Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.083%

Price spread now: BloFin against Phemex+0.030%59s7-day average −0.009% · you sell dearer than you buy

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

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.465%+$47 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.030%, 7d avg −0.009%

Together, before fees+0.439%+$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.039% dearer against Phemex than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.009%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.465%, so the current rate has only just turned against you. The two prices were read 59 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	Phemex MSTRUSDT	166.22	0	get 0.0000% / 4h	2h 57m	$2.8M	$67K	10x
Short	BloFin MSTR-USDT	166.27	−0.0020	pay 0.0020% / 8h	6h 57m	$1.1M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phemex. 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 PhemexbpFee BloFinbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$4.13
Price spread: +0.030% → −0.009%: $3.94
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.2
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; BloFin: live order book, 5 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 Phemex live order book, 6 min ago	3.29 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.30 bp	8.9 bp −$9	10.3 bp −$103	17.0 bp −$1,702	52.9 bp −$26.4K

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	−0.0269%	8h	165.57	−0.391%	$4.6M	$18.6M	50x	as long as short
BloFin MSTR-USDTshort	−0.0020%	8h	166.27	+0.030%	$1.1M	$1.9M	20x
Bitget MSTRUSDT	−0.0011%	8h	165.59	−0.379%	$27.2M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.60	−0.370%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.51	−0.429%	$87.2M	$618.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.46	−0.457%	$21.2M	$100.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.52	−0.421%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	−0.129%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.06	−0.096%	$84K	$812K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	166.22	long leg	$2.8M	$67K	10x

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	165.27	−0.572%	$570K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.09	−0.078%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.79	−0.259%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.74	−0.289%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.64	−0.349%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.35	−0.523%	$768K	$4.7M	10x	as long as short
Lighter MSTR	+0.0064%	1h	165.47	−0.451%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.94	−0.168%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.50	−0.430%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.49	−0.439%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	+0.042%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.65	−0.343%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.62	−0.362%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	165.39	−0.496%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.71	−0.307%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0187%	1h	165.48	−0.445%	$55.7M	$36.1M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.134%	$56K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0280%	1h	165.64	−0.348%	$134K	$129K	3x	as long as short
Bybit MSTRUSDT	+0.0314%	8h	165.60	−0.373%	$17.2M	$40.8M	50x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+1.877%	$8K	$26K	30x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.216%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1080%	1h	165.68	−0.325%	$282K	$438K	10x	as long as short