Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.037%

Price spread now: Pacifica against Phemex−0.035%7-day average −0.036% · you buy dearer than you sell

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

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.291%+$29 on $10k

Price spread, last 3 days (all we have)+0.123%+$12 · spread now −0.035%, 7d avg −0.036%

Together, before fees+0.415%+ Points / potential airdropPacifica: Active · farm board+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	169.29	0	get 0.0000% / 4h	2h 29m	$2.9M	$57K	10x
Short	Pacifica MSTR	169.23	0.0100	get 0.0013% / 1h	29m 24s	$103K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.035%Rate

Funding earned: $21
Price spread: −0.035% → −0.036%: $0.13
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $1.13
Costs to cover: 0.200%
Break-even: 6.6 days

Slippage unknown: Phemex: live order book, 4 min ago; Pacifica: live order book, 58 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, 4 min ago	2.07 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 58 min ago	1.44 bp	13.6 bp −$14	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
Nado MSTR-PERP	−0.0108%	1h	169.12	−0.099%	$139K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0006%	8h	169.29	0.000%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.25	−0.025%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.30	+0.006%	$88.7M	$629.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.29	0.000%	$22.1M	$107.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.26	−0.018%	$296K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.22	−0.041%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.30	+0.004%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.28	−0.008%	$83K	$948K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	169.29	long leg	$2.9M	$57K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.21	−0.047%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.20	−0.054%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.27	−0.012%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.36	+0.041%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.106%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.20	−0.053%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.22	−0.041%	$410K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.28	−0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.11	−0.106%	$737K	$5.0M	10x	as long as short
Bitget MSTRUSDT	+0.0069%	8h	169.26	−0.018%	$28.8M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0071%	8h	169.20	−0.055%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0089%	8h	169.30	+0.006%	$15.2M	$41.1M	50x	as long as short
Pacifica MSTRshort	+0.0100%	1h	169.23	−0.035%	$103K	$137K	10x
KuCoin MSTRUSDTM	+0.0100%	8h	169.20	−0.053%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.27	−0.012%	$4K	$979K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.28	−0.006%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.28	−0.006%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.27	−0.010%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0358%	4h	169.27	−0.012%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.32	+0.018%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.112%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.31	+0.012%	$288K	$438K	10x	as long as short