Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.109%46s7-day average +0.060% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.297%−$30 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.109%, 7d avg +0.060%

Together, before fees−0.445%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.050% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.060%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days. At the pace of the last 7 days (−0.297% in total) that is about 28 hours. The two prices were read 46 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	Polymarket Perps MSTR-USD	164.41	0.0050	pay 0.0006% / 1h	51m 24s	$380K	$2.7M	10x
Short	Phemex MSTRUSDT	164.59	0	get 0.0000% / 4h	3h 51m	$2.8M	$75K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$10.5
Price spread: +0.109% → +0.060%: $4.95
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$25.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 3 min ago; Phemex: live order book, 2 min ago. 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 Polymarket Perps live order book, 3 min ago	2.74 bp	8.2 bp −$8	9.6 bp −$96	11.4 bp −$1,142	doesn't fit
Sell Phemex live order book, 2 min ago	1.52 bp	doesn't fit	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	−0.0884%	8h	164.63	+0.134%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.38	−0.020%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	+0.043%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	164.59	+0.109%	$2.8M	$75K	10x
OKX MSTR-USDT-SWAP	+0.0028%	8h	164.52	+0.067%	$20.7M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.45	+0.024%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.26	−0.091%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.999%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.66	+0.152%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.36	−0.030%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USDlong	+0.0050%	1h	164.41	long leg	$380K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	164.50	+0.055%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	+0.036%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.41	0.000%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.150%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.43	+0.014%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.35	−0.036%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.55	+0.085%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.43	+0.012%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	+0.024%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.38	−0.017%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.48	+0.045%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.176%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.74	+0.201%	$82K	$792K	10x	as long as short
edgeX MSTRUSDC	+0.0179%	4h	164.56	+0.092%	$49K	$5.3M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0212%	1h	164.41	0.000%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.42	+0.007%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0232%	1h	164.37	−0.027%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.71	+0.182%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.59	+0.108%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.53	+0.073%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.54	+0.079%	$280K	$438K	10x	as long as short