Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0159%/8h= +17.5% APRpaid last 24h +0.056%

Price spread now: Phoenix against Orderly+0.179%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.179% dearer against Orderly than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	166.44	0.0100	pay 0.0100% / 8h	7h 02m	$3K	$7K	10x
Short	Phoenix MSTR	166.74	0.0259	get 0.0032% / 1h	2m 59s	$56K	$384K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.179%Rate

Funding earned: $33.48
Price spread: +0.179% → 0.000%: $17.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $38.39
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 4 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit

Orderly: 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
Gate MSTR_USDT	−0.0235%	8h	166.50	+0.036%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	166.50	+0.036%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.43	−0.003%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.30	−0.082%	$87.4M	$614.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.44	0.000%	$21.4M	$99.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.48	+0.024%	$27.5M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	+0.207%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.258%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.92	+0.288%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.37	−0.042%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.19	−0.150%	$574K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.45	+0.006%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.95	+0.306%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.28	−0.096%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.36	−0.048%	$390K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.50	+0.036%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.45	+0.006%	$773K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0057%	1h	166.16	−0.167%	$135K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	+0.150%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.58	+0.082%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.42	−0.012%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.82	+0.228%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	166.44	long leg	$3K	$7K	10x
Paradex MSTR-USD-PERP	+0.0104%	8h	166.41	−0.020%	$67	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.40	−0.022%	$138	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.742%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	166.41	−0.018%	$56.3M	$35.9M	10x	as long as short
Bybit MSTRUSDT	+0.0258%	8h	166.43	−0.006%	$16.8M	$40.2M	50x	as long as short
Phoenix MSTRshort	+0.0259%	1h	166.74	+0.179%	$56K	$384K	10x
edgeX MSTRUSDC	+0.0334%	4h	166.79	+0.213%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.53	+0.057%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0893%	1h	166.46	+0.012%	$283K	$438K	10x	as long as short