Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.370%7-day average −0.061% · you buy dearer than you sell

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

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 4 days (all we have)+0.378%+$38 · spread now −0.370%, 7d avg −0.061%

Together, before fees+0.675%+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.308% cheaper against Phemex than usual: you would sell low and buy high (spread −0.370% now, against its 7-day average of −0.061%). If the spread goes back, that is −$31 on $10k: about 21 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.297% in total) that is about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	162.30	0	get 0.0000% / 4h	2h 26m	$2.7M	$77K	10x
Short	Polymarket Perps MSTR-USD	161.70	0.0050	get 0.0006% / 1h	26m 48s	$373K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.370%Rate

Funding earned: $10.5
Price spread: −0.370% → −0.061%: −$30.82
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$40.32
Costs to cover: 0.200%
Break-even: 33.9 days

Slippage unknown: Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 2 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, 2 min ago	4.93 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	3.71 bp	9.3 bp −$9	10.8 bp −$108	13.5 bp −$1,349	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	−0.1191%	8h	161.91	−0.240%	$26.7M	$117.9M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.65	−0.400%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	161.73	−0.351%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	162.30	long leg	$2.7M	$77K	10x
Vest MSTR-USD-PERP	+0.0031%	1h	161.38	−0.567%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	161.44	−0.533%	$497K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.338%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.27	−0.018%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	161.70	−0.370%	$373K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	161.69	−0.376%	$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	161.62	−0.419%	$867K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	161.76	−0.333%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.78	−0.323%	$262K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	161.68	−0.382%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.80	−0.311%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.55	−0.462%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.11	−0.117%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.68	−0.382%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.69	−0.378%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	162.32	+0.012%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0148%	8h	161.75	−0.340%	$65	—	5x	as long as short
Lighter MSTR	+0.0152%	1h	161.61	−0.425%	$3.4M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.81	−0.302%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0196%	8h	161.66	−0.396%	$83.5M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0209%	8h	162.29	−0.004%	$77K	$849K	10x	as long as short
BloFin MSTR-USDT	+0.0316%	8h	161.68	−0.382%	$1.0M	$2.1M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0343%	1h	161.59	−0.437%	$53.7M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.068%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0369%	8h	161.72	−0.357%	$16.7M	$41.8M	50x	as long as short
Nado MSTR-PERP	+0.0373%	1h	161.69	−0.379%	$129K	$157K	3x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	162.30	−0.002%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0493%	1h	161.66	−0.394%	$275K	$438K	10x	as long as short