Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0281%/8h= +30.7% APRpaid last 24h +0.056%

Price spread now: Phoenix against KuCoin−0.049%78s7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as 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−$780.778% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)+1.283%+$128 · spread now −0.049%, 7d avg +0.034%

Together, before fees+1.627%+$163 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.082% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.034%). If the spread goes back, that is −$8 on $10k: about 23 hours of funding at the current rate (+$8 a day). The two prices were read 78 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	KuCoin MSTRUSDTM	164.21	0.0100	pay 0.0100% / 8h	6h 36m	$2.4M	$2.7M	20x
Short	Phoenix MSTR	164.13	0.0381	get 0.0048% / 1h	36m 09s	$55K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.049%Rate

Funding earned: $58.93
Price spread: −0.049% → +0.034%: −$8.22
Slippage, 4 orders: −$58.76
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.04
Costs to cover: 0.778%
Break-even: 10.2 days

Slippage from KuCoin: live order book, 6 min ago; Phoenix: live order book, 30 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 KuCoin live order book, 6 min ago	2.43 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 30 min ago	3.90 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
Bitget MSTRUSDT	−0.0836%	8h	164.45	+0.146%	$27.2M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0221%	8h	164.31	+0.061%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.34	+0.082%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.29	+0.049%	$20.8M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.23	+0.010%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.33	+0.073%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.19	−0.009%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.44	+0.140%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.816%	$1.1M	$1.9M	20x	as long as short
edgeX MSTRUSDC	+0.0016%	4h	163.85	−0.221%	$48K	$5.5M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0020%	8h	164.32	+0.067%	$87.3M	$626.5M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.18	−0.018%	$591K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.25	+0.024%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.07	−0.085%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.22	+0.006%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.13	−0.049%	$917K	$4.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.26	+0.030%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.15	−0.034%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.21	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	163.80	−0.250%	$4K	$203K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.22	+0.006%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.30	+0.054%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	164.23	+0.012%	$381K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.31	+0.061%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0165%	8h	164.14	−0.043%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.04	−0.104%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.124%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0347%	1h	164.26	+0.030%	$55.3M	$36.4M	10x	as long as short
Phoenix MSTRshort	+0.0381%	1h	164.13	−0.049%	$55K	$219K	10x
Nado MSTR-PERP	+0.0400%	1h	164.26	+0.031%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0439%	8h	164.32	+0.067%	$17.2M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1151%	1h	164.35	+0.085%	$279K	$438K	10x	as long as short