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Funding arb · Price arb /

MSTR

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 12:00 UTC+0.0382%/8h= +41.9% APRpaid last 24h +0.042%
Price spread now: Bybit against Phemex−0.049%7-day average −0.013% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on Bybit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.281%+$28 on $10k
Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.049%, 7d avg −0.013%
Together, before fees+0.341%+$34 on $10k · with fees, hour by hour
Funding pays, the price is against you. Bybit is 0.036% cheaper against Phemex than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of −0.013%). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.281% in total) that is about 21 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex MSTRUSDT163.650get 0.0000% / 4h3h 56m$2.8M$85K10x
ShortBybit MSTRUSDT163.570.0382get 0.0382% / 8h7h 56m$17.1M$41.4M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bybit 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

Funding earned
$80.3
Price spread: −0.049% → −0.013%
−$3.59
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
$53.71
Costs to cover
0.230%
Break-even
2.3 days
Slippage unknown: Phemex: live order book, 3 min ago; Bybit: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 3 min ago4.27 bpdoesn't fitdoesn't fitdoesn't fitdoesn't fit
Sell Bybit live order book, 3 min ago1.22 bp9.6 bp −$1021.9 bp −$219153.1 bp −$15.3Kdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0343%8h163.64−0.006%$29.7M$118.9M25xas long as short
Gate MSTR_USDT0.0000%8h163.68+0.018%$4.7M$18.3M50xas long as short
Phemex MSTRUSDTlong0.0000%4h163.65long leg$2.8M$85K10x
Lighter MSTR+0.0032%1h163.58−0.043%$3.5M$1.7M10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.49−0.098%$592K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.477%$8K$25K30xas long as short
Arcus MSTR-USD+0.0040%1h163.81+0.098%$26K$114K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.73+0.049%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.63−0.012%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.72+0.043%$898K$3.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0061%1h163.75+0.061%$1.4M$7.1M10xas long as short
Aster MSTRUSDT+0.0089%8h163.64−0.004%$1.8M$8.7M50xas long as short
Nado MSTR-PERP+0.0093%1h163.70+0.029%$125K$165K3xas long as short
Pacifica MSTR+0.0100%1h163.76+0.065%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.50−0.092%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.45−0.122%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.72+0.043%$3K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.71+0.035%$136—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0120%1h162.62−0.629%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0129%8h163.76+0.067%$66—5xas long as short
Variational Omni MSTR+0.0202%8h163.25−0.243%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAP+0.0211%8h163.55−0.061%$20.9M$99.7M50xas long as short
tradeXYZ xyz:MSTR+0.0274%1h163.67+0.012%$54.1M$37.7M10xas long as short
Binance MSTRUSDT+0.0283%8h163.62−0.018%$84.2M$619.8M50xas long as short
SoDEX MSTR-USD+0.0298%1h163.64−0.006%$43K$3K10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0300%1h163.58−0.043%$278K$435K10xas long as short
Phoenix MSTR+0.0357%1h163.79+0.084%$56K$223K10xas long as short
Bybit MSTRUSDTshort+0.0382%8h163.57−0.049%$17.1M$41.4M50x
BloFin MSTR-USDT+0.0398%8h163.94+0.177%$1.0M$2.1M20xas long as short
RISEx MSTR/USDC+0.0400%1h163.75+0.061%$269K$417K10xas long as short
GRVT MSTR_USDT_Perp+0.0485%8h163.68+0.018%$80K$858K10xas long as short
edgeX MSTRUSDC+0.0936%4h163.43−0.133%$47K$5.3M10xas long as short