Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.033%

Price spread now: Paradex against Phemex+0.060%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Paradex is 0.060% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	169.13	0	get 0.0000% / 4h	3h 53m	$2.9M	$66K	10x
Short	Paradex MSTR-USD-PERP	169.23	0.0094	get 0.0094% / 8h	7h 53m	$68	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.060%Rate

Funding earned: $19.67
Price spread: +0.060% → 0.000%: $5.99
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: $9.65
Costs to cover: 0.160%
Break-even: 3.6 days

Slippage unknown: Phemex: live order book, 5 min ago; Paradex: 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, 5 min ago	24.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Nado MSTR-PERP	−0.0082%	1h	169.17	+0.021%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.21	+0.048%	$1.3M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.23	+0.059%	$15.2M	$39.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.14	+0.006%	$21.9M	$104.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.17	+0.024%	$4.7M	$18.8M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	169.13	long leg	$2.9M	$66K	10x
Variational Omni MSTR	+0.0002%	8h	169.63	+0.297%	$1.2M	$2.4M	—	as long as short
Bitget MSTRUSDT	+0.0019%	8h	169.25	+0.071%	$28.6M	$115.3M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.17	+0.024%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.11	−0.012%	$581K	$1.7M	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	+0.0035%	1h	169.21	+0.047%	$1.5M	$10.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.51	+0.225%	$27K	$121K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.39	+0.154%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.19	+0.035%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.19	+0.035%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	+0.059%	$765K	$5.0M	10x	as long as short
BloFin MSTR-USDT	+0.0069%	8h	169.25	+0.071%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0075%	8h	169.16	+0.018%	$89.3M	$622.6M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.225%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0094%	8h	169.23	+0.060%	$68	—	5x
Pacifica MSTR	+0.0100%	1h	169.24	+0.065%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.22	+0.053%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.62	+0.290%	$4K	$207K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.26	+0.077%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.40	+0.162%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0108%	1h	169.20	+0.041%	$57.1M	$35.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.124%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	169.17	+0.022%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	169.29	+0.095%	$276K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0567%	4h	169.82	+0.407%	$48K	$5.5M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0570%	8h	169.80	+0.396%	$78K	$871K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0696%	1h	169.37	+0.142%	$288K	$438K	10x	as long as short