Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.036%

Price spread now: Orderly against Phoenix−0.010%66s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	169.50	0.0260	pay 0.0033% / 1h	51m 41s	$57K	$392K	10x
Short	Orderly PERP_MSTR_USDC_mythos	169.48	0.0100	get 0.0100% / 8h	51m 41s	$3K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.010%Rate

Funding earned: −$33.63
Price spread: −0.010% → 0.000%: −$1
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.64
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 25 min ago; Orderly: no order-book sample. Net counts fees only.

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, 25 min ago	3.01 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
BloFin MSTR-USDT	−0.0021%	8h	169.65	+0.090%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.20	−0.175%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.53	+0.019%	$22.1M	$106.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.46	−0.022%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.38	−0.068%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.52	+0.013%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.51	+0.008%	$2.9M	$64K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.51	+0.008%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0009%	8h	169.52	+0.014%	$89.5M	$629.2M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.35	−0.084%	$583K	$1.8M	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	169.65	+0.090%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.51	+0.008%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.42	−0.045%	$393K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.36	−0.081%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0053%	8h	169.47	−0.016%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0088%	8h	169.54	+0.025%	$15.2M	$40.6M	50x	as long as short
Nado MSTR-PERP	+0.0090%	1h	169.37	−0.073%	$140K	$97K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.09	−0.240%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.44	−0.034%	$105K	$104K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.33	−0.099%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.06	−0.258%	$4K	$394K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	169.48	−0.010%	$3K	$11K	10x
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.246%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.50	0.000%	$141	—	10x	as long as short
SoDEX MSTR-USD	+0.0113%	1h	169.49	−0.004%	$45K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0122%	8h	169.56	+0.038%	$68	—	5x	as long as short
Lighter MSTR	+0.0152%	1h	169.54	+0.025%	$3.6M	$2.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0174%	1h	169.48	−0.010%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTRlong	+0.0260%	1h	169.50	long leg	$57K	$392K	10x
Arcus MSTR-USD	+0.0738%	1h	169.58	+0.049%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0789%	4h	169.52	+0.011%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0931%	1h	169.56	+0.037%	$288K	$439K	10x	as long as short