Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0142%/8h= +15.5% APRpaid last 24h −0.044%

Price spread now: Bybit against Phoenix−0.048%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.412%−$41 · spread now −0.048%, 7d avg −0.003%

Together, before fees−0.619%−$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.045% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of −0.003%). If the spread goes back, that is −$4 on $10k: about 25 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.207%, so the current rate has only just turned in your favour.

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	50m 52s	$56K	$226K	10x
Short	Bybit MSTRUSDT	165.14	0.0354	get 0.0354% / 8h	4h 50m	$17.2M	$40.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.048%Rate

Funding earned: $29.76
Price spread: −0.048% → −0.003%: −$4.46
Slippage, 4 orders: −$18.55
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.25
Costs to cover: 0.366%
Break-even: 9.6 days

Slippage from Phoenix: live order book, 4 min ago; Bybit: live order book, 3 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, 4 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.61 bp	8.5 bp −$9	13.6 bp −$136	120.7 bp −$12.1K	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	−0.0795%	8h	165.23	+0.007%	$27.8M	$114.8M	25x	as long as short
Gate MSTR_USDT	−0.0042%	8h	165.11	−0.066%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.94	−0.169%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.98	−0.145%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	165.10	−0.072%	$20.7M	$99.9M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.83	−0.235%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.88	−0.208%	$598K	$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	164.89	−0.200%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.20	−0.011%	$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	164.99	−0.139%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.85	−0.223%	$382K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.96	−0.157%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.99	−0.139%	$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	164.85	−0.223%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.81	−0.246%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.88	−0.205%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.02	−0.120%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.90	−0.193%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.92	−0.182%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0116%	8h	165.12	−0.058%	$88.2M	$617.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.77	−0.270%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0155%	8h	165.23	+0.005%	$79K	$758K	10x	as long as short
edgeX MSTRUSDC	+0.0167%	4h	165.21	−0.008%	$49K	$5.4M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.73	−0.296%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTRlong	+0.0213%	1h	165.22	long leg	$56K	$226K	10x
tradeXYZ xyz:MSTR	+0.0222%	1h	164.99	−0.139%	$55.0M	$36.8M	10x	as long as short
BloFin MSTR-USDT	+0.0236%	8h	165.02	−0.120%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0306%	1h	164.78	−0.264%	$122K	$148K	3x	as long as short
Bybit MSTRUSDTshort	+0.0354%	8h	165.14	−0.048%	$17.2M	$40.6M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0843%	1h	164.92	−0.181%	$280K	$438K	10x	as long as short