Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.017%

Price spread now: Extended against Phemex−0.361%7-day average −0.104% · you buy dearer than you sell

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

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.301%+$30 on $10k

Price spread, last 4 days (all we have)+0.371%+$37 · spread now −0.361%, 7d avg −0.104%

Together, before fees+0.671%+ Points / potential airdropExtended: Active · farm board+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.257% cheaper against Phemex than usual: you would sell low and buy high (spread −0.361% now, against its 7-day average of −0.104%). If the spread goes back, that is −$26 on $10k: about 27 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.301% in total) that is about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	163.30	0	get 0.0000% / 4h	1h 44m	$2.7M	$78K	10x
Short	Extended MSTR_24_5-USD	162.71	0.0032	get 0.0004% / 1h	44m 10s	$501K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.361%Rate

Funding earned: $6.72
Price spread: −0.361% → −0.104%: −$25.7
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.98
Costs to cover: 0.170%
Break-even: 44.5 days

Slippage unknown: Phemex: live order book, 4 min ago; Extended: 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 Phemex live order book, 4 min ago	0.61 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	2.15 bp	5.2 bp −$5	16.1 bp −$161	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	−0.0892%	8h	163.11	−0.116%	$28.7M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.94	−0.220%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	163.30	long leg	$2.7M	$78K	10x
Aster MSTRUSDT	+0.0024%	8h	162.91	−0.240%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	162.71	−0.361%	$501K	$2.0M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.699%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.12	−0.110%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.68	−0.380%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.91	−0.239%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.87	−0.263%	$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	−0.325%	$841K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.99	−0.190%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.97	−0.200%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.91	−0.239%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.74	−0.343%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.88	−0.257%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.89	−0.252%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0131%	8h	162.90	−0.245%	$20.7M	$100.3M	50x	as long as short
Lighter MSTR	+0.0136%	1h	162.88	−0.257%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0147%	8h	162.88	−0.259%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.94	−0.219%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.090%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0223%	8h	162.87	−0.263%	$83.7M	$628.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0230%	1h	162.83	−0.288%	$54.0M	$37.3M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0232%	8h	163.04	−0.160%	$79K	$876K	10x	as long as short
Phoenix MSTR	+0.0328%	1h	163.25	−0.032%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0329%	1h	162.89	−0.253%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0342%	8h	163.17	−0.080%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0381%	8h	162.92	−0.233%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.99	−0.190%	$262K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0561%	4h	163.08	−0.133%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0856%	1h	162.92	−0.233%	$277K	$437K	10x	as long as short