Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.027%

Price spread now: GRVT against Phemex−0.275%7-day average −0.012% · you buy dearer than you sell

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

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

Price spread, last 4 days (all we have)+0.610%+$61 · spread now −0.275%, 7d avg −0.012%

Together, before fees+0.782%+ Points / potential airdropGRVT: Active · farm board+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.262% cheaper against Phemex than usual: you would sell low and buy high (spread −0.275% now, against its 7-day average of −0.012%). If the spread goes back, that is −$26 on $10k: about 5.2 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.172% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	165.24	0	get 0.0000% / 4h	1h 31m	$2.8M	$71K	10x
Short	GRVT MSTR_USDT_Perp	164.79	0.0169	get 0.0169% / 8h	5h 31m	$77K	$763K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.275%Rate

Funding earned: $35.49
Price spread: −0.275% → −0.012%: −$26.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$11.75
Costs to cover: 0.210%
Break-even: 9.3 days

Slippage unknown: Phemex: live order book, 3 min ago; GRVT: live order book, 32 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, 3 min ago	2.12 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 32 min ago	1.52 bp	9.4 bp −$9	16.0 bp −$160	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	−0.1242%	8h	165.35	+0.067%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.10	−0.083%	$1.9M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.27	+0.018%	$20.8M	$100.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.31	+0.042%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	165.24	long leg	$2.8M	$71K	10x
Lighter MSTR	+0.0032%	1h	165.22	−0.012%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.00	−0.145%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.481%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0034%	8h	165.14	−0.060%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.74	−0.303%	$26K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.02	−0.133%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.04	−0.121%	$385K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.35	−0.539%	$868K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.06	−0.109%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0073%	1h	165.14	−0.061%	$55.0M	$36.7M	10x	as long as short
SoDEX MSTR-USD	+0.0095%	1h	165.01	−0.139%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	165.29	+0.030%	$88.6M	$618.8M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	165.01	−0.138%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.12	−0.073%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.51	−0.442%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.14	−0.061%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.17	−0.040%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.97	−0.164%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perpshort	+0.0169%	8h	164.79	−0.275%	$77K	$763K	10x
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.696%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0217%	1h	165.05	−0.117%	$122K	$150K	3x	as long as short
BloFin MSTR-USDT	+0.0219%	8h	165.30	+0.036%	$1.0M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0277%	4h	164.71	−0.321%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.07	−0.104%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.64	−0.361%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0354%	8h	165.35	+0.067%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1083%	1h	165.24	0.000%	$281K	$438K	10x	as long as short