Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0236%/8h= +25.9% APRpaid last 24h +0.063%

Price spread now: tradeXYZ against Phemex−0.361%48s7-day average −0.069% · you buy dearer than you sell

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

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.356%+$36 on $10k

Price spread, last 4 days (all we have)+0.394%+$39 · spread now −0.361%, 7d avg −0.069%

Together, before fees+0.750%+ Points / potential airdroptradeXYZ: Active · farm board+$75 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.292% cheaper against Phemex than usual: you would sell low and buy high (spread −0.361% now, against its 7-day average of −0.069%). If the spread goes back, that is −$29 on $10k: about 4.1 days of funding at the current rate (+$7 a day). The two prices were read 48 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	163.32	0	get 0.0000% / 4h	1h 41m	$2.7M	$78K	10x
Short	tradeXYZ xyz:MSTR	162.73	0.0236	get 0.0030% / 1h	41m 29s	$54.0M	$37.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.361%Rate

Funding earned: $49.63
Price spread: −0.361% → −0.069%: −$29.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$9.6
Costs to cover: 0.300%
Break-even: 8.4 days

Slippage unknown: Phemex: live order book, 2 min ago; tradeXYZ: live order book, 8 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	0.31 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 8 min ago	0.31 bp	9.3 bp −$9	12.5 bp −$125	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
Bitget MSTRUSDT	−0.0902%	8h	163.06	−0.159%	$28.7M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.93	−0.239%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	163.32	long leg	$2.7M	$78K	10x
Aster MSTRUSDT	+0.0025%	8h	162.83	−0.302%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.67	−0.398%	$506K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.686%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.98	−0.208%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.50	−0.502%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.74	−0.355%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.74	−0.355%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.77	−0.337%	$854K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.81	−0.312%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.83	−0.297%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.79	−0.325%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.84	−0.294%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.84	−0.294%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.85	−0.287%	$135	—	10x	as long as short
Lighter MSTR	+0.0128%	1h	162.83	−0.300%	$3.5M	$2.0M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0134%	8h	162.87	−0.276%	$20.7M	$100.3M	50x	as long as short
Variational Omni MSTR	+0.0147%	8h	162.88	−0.272%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.80	−0.316%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.102%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0172%	4h	162.89	−0.262%	$46K	$5.4M	10x	as long as short
Binance MSTRUSDT	+0.0224%	8h	162.80	−0.316%	$83.6M	$628.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0236%	8h	162.97	−0.215%	$79K	$867K	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0236%	1h	162.73	−0.361%	$54.0M	$37.3M	10x
Phoenix MSTR	+0.0328%	1h	162.99	−0.205%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0335%	1h	162.75	−0.352%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0344%	8h	162.97	−0.214%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0379%	8h	162.87	−0.276%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.91	−0.254%	$262K	$437K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0795%	1h	162.86	−0.282%	$277K	$437K	10x	as long as short