Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.033%

Price spread now: Phemex against Paradex+0.171%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.171% dearer against Paradex than usual: you sell high and buy low (spread +0.171% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSTR-USD-PERP	168.26	0.0091	pay 0.0091% / 8h	7h 32m	$67	—	5x
Short	Phemex MSTRUSDT	168.55	0	get 0.0000% / 4h	3h 32m	$2.8M	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$19.16
Price spread: +0.171% → 0.000%: $17.06
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$18.11
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 1 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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	5.34 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0050%	1h	168.13	−0.079%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.33	+0.039%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.53	+0.159%	$21.7M	$101.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.54	+0.165%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.59	+0.194%	$28.4M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.67	+0.241%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.43	+0.100%	$85K	$825K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	168.55	+0.171%	$2.8M	$66K	10x
Lighter MSTR	+0.0032%	1h	168.41	+0.087%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.31	+0.031%	$582K	$1.8M	10x	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	168.28	+0.010%	$1.4M	$9.3M	10x	as long as short
Binance MSTRUSDT	+0.0039%	8h	168.49	+0.138%	$88.9M	$615.8M	50x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.52	+0.153%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.25	−0.008%	—	$1.7M	25x	as long as short
BloFin MSTR-USDT	+0.0047%	8h	168.31	+0.028%	$1.1M	$1.9M	20x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.23	−0.020%	$395K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.29	+0.016%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.17	−0.055%	$761K	$5.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	+0.117%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERPlong	+0.0091%	8h	168.26	long leg	$67	—	5x
Pacifica MSTR	+0.0100%	1h	168.31	+0.026%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.45	+0.111%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.66	+0.236%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.44	+0.105%	$3K	$8K	10x	as long as short
Bybit MSTRUSDT	+0.0103%	8h	168.50	+0.141%	$15.1M	$39.3M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.40	+0.083%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0219%	1h	168.46	+0.117%	$56.9M	$35.3M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.640%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.74	+0.282%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.30	+0.024%	$274K	$434K	10x	as long as short
edgeX MSTRUSDC	+0.0958%	4h	168.47	+0.126%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1117%	1h	168.50	+0.141%	$287K	$438K	10x	as long as short