Funding arb · Price arb / RWA

MSTR

RWAAll MSTR markets →

LONGPhemex▾Phemex +0.0184%

⇄⇅

SHORTKraken Futures▾Kraken Futures −0.0851%

Backtest 30d

☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PhemexMSTRUSDT	130.69	+0.0184	pay 0.0092% / 4h	3h 39m	$1.2M	$951K	10x	Long Phemex
SHORT	Kraken FuturesPF_MSTRXUSD	130.67	−0.0851	pay 0.0106% / 1h	39m 25s	$1.2M	$2.0M	20x	Short Kraken Futures

Price gap−0.017%

Funding gap−0.1035% /8h

The gap pays +$10 on $10k if it goes back to its 7d average, but funding costs $31 a day and eats that in about 8 hours.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid +0.613% in total, about +0.0292%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.017%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

PhemexKraken Futures

MSTR on 41 exchanges

lowest funding first

Before you open

1 ok · 3 to watch

• !
  Watch: Thin at this size144.6 / 26.6 bp

  At $10k entering Phemex costs 144.6 bp, fee and slippage, 5.4× Kraken Futures’s.
• i
  Note: Margin at max leverage$1,000 + $500

  Phemex 10x, Kraken Futures 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ4h / 1h

  Payments land at different times. Close right after the slower leg pays.

  Long Phemex · 4h−$5.53

  Short Kraken Futures · 1h−$25.52

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$31.05Long Phemex: 6 payments, −$5.53; short Kraken Futures: 24 payments, −$25.52.
• ✓
  OK: Entry gap works for you−0.017% vs −0.118%

  You short the dearer leg. If the gap goes back to average, the short gains.
• i
  Note: Short leg is thinner$1.2M vs $1.2M OI

  Both legs are deep; Kraken Futures is the smaller one.
• i
  Note: No points program—

  Neither exchange runs points right now.
• !
  Watch: KYCPhemex Yes · Kraken Futures Yes

  KYC unlocks spot and futures trading; an unverified account cannot withdraw at all.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0292%/8h × 21 periods+$61.27

Price spread−0.017% → −0.118% (7d avg)+$10.05

Slippage, 4 orderslive order books−$204.83

Fee Phemex bp × 2 orders−$12.00

Fee Kraken Futures bp × 2 orders−$10.00

Net · 7 days · $10k−$155.52

Costs to cover2.268%Break-even24.8 days

Slippage: Phemex: live order book, 4 min ago; Kraken Futures: live order book, 2 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGPhemex18.41144.6 bp−$145154.8 bp−$1,548doesn’t fitdoesn’t fit

SELL · SHORTKraken Futures20.6826.6 bp−$2748.1 bp−$481doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

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Tell me when it goes above%/8hNot more often than everymin

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MSTR news

posts that mention MSTR or Strategy (MicroStrategy), from every exchange

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11-04 19:06	Ondo Perps	Other	Eligible perps markets for the Liquidity Pool: ▸ Stocks: NVDA, TSLA, META, AMD, INTC, MU, SNDK, COIN, MSTR, CRCL, SPCX ▸ Indices: US 500, US 100 ▸ ETFs: DRAM, SOXL ▸ Commodities: Gold, Silver, WTI ▸ Crypto: BTC, ETH Rewards are paid in USDC directly to your trading account within 48 hours of each week’s close. Trade Now → @OndoPerps on X ↗
11-03 11:10	Bulk	Other	STOCK SZN CONTINUES Trade $NVDA, $CRCL and $MSTR up to 10x leverage! >Fees are 55% off on all RWAs >This weeks gauntlet is stock szn >You get to tell your parents your an equities investor What are you waiting for? @bulktrade on X ↗
11-01 12:46	Bulk	Listing	new market MSTR-USD ($MSTR) seen by our collector
10-29 14:50	Phoenix	Other	Five Phoenix-listed equities report after the close today. $SNDK 4:30pm ET. $AMZN, $INTC, $MSTR and $COIN 5:00pm ET. Trade them 24/7 on Phoenix. @PhoenixTrade on X ↗
10-28 17:38	QFEX	Other	Max leverage is increased to 20x across the following markets on QFEX $SNDK, $GOOGL, $NVDA, $MU, $SKHY, $INTC, $NBIS, $CRCL, $CBRS, $META, $TSLA, $MRVL, $AAPL, $AMZN, $MSFT, $MSTR and $ANTHROPIC. @QFEX on X ↗
10-28 14:43	RISEx	Other	Post-FOMC now, then GPB and PCE tomorrow Happy trading: $HOOD: $GOOGL: $SNDK: $INTC: $MSTR: @risextrade on X ↗