Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.057%

Price spread now: Phoenix against GRVT−0.006%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.313%+$31 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.006%, 7d avg −0.019%

Together, before fees+0.369%+ Points / potential airdropGRVT: Active · farm board+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSTR_USDT_Perp	162.63	0.0238	pay 0.0238% / 8h	1h 35m	$83K	$878K	10x
Short	Phoenix MSTR	162.62	0.0328	get 0.0041% / 1h	35m 29s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.006%Rate

Funding earned: $18.87
Price spread: −0.006% → −0.019%: $1.31
Slippage, 4 orders: −$21.81
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.64
Costs to cover: 0.378%
Break-even: 13.5 days

Slippage from GRVT: live order book, 7 min ago; Phoenix: live order book, 4 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 GRVT live order book, 7 min ago	1.54 bp	9.4 bp −$9	12.5 bp −$125	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.58 bp	9.2 bp −$9	18.1 bp −$181	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	−0.0942%	8h	162.79	+0.101%	$28.6M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.63	+0.003%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.36	+0.452%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0029%	8h	162.55	−0.044%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.40	−0.142%	$505K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.129%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.73	+0.064%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.18	−0.274%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.49	−0.083%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.56	−0.040%	$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	162.45	−0.108%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.54	−0.052%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.59	−0.022%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.55	−0.046%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.41	−0.132%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.58	−0.028%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.58	−0.027%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0142%	8h	162.58	−0.028%	$20.7M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	−0.042%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0152%	1h	162.52	−0.065%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.680%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0158%	8h	162.55	−0.047%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0228%	8h	162.55	−0.046%	$83.6M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perplong	+0.0238%	8h	162.63	long leg	$83K	$878K	10x
tradeXYZ xyz:MSTR	+0.0272%	1h	162.50	−0.077%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTRshort	+0.0328%	1h	162.62	−0.006%	$55K	$223K	10x
BloFin MSTR-USDT	+0.0345%	8h	162.61	−0.009%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0349%	1h	162.44	−0.114%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.56	−0.040%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0383%	8h	162.57	−0.034%	$16.8M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0711%	4h	162.63	+0.002%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0982%	1h	162.60	−0.015%	$277K	$437K	10x	as long as short