Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Phemex−0.254%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.254% cheaper against Phemex than usual: you would sell low and buy high (spread −0.254% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$25 on $10k: about 8.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	167.16	0	get 0.0000% / 4h	3h 06m	$2.8M	$67K	10x
Short	Aevo MSTR-PERP	166.74	0.0104	get 0.0013% / 1h	6m 15s	$138	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.254%Rate

Funding earned: $21.84
Price spread: −0.254% → 0.000%: −$25.39
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$31.55
Costs to cover: 0.280%
Break-even: 17.1 days

Slippage unknown: Phemex: live order book, 2 min ago; Aevo: no order-book sample. 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 Phemex live order book, 2 min ago	2.09 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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
Gate MSTR_USDT	−0.0188%	8h	166.79	−0.221%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	166.79	−0.221%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.79	−0.223%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.71	−0.266%	$87.6M	$614.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.75	−0.245%	$21.5M	$99.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.81	−0.209%	$27.7M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	−0.225%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.075%	$84K	$812K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	167.16	long leg	$2.8M	$67K	10x
Lighter MSTR	+0.0032%	1h	166.60	−0.335%	$3.5M	$2.0M	10x	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	166.51	−0.389%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.71	−0.269%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.16	0.000%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.56	−0.359%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.64	−0.310%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.62	−0.323%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.68	−0.287%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.72	−0.263%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.74	−0.251%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.76	−0.239%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.73	−0.257%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	−0.018%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.80	−0.215%	$3K	$7K	10x	as long as short
Aevo MSTR-PERPshort	+0.0104%	1h	166.74	−0.254%	$138	—	10x
Paradex MSTR-USD-PERP	+0.0106%	8h	166.70	−0.277%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.304%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0237%	8h	166.74	−0.251%	$15.9M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	166.72	−0.263%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.156%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.133%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.77	−0.236%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0591%	1h	166.69	−0.281%	$283K	$438K	10x	as long as short