Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.014%

Price spread now: Vest against Phemex−0.544%7-day average −0.973% · you buy dearer than you sell

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 3 days (all we have)+0.412%+$41 · spread now −0.544%, 7d avg −0.973%

Together, before fees+0.457%+ Points / potential airdropVest: Active · farm board+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Vest is 0.429% dearer against Phemex than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of −0.973%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	165.49	0	get 0.0000% / 4h	2h 45m	$2.8M	$67K	10x
Short	Vest MSTR-USD-PERP	164.59	0.0046	get 0.0006% / 1h	45m 11s	—	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpOrdersPrice spread, now −0.544%Rate

Funding earned: $9.59
Price spread: −0.544% → −0.973%: $42.93
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: $38.53
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Vest: 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, 3 min ago	3.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	−0.0475%	8h	164.99	−0.302%	$27.2M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0317%	8h	164.84	−0.393%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.87	−0.374%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	164.85	−0.384%	$87.1M	$624.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.82	−0.405%	$21.1M	$100.2M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.96	−0.320%	$270K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.99	−0.299%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	165.55	+0.035%	$76K	$809K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	165.49	long leg	$2.8M	$67K	10x
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.036%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.58	−0.547%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.27	−0.133%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERPshort	+0.0046%	1h	164.59	−0.544%	—	$1.8M	25x
SoDEX MSTR-USD	+0.0050%	1h	164.84	−0.393%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−0.429%	$799K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.93	−0.338%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.90	−0.358%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.80	−0.417%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.86	−0.381%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.84	−0.393%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.84	−0.396%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0126%	1h	164.88	−0.369%	$385K	$2.7M	10x	as long as short
Lighter MSTR	+0.0128%	1h	164.77	−0.435%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	164.81	−0.410%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.21	−0.169%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.326%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0357%	1h	164.84	−0.393%	$55.7M	$36.5M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	165.41	−0.047%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0389%	4h	165.28	−0.125%	$47K	$5.5M	10x	as long as short
Nado MSTR-PERP	+0.0409%	1h	164.80	−0.415%	$134K	$129K	3x	as long as short
Bybit MSTRUSDT	+0.0429%	8h	164.90	−0.357%	$17.2M	$41.1M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1268%	1h	164.89	−0.363%	$280K	$438K	10x	as long as short