Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h −0.054%

Price spread now: KuCoin against Phoenix−0.147%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.343%−$34 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.147%, 7d avg −0.033%

Together, before fees−0.495%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and KuCoin is 0.114% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	162.58	0.0362	pay 0.0045% / 1h	31m 28s	$55K	$226K	10x
Short	KuCoin MSTRUSDTM	162.34	0.0100	get 0.0100% / 8h	2h 31m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$54.96
Price spread: −0.147% → −0.033%: −$11.42
Slippage, 4 orders: −$49.17
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$134.54
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from Phoenix: live order book, 13 min ago; KuCoin: live order book, 10 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, 13 min ago	2.69 bp	9.4 bp −$9	18.5 bp −$185	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	2.76 bp	19.1 bp −$19	doesn't fit	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
Bitget MSTRUSDT	−0.1108%	8h	162.59	+0.007%	$27.0M	$117.7M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	162.42	−0.095%	$1.7M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.51	−0.042%	$4.6M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.03	+0.277%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.23	−0.215%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.159%	$8K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0037%	1h	162.04	−0.332%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.73	+0.093%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.30	−0.172%	$375K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.40	−0.110%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.28	−0.184%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.40	−0.110%	$1.4M	$7.2M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.44	−0.085%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0094%	8h	162.35	−0.141%	$20.5M	$99.8M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.41	−0.106%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	162.34	−0.147%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	162.29	−0.178%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.47	−0.067%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.51	−0.045%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	163.00	+0.259%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0153%	8h	162.36	−0.137%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.54	−0.024%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0184%	1h	162.38	−0.122%	$3.4M	$1.9M	10x	as long as short
Binance MSTRUSDT	+0.0197%	8h	162.39	−0.116%	$84.3M	$625.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0207%	8h	162.62	+0.025%	$79K	$831K	10x	as long as short
BloFin MSTR-USDT	+0.0315%	8h	162.57	−0.006%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTRlong	+0.0362%	1h	162.58	long leg	$55K	$226K	10x
tradeXYZ xyz:MSTR	+0.0366%	1h	162.28	−0.184%	$54.0M	$37.2M	10x	as long as short
Bybit MSTRUSDT	+0.0372%	8h	162.42	−0.098%	$16.6M	$41.3M	50x	as long as short
Nado MSTR-PERP	+0.0384%	1h	162.30	−0.169%	$130K	$156K	3x	as long as short
edgeX MSTRUSDC	+0.0858%	4h	162.53	−0.029%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1106%	1h	162.50	−0.049%	$276K	$438K	10x	as long as short