Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0848%/8h= −92.9% APRpaid last 24h +0.006%

Price spread now: Phoenix against edgeX+0.024%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.448%+$45 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now +0.024%, 7d avg +0.009%

Together, before fees+0.507%+ Points / potential airdropedgeX: Active · farm board+$51 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.448%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.448% in total (about 23.3% 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	edgeX MSTRUSDC	169.75	0.0938	pay 0.0469% / 4h	3h 31m	$50K	$5.4M	10x
Short	Phoenix MSTR	169.79	0.0090	get 0.0011% / 1h	31m 25s	$57K	$389K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$178.13
Price spread: +0.024% → +0.009%: $1.5
Slippage, 4 orders: −$28.85
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$221.48
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 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 edgeX live order book, 3 min ago	5.59 bp	10.5 bp −$11	17.1 bp −$171	doesn't fit	doesn't fit
Sell Phoenix live order book, 16 min ago	3.89 bp	12.0 bp −$12	25.2 bp −$252	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
Nado MSTR-PERP	−0.0035%	1h	169.92	+0.101%	$140K	$107K	3x	as long as short
RISEx MSTR/USDC	0.0000%	1h	170.04	+0.172%	$295K	$474K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.96	+0.125%	$4.9M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	170.04	+0.172%	$2.9M	$52K	10x	as long as short
Variational Omni MSTR	+0.0013%	8h	169.83	+0.047%	$1.2M	$2.4M	—	as long as short
Lighter MSTR	+0.0032%	1h	169.96	+0.125%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.92	+0.102%	$584K	$1.9M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0041%	8h	170.03	+0.168%	$80K	$950K	10x	as long as short
QFEX MSTR-USD	+0.0044%	1h	170.00	+0.149%	$1.5M	$10.1M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	170.35	+0.355%	—	$2.0M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	170.00	+0.149%	$1.5M	$1.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.94	+0.113%	$410K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.79	+0.025%	$822K	$4.9M	10x	as long as short
BloFin MSTR-USDT	+0.0068%	8h	170.08	+0.196%	$1.1M	$1.7M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0075%	8h	170.00	+0.151%	$68	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0078%	8h	170.01	+0.155%	$22.3M	$108.3M	50x	as long as short
SoDEX MSTR-USD	+0.0079%	1h	169.99	+0.143%	$45K	$3K	10x	as long as short
Aster MSTRUSDT	+0.0081%	8h	170.00	+0.150%	$1.3M	$6.2M	50x	as long as short
Phoenix MSTRshort	+0.0090%	1h	169.79	+0.024%	$57K	$389K	10x
Binance MSTRUSDT	+0.0095%	8h	169.99	+0.140%	$89.3M	$625.1M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0099%	1h	169.93	+0.107%	$57.2M	$37.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.94	+0.116%	$104K	$153K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.93	+0.107%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.76	+0.007%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	170.01	+0.155%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	170.09	+0.202%	$141	—	10x	as long as short
Bitget MSTRUSDT	+0.0156%	8h	170.01	+0.155%	$29.0M	$118.4M	25x	as long as short
Injective MSTR/USDC PERP	+0.0171%	1h	169.97	+0.131%	$13K	$22K	30x	as long as short
Bybit MSTRUSDT	+0.0234%	8h	170.06	+0.184%	$15.6M	$42.3M	50x	as long as short
Arcus MSTR-USD	+0.0451%	1h	170.11	+0.213%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0633%	1h	170.03	+0.166%	$289K	$439K	10x	as long as short
edgeX MSTRUSDClong	+0.0938%	4h	169.75	long leg	$50K	$5.4M	10x