Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1527%/8h= +167.2% APRpaid last 24h +0.049%

Price spread now: Phoenix against Bitget+0.167%69s7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.371% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.306%+$31 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now +0.167%, 7d avg −0.009%

Together, before fees+0.426%+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$46 a day on $10k at the current rate, and Phoenix is 0.175% dearer against Bitget than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.009%. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.306% in total (about 15.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	162.14	−0.1165	get 0.1165% / 8h	2h 28m	$26.9M	$117.8M	25x
Short	Phoenix MSTR	162.41	0.0362	get 0.0045% / 1h	28m 23s	$55K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.167%Rate

Funding earned: $320.61
Price spread: +0.167% → −0.009%: $17.54
Slippage, 4 orders: −$18.08
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $301.07
Costs to cover: 0.371%
Break-even: 0.4 days

Slippage from Bitget: live order book, 6 min ago; Phoenix: live order book, 16 min ago.

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 Bitget live order book, 6 min ago	0.92 bp	8.5 bp −$9	12.4 bp −$124	22.3 bp −$2,234	doesn't fit
Sell Phoenix live order book, 16 min ago	2.69 bp	9.4 bp −$9	18.5 bp −$185	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 MSTRUSDTlong	−0.1165%	8h	162.14	long leg	$26.9M	$117.8M	25x
Aster MSTRUSDT	0.0000%	8h	161.87	−0.165%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.04	−0.062%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.099%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	161.72	−0.262%	$497K	$2.0M	10x	as long as short
Vest MSTR-USD-PERP	+0.0033%	1h	161.61	−0.327%	—	$1.8M	25x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.441%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.44	+0.185%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.89	−0.154%	$374K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.89	−0.154%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.18	+0.025%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	161.94	−0.123%	$1.4M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.95	−0.117%	$263K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0092%	8h	161.88	−0.160%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.98	−0.098%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.89	−0.154%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.29	+0.093%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.83	−0.191%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.87	−0.163%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	162.32	+0.111%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0149%	8h	161.92	−0.135%	$65	—	5x	as long as short
Lighter MSTR	+0.0160%	1h	161.91	−0.142%	$3.4M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.81	−0.204%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0197%	8h	161.84	−0.185%	$83.5M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0210%	8h	162.40	+0.163%	$79K	$831K	10x	as long as short
BloFin MSTR-USDT	+0.0317%	8h	162.23	+0.056%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0349%	1h	161.88	−0.160%	$53.8M	$37.4M	10x	as long as short
Phoenix MSTRshort	+0.0362%	1h	162.41	+0.167%	$55K	$226K	10x
Bybit MSTRUSDT	+0.0370%	8h	161.92	−0.136%	$16.5M	$41.6M	50x	as long as short
Nado MSTR-PERP	+0.0376%	1h	161.93	−0.127%	$129K	$157K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0430%	1h	161.77	−0.228%	$275K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0858%	4h	162.53	+0.242%	$48K	$5.4M	10x	as long as short