Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.062%

Price spread now: GRVT against Phoenix−0.188%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 3 days (all we have)+0.131%+$13 · spread now −0.188%, 7d avg +0.020%

Together, before fees−0.207%+ Points / potential airdropGRVT: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and GRVT is 0.209% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	169.45	0.0260	pay 0.0033% / 1h	0m 13s	$57K	$392K	10x
Short	GRVT MSTR_USDT_Perp	169.13	0.0030	get 0.0030% / 8h	0m 13s	$77K	$871K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$48.33
Price spread: −0.188% → +0.020%: −$20.87
Slippage, 4 orders: −$25.97
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$111.17
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from Phoenix: live order book, 11 min ago; GRVT: live order book, 13 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, 11 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell GRVT live order book, 13 min ago	0.89 bp	9.5 bp −$9	14.8 bp −$148	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	−0.0044%	1h	169.42	−0.019%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.27	−0.106%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.55	+0.060%	$21.9M	$106.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.48	+0.018%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.004%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	−0.082%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.53	+0.048%	$276K	$441K	10x	as long as short
GRVT MSTR_USDT_Perpshort	+0.0030%	8h	169.13	−0.188%	$77K	$871K	10x
Bitget MSTRUSDT	+0.0031%	8h	169.58	+0.077%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.53	+0.048%	$3.6M	$2.4M	10x	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	169.44	−0.006%	$581K	$1.8M	10x	as long as short
BloFin MSTR-USDT	+0.0037%	8h	169.60	+0.089%	$1.1M	$1.9M	20x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.69	+0.142%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.50	+0.030%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.47	+0.012%	$400K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.54	+0.054%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.129%	$764K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.59	+0.083%	$15.2M	$40.3M	50x	as long as short
Binance MSTRUSDT	+0.0062%	8h	169.58	+0.077%	$89.4M	$628.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0094%	8h	169.47	+0.010%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.413%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.53	+0.046%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.36	−0.053%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.176%	$4K	$224K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.51	+0.036%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.336%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.52	+0.040%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0123%	1h	169.50	+0.030%	$57.3M	$36.9M	10x	as long as short
Phoenix MSTRlong	+0.0260%	1h	169.45	long leg	$57K	$392K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0576%	1h	169.61	+0.095%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0628%	4h	169.42	−0.017%	$48K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.57	+0.071%	$27K	$129K	10x	as long as short