Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.067%

Price spread now: Binance against Phemex+0.035%7-day average −0.024% · you sell dearer than you buy

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

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 2 days (all we have)−0.099%−$10 · spread now +0.035%, 7d avg −0.024%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Binance is 0.060% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	169.36	0	get 0.0000% / 4h	48m 54s	$2.9M	$65K	10x
Short	Binance MSTRUSDT	169.42	0.0017	get 0.0017% / 8h	48m 54s	$89.4M	$629.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.035%Rate

Funding earned: $3.67
Price spread: +0.035% → −0.024%: $5.95
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.38
Costs to cover: 0.220%
Break-even: 30.6 days

Slippage unknown: Phemex: live order book, 5 min ago; Binance: live order book, 10 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	3.54 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.29 bp	5.7 bp −$6	8.5 bp −$85	26.1 bp −$2,615	116.5 bp −$58.3K

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
Aster MSTRUSDT	0.0000%	8h	169.34	−0.012%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.50	+0.083%	$22.1M	$106.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.45	+0.053%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	+0.079%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.53	+0.101%	$83K	$875K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	169.36	long leg	$2.9M	$65K	10x
RISEx MSTR/USDC	+0.0001%	1h	169.41	+0.030%	$276K	$442K	10x	as long as short
Binance MSTRUSDTshort	+0.0017%	8h	169.42	+0.035%	$89.4M	$629.1M	50x
BloFin MSTR-USDT	+0.0021%	8h	169.45	+0.053%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.16	−0.116%	$583K	$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
Nado MSTR-PERP	+0.0040%	1h	169.33	−0.016%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.106%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.41	+0.030%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.33	−0.018%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.35	−0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.030%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0052%	8h	169.42	+0.035%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0089%	8h	169.43	+0.041%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	+0.083%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	+0.025%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.32	−0.024%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.089%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	0.000%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.165%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	−0.003%	$141	—	10x	as long as short
Lighter MSTR	+0.0112%	1h	169.34	−0.012%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0121%	8h	169.40	+0.023%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0152%	1h	169.29	−0.041%	$57.1M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	+0.085%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.30	−0.035%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	+0.097%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.49	+0.077%	$27K	$129K	10x	as long as short