Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0207%/8h= −22.6% APRpaid last 24h −0.052%

Price spread now: Paradex against Phoenix−0.182%106s7-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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Paradex is 0.182% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	164.99	0.0381	pay 0.0048% / 1h	21m 42s	$55K	$219K	10x
Short	Paradex MSTR-USD-PERP	164.69	0.0174	get 0.0174% / 8h	6h 21m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.182%Rate

Funding earned: −$43.41
Price spread: −0.182% → 0.000%: −$18.17
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$72.58
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 45 min ago; Paradex: 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, 45 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 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	−0.1033%	8h	164.96	−0.020%	$27.5M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0157%	8h	164.84	−0.093%	$4.6M	$19.0M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.91	−0.048%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.75	−0.147%	$20.9M	$100.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.13	+0.083%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.11	+0.070%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.03	+0.022%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.68	−0.190%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.99	−0.002%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.05	+0.035%	—	$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
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.83	−0.099%	$918K	$4.6M	10x	as long as short
Binance MSTRUSDT	+0.0060%	8h	164.74	−0.152%	$87.8M	$624.4M	50x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.13	+0.083%	$1.4M	$8.3M	10x	as long as short
Lighter MSTR	+0.0080%	1h	164.67	−0.196%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0098%	1h	164.96	−0.020%	$384K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0099%	1h	164.89	−0.062%	$43K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.72	−0.164%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.74	−0.153%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.92	−0.044%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.98	−0.008%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.96	−0.020%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0139%	8h	165.05	+0.035%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.89	−0.062%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0174%	8h	164.69	−0.182%	$66	—	5x
tradeXYZ xyz:MSTR	+0.0240%	1h	164.66	−0.202%	$55.4M	$36.6M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.635%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0372%	1h	165.02	+0.019%	$111K	$143K	3x	as long as short
Phoenix MSTRlong	+0.0381%	1h	164.99	long leg	$55K	$219K	10x
Bybit MSTRUSDT	+0.0382%	8h	164.82	−0.105%	$17.1M	$41.2M	50x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	165.05	+0.037%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0781%	1h	165.03	+0.022%	$281K	$438K	10x	as long as short