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 +0.037%

Price spread now: SoDEX against Phemex+0.055%57s7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SoDEX is 0.055% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	164.34	0	get 0.0000% / 4h	3h 48m	$2.8M	$75K	10x
Short	SoDEX MSTR-USD	164.43	0.0050	get 0.0006% / 1h	48m 25s	$43K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.055%Rate

Funding earned: $10.5
Price spread: +0.055% → 0.000%: $5.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$4.02
Costs to cover: 0.200%
Break-even: 9.7 days

Slippage unknown: Phemex: live order book, 5 min ago; SoDEX: 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	1.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.0888%	8h	164.63	+0.176%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.56	+0.131%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.51	+0.103%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.34	long leg	$2.8M	$75K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.28	−0.037%	$593K	$1.9M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0033%	8h	164.48	+0.085%	$20.7M	$99.6M	50x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.042%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.51	+0.103%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.33	−0.006%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.52	+0.110%	$380K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USDshort	+0.0050%	1h	164.43	+0.055%	$43K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.30	−0.024%	$858K	$4.0M	10x	as long as short
Lighter MSTR	+0.0056%	1h	164.45	+0.067%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.54	+0.122%	$1.4M	$7.3M	10x	as long as short
Variational Omni MSTR	+0.0100%	8h	164.47	+0.077%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.50	+0.096%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.45	+0.067%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.55	+0.128%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.46	+0.073%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.48	+0.085%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	164.51	+0.104%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0161%	8h	164.49	+0.091%	$86.9M	$616.0M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.134%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.74	+0.243%	$82K	$792K	10x	as long as short
edgeX MSTRUSDC	+0.0179%	4h	164.56	+0.134%	$49K	$5.3M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.57	+0.140%	$267K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	164.51	+0.103%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0250%	1h	164.35	+0.003%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0279%	8h	164.33	−0.006%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.38	+0.024%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0341%	8h	164.52	+0.110%	$16.8M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0723%	1h	164.57	+0.140%	$280K	$438K	10x	as long as short