Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0046%/8h= +5.1% APRpaid last 24h −0.016%

Price spread now: edgeX against Phoenix+0.021%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$400.405% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.442%−$44 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.021%, 7d avg −0.009%

Together, before fees−0.536%+ Points / potential airdropedgeX: Active · farm board−$54 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 edgeX is 0.030% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.009%. Mind the row above: over the last 7 days funding on this pair cost −0.442%, 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	169.01	0.0231	pay 0.0029% / 1h	30m 50s	$57K	$394K	10x
Short	edgeX MSTRUSDC	169.05	0.0278	get 0.0139% / 4h	1h 30m	$47K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $9.71
Price spread: +0.021% → −0.009%: $2.95
Slippage, 4 orders: −$24.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$27.82
Costs to cover: 0.405%
Break-even: 27.0 days

Slippage from Phoenix: live order book, 51 min ago; edgeX: 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, 51 min ago	2.77 bp	9.5 bp −$9	18.8 bp −$188	doesn't fit	doesn't fit
Sell edgeX live order book, 3 min ago	5.91 bp	10.8 bp −$11	17.2 bp −$172	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
Nado MSTR-PERP	−0.0116%	1h	168.87	−0.082%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	−0.162%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.72	−0.173%	$88.1M	$629.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.67	−0.203%	$22.0M	$106.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.93	−0.048%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.70	−0.185%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.07	+0.031%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.12	+0.063%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.80	−0.126%	$2.9M	$61K	10x	as long as short
BloFin MSTR-USDT	+0.0016%	8h	168.86	−0.091%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0029%	8h	168.72	−0.173%	$28.8M	$119.7M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.65	−0.215%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.69	−0.190%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.89	−0.073%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.94	−0.043%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.86	−0.091%	$399K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.79	−0.132%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.79	−0.132%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0053%	8h	168.72	−0.173%	$15.1M	$40.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0056%	1h	168.71	−0.179%	$56.8M	$38.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.049%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	168.91	−0.061%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.90	−0.065%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.74	−0.162%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.03	+0.010%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.74	−0.162%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.76	−0.147%	$140	—	10x	as long as short
Phoenix MSTRlong	+0.0231%	1h	169.01	long leg	$57K	$394K	10x
edgeX MSTRUSDCshort	+0.0278%	4h	169.05	+0.021%	$47K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0283%	1h	168.86	−0.091%	$287K	$439K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.164%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	168.99	−0.014%	$27K	$129K	10x	as long as short