Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h +0.035%

Price spread now: Bitget against Phemex+0.116%7-day average −0.002% · you sell dearer than you buy

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

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 4 days (all we have)−0.107%−$11 · spread now +0.116%, 7d avg −0.002%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.117% dearer against Phemex than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of −0.002%): +$12 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 22 hours. Mind the row above: over the last 7 days funding on this pair paid +0.181%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.181% in total (about 9.4% 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	164.11	0	get 0.0000% / 4h	41m 54s	$2.8M	$81K	10x
Short	Bitget MSTRUSDT	164.30	−0.0436	pay 0.0436% / 8h	41m 54s	$29.5M	$118.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$91.56
Price spread: +0.116% → −0.002%: $11.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$103.82
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Bitget: live order book, 2 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, 2 min ago	2.74 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.31 bp	8.2 bp −$8	13.1 bp −$131	39.4 bp −$3,936	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 MSTRUSDTshort	−0.0436%	8h	164.30	+0.116%	$29.5M	$118.9M	25x
Gate MSTR_USDT	0.0000%	8h	164.19	+0.049%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.11	long leg	$2.8M	$81K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	163.92	−0.116%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.187%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.07	−0.024%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.06	−0.030%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.07	−0.024%	$380K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.84	−0.165%	$868K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.02	−0.055%	$1.3M	$7.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0078%	8h	163.98	−0.079%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.04	−0.040%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.00	−0.067%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.93	−0.110%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	−0.012%	$2K	$13K	10x	as long as short
Lighter MSTR	+0.0104%	1h	164.08	−0.018%	$3.5M	$2.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.11	+0.002%	$136	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.578%	$1.4M	$1.1M	10x	as long as short
SoDEX MSTR-USD	+0.0161%	1h	164.14	+0.018%	$43K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.01	−0.061%	$66	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0198%	8h	164.13	+0.012%	$20.9M	$100.2M	50x	as long as short
Variational Omni MSTR	+0.0208%	8h	164.07	−0.023%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0272%	8h	164.13	+0.014%	$84.5M	$621.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0285%	8h	164.08	−0.018%	$85K	$849K	10x	as long as short
Nado MSTR-PERP	+0.0346%	1h	163.84	−0.163%	$125K	$165K	3x	as long as short
Phoenix MSTR	+0.0357%	1h	164.09	−0.012%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	164.04	−0.043%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0420%	8h	164.16	+0.030%	$17.2M	$41.7M	50x	as long as short
edgeX MSTRUSDC	+0.0481%	4h	163.97	−0.084%	$46K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	164.16	+0.032%	$267K	$422K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0513%	1h	164.13	+0.012%	$54.3M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0909%	1h	164.14	+0.018%	$279K	$437K	10x	as long as short