Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.037%

Price spread now: Phemex against SoDEX+0.389%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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 pays, funding is against you. Phemex is 0.389% dearer against SoDEX than usual: you sell high and buy low (spread +0.389% now, against zero (this spread has no 7-day history yet)): +$39 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSTR-USD	164.34	0.0050	pay 0.0006% / 1h	41m 16s	$43K	$3K	10x
Short	Phemex MSTRUSDT	164.98	0	get 0.0000% / 4h	2h 41m	$2.8M	$67K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.389%Rate

Funding earned: −$10.5
Price spread: +0.389% → 0.000%: $38.94
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $8.44
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: SoDEX: no order-book sample; 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	12.10 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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
Bitget MSTRUSDT	−0.0617%	8h	164.42	+0.049%	$27.0M	$115.7M	25x	as long as short
Gate MSTR_USDT	−0.0311%	8h	164.26	−0.049%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.31	−0.018%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.35	+0.006%	$21.1M	$100.3M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.35	+0.006%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.006%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.86	+0.316%	$76K	$810K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	164.98	+0.389%	$2.8M	$67K	10x
Binance MSTRUSDT	+0.0008%	8h	164.33	−0.006%	$86.9M	$625.3M	50x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.736%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.13	−0.131%	$565K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.88	+0.329%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.17	−0.103%	—	$1.8M	25x	as long as short
SoDEX MSTR-USDlong	+0.0050%	1h	164.34	long leg	$43K	$3K	10x
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.22	−0.073%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	+0.425%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.30	−0.024%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.39	+0.033%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.20	−0.085%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	+0.183%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.35	+0.006%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.32	−0.010%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0124%	1h	164.28	−0.037%	$383K	$2.7M	10x	as long as short
Lighter MSTR	+0.0152%	1h	164.26	−0.049%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0162%	8h	164.27	−0.040%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	+0.201%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.042%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0368%	1h	164.26	−0.049%	$55.5M	$36.5M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	+0.147%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0408%	1h	164.14	−0.122%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0445%	8h	164.40	+0.037%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1090%	1h	164.39	+0.030%	$280K	$438K	10x	as long as short