051%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.52	−0.117%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.809%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.72	+0.004%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.49	−0.136%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.51	−0.123%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.64	−0.044%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.40	−0.190%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.56	−0.093%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	−0.035%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.57	−0.089%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.60	−0.069%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.61	−0.063%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.64	−0.044%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.65	−0.036%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.51	−0.121%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0156%	8h	164.70	−0.008%	$87.0M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.360%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0169%	1h	164.64	−0.044%	$54.8M	$37.0M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	+0.010%	$82K	$792K	10x	as long as short
Phoenix MSTRshort	+0.0213%	1h	164.76	+0.027%	$56K	$226K	10x
RISEx MSTR/USDC	+0.0231%	1h	164.61	−0.063%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0236%	1h	164.45	−0.163%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0276%	8h	164.74	+0.016%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0342%	8h	164.75	+0.022%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDClong	+0.0749%	4h	164.71	long leg	$49K	$5.3M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0905%	1h	164.71	−0.002%	$280K	$438K	10x	as long as short