Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.031%

Price spread now: Coinbase International against Phemex−0.853%7-day average −0.120% · you buy dearer than you sell

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

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.388%+$39 on $10k

Price spread, last 4 days (all we have)+0.887%+$89 · spread now −0.853%, 7d avg −0.120%

Together, before fees+1.275%+$127 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.733% cheaper against Phemex than usual: you would sell low and buy high (spread −0.853% now, against its 7-day average of −0.120%). If the spread goes back, that is −$73 on $10k: about 16 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	162.91	0	get 0.0000% / 4h	1h 32m	$2.7M	$78K	10x
Short	Coinbase International MSTR-PERP-INTX	161.52	0.0152	get 0.0019% / 1h	32m 11s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.853%Rate

Funding earned: $31.92
Price spread: −0.853% → −0.120%: −$73.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$63.37
Costs to cover: 0.220%
Break-even: 20.9 days

Slippage unknown: Phemex: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	13.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	3.69 bp	8.7 bp −$9	13.8 bp −$138	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
Bitget MSTRUSDT	−0.0952%	8h	162.84	−0.043%	$28.6M	$118.8M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.71	−0.123%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	162.91	long leg	$2.7M	$78K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	162.45	−0.279%	$508K	$2.0M	10x	as long as short
Aster MSTRUSDT	+0.0033%	8h	162.70	−0.129%	$1.8M	$8.7M	50x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.947%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.76	−0.092%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.33	−0.356%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.58	−0.203%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.59	−0.196%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.58	−0.203%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.61	−0.184%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.69	−0.137%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.65	−0.160%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.41	−0.307%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.63	−0.172%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.62	−0.175%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0147%	8h	162.65	−0.160%	$20.7M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	−0.217%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0152%	1h	161.52	−0.853%	$1.4M	$1.1M	10x
Lighter MSTR	+0.0160%	1h	162.61	−0.184%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0162%	8h	162.66	−0.156%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0231%	8h	162.63	−0.172%	$83.7M	$627.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0238%	8h	162.63	−0.175%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0285%	1h	162.57	−0.209%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.69	−0.137%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0350%	8h	162.95	+0.025%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0355%	1h	162.58	−0.204%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.64	−0.166%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0382%	8h	162.63	−0.172%	$16.8M	$41.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0488%	1h	162.68	−0.141%	$277K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0711%	4h	162.63	−0.173%	$45K	$5.4M	10x	as long as short