Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.041%

Price spread now: Phoenix against Bybit−0.281%46s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as 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−$370.370% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 4 days (all we have)+0.487%+$49 · spread now −0.281%, 7d avg +0.002%

Together, before fees+0.692%+$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.283% cheaper against Bybit than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.002%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.204%, so the current rate has only just turned against you. 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	Bybit MSTRUSDT	163.89	0.0391	pay 0.0391% / 8h	1h 20m	$16.9M	$41.8M	50x
Short	Phoenix MSTR	163.43	0.0328	get 0.0041% / 1h	20m 40s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.281%Rate

Funding earned: −$13.23
Price spread: −0.281% → +0.002%: −$28.29
Slippage, 4 orders: −$18.98
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$78.5
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 19 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 Bybit live order book, 3 min ago	1.53 bp	8.7 bp −$9	13.9 bp −$139	128.9 bp −$12.9K	doesn't fit
Sell Phoenix live order book, 19 min ago	2.58 bp	9.2 bp −$9	18.1 bp −$181	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	−0.0837%	8h	163.95	+0.037%	$29.0M	$118.8M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.86	−0.018%	$4.7M	$19.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.83	−0.037%	$2.8M	$79K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.69	−0.119%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.325%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.60	−0.177%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.61	−0.171%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.69	−0.122%	$379K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.64	−0.153%	$840K	$3.9M	10x	as long as short
Aster MSTRUSDT	+0.0050%	8h	163.72	−0.104%	$1.8M	$8.7M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0057%	1h	163.80	−0.055%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.80	−0.053%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.69	−0.122%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.29	−0.366%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.80	−0.055%	$2K	$13K	10x	as long as short
SoDEX MSTR-USD	+0.0102%	1h	163.69	−0.122%	$43K	$3K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.78	−0.068%	$136	—	10x	as long as short
Lighter MSTR	+0.0144%	1h	163.81	−0.049%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.446%	$1.4M	$1.1M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0165%	8h	163.86	−0.018%	$20.8M	$100.7M	50x	as long as short
Variational Omni MSTR	+0.0166%	8h	163.76	−0.082%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0173%	8h	163.84	−0.031%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0250%	8h	163.86	−0.018%	$84.1M	$627.3M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0259%	8h	163.42	−0.287%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0259%	1h	163.77	−0.073%	$54.3M	$37.2M	10x	as long as short
Phoenix MSTRshort	+0.0328%	1h	163.43	−0.281%	$55K	$223K	10x
Nado MSTR-PERP	+0.0361%	1h	163.49	−0.245%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0365%	8h	163.80	−0.055%	$1.0M	$2.1M	20x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	163.78	−0.067%	$265K	$428K	10x	as long as short
Bybit MSTRUSDTlong	+0.0391%	8h	163.89	long leg	$16.9M	$41.8M	50x
edgeX MSTRUSDC	+0.0831%	4h	163.42	−0.286%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1463%	1h	163.75	−0.085%	$278K	$437K	10x	as long as short