Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.050%

Price spread now: Phoenix against Paradex+0.187%46s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.187% dearer against Paradex than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Paradex MSTR-USD-PERP	162.94	0.0150	pay 0.0150% / 8h	1h 43m	$65	—	5x
Short	Phoenix MSTR	163.25	0.0328	get 0.0041% / 1h	43m 47s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.187%Rate

Funding earned: $37.44
Price spread: +0.187% → 0.000%: $18.71
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $45.15
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 61 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 61 min ago	2.69 bp	9.4 bp −$9	18.5 bp −$185	doesn't fit	doesn't fit

Paradex: 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
Bitget MSTRUSDT	−0.0892%	8h	163.04	+0.059%	$28.6M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.90	−0.027%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.30	+0.219%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0024%	8h	162.87	−0.042%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.68	−0.165%	$501K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.926%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.12	+0.109%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.68	−0.162%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.91	−0.020%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.87	−0.045%	$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	162.77	−0.106%	$841K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.99	+0.029%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.97	+0.018%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.87	−0.045%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.74	−0.125%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.88	−0.039%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.89	−0.033%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0131%	8h	162.87	−0.045%	$20.7M	$100.3M	50x	as long as short
Lighter MSTR	+0.0136%	1h	162.83	−0.069%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0147%	8h	162.88	−0.041%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERPlong	+0.0150%	8h	162.94	long leg	$65	—	5x
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.873%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0223%	8h	162.83	−0.069%	$83.7M	$628.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0229%	1h	162.81	−0.082%	$53.9M	$37.3M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0232%	8h	163.04	+0.059%	$79K	$876K	10x	as long as short
Phoenix MSTRshort	+0.0328%	1h	163.25	+0.187%	$55K	$223K	10x
Nado MSTR-PERP	+0.0329%	1h	162.89	−0.035%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0342%	8h	163.17	+0.139%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0381%	8h	162.89	−0.033%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.99	+0.029%	$262K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0561%	4h	163.08	+0.086%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0856%	1h	162.92	−0.014%	$277K	$437K	10x	as long as short