Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.036%

Price spread now: OKX against Phoenix+0.047%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.221%−$22 on $10k

Price spread, last 4 days (all we have)−0.669%−$67 · spread now +0.047%, 7d avg −0.005%

Together, before fees−0.889%−$89 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.052% dearer against Phoenix than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.005%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.221% in total) that is about 40 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.221% in total (about -11.5% 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	164.64	0.0336	pay 0.0042% / 1h	33m 18s	$56K	$227K	10x
Short	OKX MSTR-USDT-SWAP	164.72	0	get 0.0000% / 8h	5h 33m	$20.9M	$99.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$70.53
Price spread: +0.047% → −0.005%: $5.22
Slippage, 4 orders: −$20.56
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$102.87
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; OKX: live order book, 6 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, 26 min ago	3.89 bp	11.9 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	0.30 bp	7.2 bp −$7	13.1 bp −$131	62.6 bp −$6,259	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	−0.1263%	8h	164.84	+0.120%	$27.7M	$114.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.58	−0.040%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAPshort	0.0000%	8h	164.72	+0.047%	$20.9M	$99.5M	50x
Gate MSTR_USDT	0.0000%	8h	164.86	+0.132%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.63	−0.008%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0029%	8h	164.54	−0.061%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.59	−0.032%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.53	−0.069%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.853%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.55	−0.056%	$26K	$112K	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	164.58	−0.038%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.65	+0.004%	$384K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.66	+0.010%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.35	−0.178%	$855K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.72	+0.047%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0079%	1h	164.62	−0.014%	$55.0M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0097%	8h	164.79	+0.089%	$88.3M	$618.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.72	+0.045%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.60	−0.026%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.51	−0.081%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.74	+0.059%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.75	+0.063%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	164.67	+0.015%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0164%	8h	164.63	−0.008%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.336%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0215%	8h	164.57	−0.044%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0221%	1h	164.53	−0.071%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.75	+0.067%	$270K	$447K	10x	as long as short
Phoenix MSTRlong	+0.0336%	1h	164.64	long leg	$56K	$227K	10x
Bybit MSTRUSDT	+0.0350%	8h	164.84	+0.120%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0681%	4h	164.52	−0.074%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.70	+0.035%	$280K	$438K	10x	as long as short