Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.110%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.110% cheaper against Phemex than usual: you would sell low and buy high (spread −0.110% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 3.7 days 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	163.72	0	get 0.0000% / 4h	2h 12m	$2.8M	$78K	10x
Short	Orderly PERP_MSTR_USDC_mythos	163.54	0.0100	get 0.0100% / 8h	2h 12m	$4K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.110%Rate

Funding earned: $21
Price spread: −0.110% → 0.000%: −$10.99
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.99
Costs to cover: 0.180%
Break-even: 9.7 days

Slippage unknown: Phemex: live order book, 2 min ago; Orderly: no order-book sample. 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, 2 min ago	0.31 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1237%	8h	163.93	+0.128%	$28.0M	$118.7M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.74	+0.012%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	163.72	long leg	$2.8M	$78K	10x
Aster MSTRUSDT	+0.0006%	8h	163.39	−0.201%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0021%	1h	163.34	−0.232%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.66	−0.034%	$503K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.433%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.21	−0.312%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.57	−0.092%	$377K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.93	−0.483%	$870K	$3.9M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	163.58	−0.086%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	163.63	−0.052%	$263K	$444K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.54	−0.112%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.42	−0.183%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.99	−0.446%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	163.54	−0.110%	$4K	$9K	10x
Aevo MSTR-PERP	+0.0104%	1h	163.53	−0.117%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0114%	8h	163.76	+0.024%	$20.7M	$100.9M	50x	as long as short
Variational Omni MSTR	+0.0132%	8h	162.96	−0.465%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	163.52	−0.124%	$65	—	5x	as long as short
Lighter MSTR	+0.0152%	1h	163.63	−0.055%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.344%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0214%	8h	163.75	+0.018%	$84.1M	$628.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0220%	8h	163.14	−0.354%	$79K	$857K	10x	as long as short
SoDEX MSTR-USD	+0.0224%	1h	163.55	−0.104%	$43K	$3K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0278%	1h	163.60	−0.073%	$54.3M	$37.3M	10x	as long as short
BloFin MSTR-USDT	+0.0329%	8h	163.38	−0.208%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0340%	1h	163.49	−0.142%	$131K	$157K	3x	as long as short
Phoenix MSTR	+0.0362%	1h	163.21	−0.312%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0380%	8h	163.82	+0.061%	$16.8M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0460%	4h	163.05	−0.409%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1034%	1h	163.73	+0.006%	$278K	$438K	10x	as long as short