Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.025%

Price spread now: Binance against Phoenix−0.326%115s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.338% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 4 days (all we have)+0.321%+$32 · spread now −0.326%, 7d avg −0.001%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.325% cheaper against Phoenix than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of −0.001%). Swap the legs. The two prices were read 115 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	Phoenix MSTR	165.22	0.0213	pay 0.0027% / 1h	47m 37s	$56K	$226K	10x
Short	Binance MSTRUSDT	164.68	0.0123	get 0.0123% / 8h	4h 47m	$88.0M	$617.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.326%Rate

Funding earned: −$18.81
Price spread: −0.326% → −0.001%: −$32.55
Slippage, 4 orders: −$16.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$85.19
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; Binance: live order book, 11 min ago.

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 Phoenix live order book, 7 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.30 bp	6.3 bp −$6	10.1 bp −$101	27.6 bp −$2,757	97.7 bp −$48.8K

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	−0.0813%	8h	164.84	−0.229%	$27.7M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0049%	8h	164.74	−0.290%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.63	−0.356%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.69	−0.320%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.67	−0.332%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.54	−0.411%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.51	−0.426%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.494%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.74	−0.287%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.94	−0.169%	$27K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.67	−0.332%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.68	−0.326%	$382K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.67	−0.332%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.54	−0.411%	$868K	$4.1M	10x	as long as short
Variational Omni MSTR	+0.0051%	8h	164.95	−0.165%	$1.2M	$2.1M	—	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.69	−0.320%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.63	−0.358%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.57	−0.393%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	−0.387%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.70	−0.314%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.66	−0.340%	$137	—	10x	as long as short
Binance MSTRUSDTshort	+0.0123%	8h	164.68	−0.326%	$88.0M	$617.5M	50x
Paradex MSTR-USD-PERP	+0.0143%	8h	164.62	−0.360%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.81	−0.248%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	−0.272%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0191%	4h	164.83	−0.238%	$49K	$5.4M	10x	as long as short
Phoenix MSTRlong	+0.0213%	1h	165.22	long leg	$56K	$226K	10x
BloFin MSTR-USDT	+0.0239%	8h	164.83	−0.235%	$1.0M	$2.0M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0260%	1h	164.62	−0.363%	$54.9M	$36.9M	10x	as long as short
Nado MSTR-PERP	+0.0311%	1h	164.65	−0.342%	$122K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0360%	8h	164.77	−0.272%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0966%	1h	164.71	−0.308%	$280K	$438K	10x	as long as short