Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: KuCoin against Phemex−0.067%7-day average −0.045% · you buy dearer than you sell

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

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.067%, 7d avg −0.045%

Together, before fees+0.275%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.022% cheaper against Phemex than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of −0.045%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	164.41	0	get 0.0000% / 4h	15m 29s	$2.8M	$74K	10x
Short	KuCoin MSTRUSDTM	164.30	0.0100	get 0.0100% / 8h	4h 15m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.067%Rate

Funding earned: $21
Price spread: −0.067% → −0.045%: −$2.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$5.23
Costs to cover: 0.240%
Break-even: 8.7 days

Slippage unknown: Phemex: live order book, 3 min ago; KuCoin: 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, 3 min ago	2.43 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	2.43 bp	18.5 bp −$18	doesn't fit	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	−0.0945%	8h	164.57	+0.097%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.39	−0.015%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.45	+0.024%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.41	long leg	$2.8M	$74K	10x
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.49	+0.049%	$20.6M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.36	−0.030%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.25	−0.097%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.999%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.41	0.000%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.51	+0.061%	$26K	$109K	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	164.31	−0.061%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.37	−0.024%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.37	−0.024%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.34	−0.043%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.37	−0.024%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0077%	8h	164.39	−0.014%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.35	−0.036%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.30	−0.067%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	−0.018%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.36	−0.030%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.38	−0.016%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0134%	8h	164.36	−0.030%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0140%	8h	164.45	+0.023%	$87.3M	$616.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.59	+0.109%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.176%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.084%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0228%	1h	164.37	−0.024%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.29	−0.070%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0258%	8h	164.53	+0.073%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.50	+0.055%	$17.0M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0731%	4h	164.47	+0.038%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0785%	1h	164.44	+0.018%	$280K	$438K	10x	as long as short