Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.020%

Price spread now: Phemex against GRVT−0.042%77s7-day average +0.013% · you buy dearer than you sell

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

Long on GRVT Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.150%−$15 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −0.042%, 7d avg +0.013%

Together, before fees−0.194%+ Points / potential airdropGRVT: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.055% cheaper against GRVT than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.013%). Swap the legs. The two prices were read 77 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	GRVT MSTR_USDT_Perp	169.55	0.0046	pay 0.0046% / 8h	7h 56m	$77K	$871K	10x
Short	Phemex MSTRUSDT	169.48	0	get 0.0000% / 4h	3h 56m	$2.9M	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GRVT. 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 GRVTbpFee PhemexbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$9.66
Price spread: −0.042% → +0.013%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.17
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 17 min ago; Phemex: live order book, 3 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 GRVT live order book, 17 min ago	0.89 bp	8.5 bp −$9	11.7 bp −$117	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	24.18 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
Nado MSTR-PERP	−0.0072%	1h	169.58	+0.018%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.45	−0.060%	$1.3M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.66	+0.064%	$15.2M	$39.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.59	+0.022%	$22.0M	$104.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.56	+0.005%	$4.7M	$18.8M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	169.48	−0.042%	$2.9M	$66K	10x
Variational Omni MSTR	+0.0002%	8h	169.63	+0.047%	$1.2M	$2.4M	—	as long as short
Lighter MSTR	+0.0032%	1h	169.53	−0.013%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.48	−0.045%	$581K	$1.7M	10x	as long as short
Bitget MSTRUSDT	+0.0035%	8h	169.61	+0.034%	$28.7M	$116.2M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	169.56	+0.005%	$1.5M	$10.2M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.70	+0.087%	$27K	$122K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.82	+0.158%	—	$2.1M	25x	as long as short
GRVT MSTR_USDT_Perplong	+0.0046%	8h	169.55	long leg	$77K	$871K	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.58	+0.017%	$400K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.58	+0.017%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.73	+0.105%	$765K	$5.1M	10x	as long as short
BloFin MSTR-USDT	+0.0057%	8h	169.81	+0.152%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0073%	8h	169.60	+0.028%	$89.6M	$624.2M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.473%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0095%	8h	169.58	+0.018%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.55	−0.003%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.51	−0.025%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	−0.154%	$4K	$223K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.59	+0.022%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.58	+0.015%	$141	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.49	−0.037%	$13K	$21K	30x	as long as short
Phoenix MSTR	+0.0260%	1h	169.47	−0.047%	$57K	$384K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0306%	1h	169.65	+0.058%	$57.3M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.59	+0.020%	$276K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0365%	4h	169.54	−0.007%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0458%	1h	169.62	+0.040%	$288K	$438K	10x	as long as short