Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.014%

Price spread now: Phemex against Vest−0.047%7-day average +1.012% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.047%, 7d avg +1.012%

Together, before fees−0.091%+ Points / potential airdropVest: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 1.060% cheaper against Vest than usual: you would sell low and buy high (−$106 if the spread goes back to its 7-day average of +1.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSTR-USD-PERP	169.25	0.0046	pay 0.0006% / 1h	14m 15s	—	$2.1M	25x
Short	Phemex MSTRUSDT	169.17	0	get 0.0000% / 4h	1h 14m	$2.9M	$63K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$9.59
Price spread: −0.047% → +1.012%: −$105.97
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$129.56
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 4 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.66 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Vest: 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
Nado MSTR-PERP	−0.0070%	1h	169.10	−0.086%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	169.28	+0.018%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	−0.077%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.19	−0.035%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.20	−0.030%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.21	−0.024%	$276K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.13	−0.071%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.28	+0.020%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.35	+0.062%	$83K	$889K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	169.17	−0.047%	$2.9M	$63K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.13	−0.071%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.07	−0.105%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0034%	8h	169.15	−0.059%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.19	−0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERPlong	+0.0046%	1h	169.25	long leg	—	$2.1M	25x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.14	−0.065%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.16	−0.053%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	−0.089%	$781K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.349%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0064%	8h	169.20	−0.030%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0081%	8h	169.14	−0.062%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0093%	1h	169.13	−0.071%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.15	−0.062%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.10	−0.089%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.10	−0.089%	$4K	$406K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.16	−0.053%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.18	−0.040%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.37	+0.071%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.041%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0348%	4h	169.33	+0.048%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0400%	1h	169.22	−0.018%	$288K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.25	0.000%	$27K	$129K	10x	as long as short