Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0457%/8h= +50.0% APRpaid last 24h +0.098%

Price spread now: Arcus against Phemex0.000%7-day average −0.012% · you sell dearer than you buy

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

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.128%+$13 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now 0.000%, 7d avg −0.012%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.128% in total (about 13.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	168.85	0	get 0.0000% / 4h	1h 28m	$2.9M	$61K	10x
Short	Arcus MSTR-USD	168.85	0.0457	get 0.0057% / 1h	28m 47s	$27K	$129K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now 0.000%Rate

Funding earned: $95.91
Price spread: 0.000% → −0.012%: $1.15
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $80.56
Costs to cover: 0.165%
Break-even: 1.1 days

Slippage unknown: Phemex: live order book, 5 min ago; Arcus: live order book, 54 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 Phemex live order book, 5 min ago	1.77 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 54 min ago	5.60 bp	9.5 bp −$10	36.2 bp −$362	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	−0.0117%	1h	168.62	−0.138%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	168.83	−0.012%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	−0.065%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.81	−0.023%	$88.2M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.83	−0.012%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.77	−0.047%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.79	−0.036%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.91	+0.035%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.72	−0.078%	$83K	$935K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	168.85	long leg	$2.9M	$61K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0026%	8h	168.82	−0.018%	$28.8M	$119.7M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.72	−0.077%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.65	−0.121%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.80	−0.030%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.75	−0.059%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.72	−0.077%	$396K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.72	−0.077%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.64	−0.124%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0053%	8h	168.80	−0.030%	$15.1M	$40.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.113%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0065%	1h	168.75	−0.059%	$56.8M	$38.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0069%	8h	168.65	−0.119%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.74	−0.067%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.74	−0.065%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.03	+0.107%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.75	−0.059%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.73	−0.072%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.01	+0.097%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0278%	4h	169.05	+0.117%	$47K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.261%	$13K	$22K	30x	as long as short
Arcus MSTR-USDshort	+0.0457%	1h	168.85	0.000%	$27K	$129K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0639%	1h	168.84	−0.006%	$287K	$439K	10x	as long as short