Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.055%7-day average −0.060% · you buy dearer than you sell

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

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.055%, 7d avg −0.060%

Together, before fees+0.391%+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.060%, so right now this pair is about funding alone: +$2 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	164.50	0	get 0.0000% / 4h	3h 51m	$2.8M	$75K	10x
Short	Polymarket Perps MSTR-USD	164.41	0.0050	get 0.0006% / 1h	51m 11s	$380K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.055%Rate

Funding earned: $10.5
Price spread: −0.055% → −0.060%: $0.53
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$8.97
Costs to cover: 0.200%
Break-even: 13.0 days

Slippage unknown: Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 3 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, 2 min ago	1.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	2.74 bp	6.7 bp −$7	7.3 bp −$73	10.2 bp −$1,021	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	−0.0884%	8h	164.57	+0.043%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.39	−0.065%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	−0.012%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.50	long leg	$2.8M	$75K	10x
OKX MSTR-USDT-SWAP	+0.0028%	8h	164.41	−0.055%	$20.7M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.32	−0.109%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.26	−0.146%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.942%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.66	+0.097%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.36	−0.085%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USDshort	+0.0050%	1h	164.41	−0.055%	$380K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	164.42	−0.049%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	−0.018%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.41	−0.055%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.095%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.43	−0.041%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.37	−0.079%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.55	+0.030%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.43	−0.043%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	−0.030%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.38	−0.071%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.40	−0.061%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.231%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.74	+0.146%	$82K	$792K	10x	as long as short
edgeX MSTRUSDC	+0.0179%	4h	164.56	+0.037%	$49K	$5.3M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0212%	1h	164.41	−0.055%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.42	−0.048%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0232%	1h	164.37	−0.081%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.44	−0.036%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.59	+0.053%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.44	−0.036%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0845%	1h	164.51	+0.006%	$280K	$438K	10x	as long as short