Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0505%/8h= −55.3% APRpaid last 24h −0.048%

Price spread now: Gate against Phoenix+0.238%7-day average −0.016% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−1.426%−$143 · spread now +0.238%, 7d avg −0.016%

Together, before fees−1.472%−$147 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.254% dearer against Phoenix than usual: you sell high and buy low (spread +0.238% now, against its 7-day average of −0.016%): +$25 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.047% in total) that is about 38 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	164.43	0.0381	pay 0.0048% / 1h	29m 25s	$55K	$219K	10x
Short	Gate MSTR_USDT	164.82	−0.0124	pay 0.0124% / 8h	6h 29m	$4.6M	$19.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.238%Rate

Funding earned: −$105.97
Price spread: +0.238% → −0.016%: $25.41
Slippage, 4 orders: −$31.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$134.2
Costs to cover: 0.536%
Break-even: never at this rate

Slippage from Phoenix: live order book, 37 min ago; Gate: live order book, 4 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, 37 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.52 bp	16.8 bp −$17	35.9 bp −$359	doesn't fit	doesn't fit

MSTR on 31 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	−0.1000%	8h	164.93	+0.305%	$27.5M	$115.7M	25x	as long as short
Gate MSTR_USDTshort	−0.0124%	8h	164.82	+0.238%	$4.6M	$19.0M	50x
Aster MSTRUSDT	0.0000%	8h	164.95	+0.320%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.65	+0.134%	$20.8M	$100.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.82	+0.241%	$270K	$437K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.40	−0.018%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.84	+0.250%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.63	+0.122%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.55	+0.074%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.70	+0.165%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0047%	8h	164.61	+0.110%	$87.6M	$625.2M	50x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.63	+0.122%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.11	−0.194%	$918K	$4.8M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0058%	8h	164.22	−0.125%	$75K	$810K	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.81	+0.232%	$1.4M	$8.4M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.72	+0.176%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.75	+0.195%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.26	−0.103%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.71	+0.171%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.72	+0.180%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0106%	1h	164.70	+0.165%	$383K	$2.7M	10x	as long as short
Lighter MSTR	+0.0136%	1h	164.68	+0.153%	$3.5M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.37	−0.036%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0177%	8h	164.78	+0.211%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0295%	1h	164.62	+0.116%	$55.3M	$36.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.987%	$8K	$26K	30x	as long as short
Phoenix MSTRlong	+0.0381%	1h	164.43	long leg	$55K	$219K	10x
Nado MSTR-PERP	+0.0387%	1h	164.64	+0.127%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0423%	8h	164.69	+0.159%	$17.1M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.71	+0.171%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0990%	4h	164.44	+0.008%	$48K	$5.5M	10x	as long as short