Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0281%/8h= +30.7% APRpaid last 24h +0.056%

Price spread now: Phoenix against KuCoin+0.088%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)+1.147%+$115 · spread now +0.088%, 7d avg +0.034%

Together, before fees+1.491%+$149 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.054% dearer against KuCoin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	164.81	0.0100	pay 0.0100% / 8h	6h 43m	$2.4M	$2.7M	20x
Short	Phoenix MSTR	164.96	0.0381	get 0.0048% / 1h	43m 04s	$55K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.088%Rate

Funding earned: $58.93
Price spread: +0.088% → +0.034%: $5.45
Slippage, 4 orders: −$66.98
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$21.6
Costs to cover: 0.860%
Break-even: 9.6 days

Slippage from KuCoin: live order book, 9 min ago; Phoenix: live order book, 23 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 KuCoin live order book, 9 min ago	2.42 bp	31.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	3.90 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	−0.0544%	8h	165.05	+0.146%	$27.2M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0320%	8h	164.82	+0.006%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.94	+0.079%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.67	−0.085%	$21.1M	$100.2M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.05	+0.146%	$270K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.99	+0.112%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.86	+0.030%	$76K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.02	+0.127%	$2.8M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0004%	8h	164.69	−0.073%	$87.1M	$624.6M	50x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.449%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.73	−0.049%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.16	+0.212%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.76	−0.030%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.87	+0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.77	−0.024%	$799K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.03	+0.133%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.06	+0.149%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.81	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.86	+0.030%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.91	+0.061%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.89	+0.046%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0130%	1h	164.97	+0.097%	$383K	$2.7M	10x	as long as short
Lighter MSTR	+0.0136%	1h	164.86	+0.030%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0158%	8h	165.04	+0.138%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.97	+0.097%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.749%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0366%	1h	164.79	−0.012%	$55.7M	$36.5M	10x	as long as short
Phoenix MSTRshort	+0.0381%	1h	164.96	+0.088%	$55K	$219K	10x
edgeX MSTRUSDC	+0.0389%	4h	165.28	+0.287%	$47K	$5.5M	10x	as long as short
Nado MSTR-PERP	+0.0414%	1h	164.88	+0.043%	$134K	$129K	3x	as long as short
Bybit MSTRUSDT	+0.0435%	8h	164.75	−0.036%	$17.2M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1146%	1h	164.98	+0.103%	$281K	$438K	10x	as long as short