Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0248%/8h= +27.1% APRpaid last 24h +0.063%

Price spread now: tradeXYZ against Phemex−0.447%7-day average −0.069% · you buy dearer than you sell

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

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.356%+$36 on $10k

Price spread, last 4 days (all we have)+0.479%+$48 · spread now −0.447%, 7d avg −0.069%

Together, before fees+0.836%+ Points / potential airdroptradeXYZ: Active · farm board+$84 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.378% cheaper against Phemex than usual: you would sell low and buy high (spread −0.447% now, against its 7-day average of −0.069%). If the spread goes back, that is −$38 on $10k: about 5.1 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	163.27	0	get 0.0000% / 4h	1h 38m	$2.7M	$78K	10x
Short	tradeXYZ xyz:MSTR	162.54	0.0248	get 0.0031% / 1h	38m 20s	$53.9M	$37.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.447%Rate

Funding earned: $52.05
Price spread: −0.447% → −0.069%: −$37.82
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$15.77
Costs to cover: 0.300%
Break-even: 9.1 days

Slippage unknown: Phemex: live order book, 5 min ago; tradeXYZ: live order book, 11 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, 5 min ago	0.31 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.31 bp	9.3 bp −$9	12.5 bp −$125	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	−0.0923%	8h	162.87	−0.245%	$28.6M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.65	−0.380%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	163.27	long leg	$2.7M	$78K	10x
Aster MSTRUSDT	+0.0026%	8h	162.54	−0.448%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.44	−0.505%	$504K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.718%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.81	−0.282%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.24	−0.631%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.51	−0.465%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.56	−0.435%	$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	162.54	−0.447%	$854K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.57	−0.429%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.56	−0.437%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.52	−0.459%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.65	−0.380%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.56	−0.435%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.56	−0.433%	$135	—	10x	as long as short
Lighter MSTR	+0.0128%	1h	162.55	−0.441%	$3.5M	$2.0M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0137%	8h	162.66	−0.374%	$20.7M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0144%	8h	162.76	−0.314%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0151%	8h	162.60	−0.412%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.072%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0224%	8h	162.60	−0.413%	$83.6M	$628.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0235%	8h	162.80	−0.285%	$78K	$867K	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0248%	1h	162.54	−0.447%	$53.9M	$37.3M	10x
Phoenix MSTR	+0.0328%	1h	162.77	−0.306%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0335%	1h	162.49	−0.478%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0344%	8h	162.66	−0.374%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0381%	8h	162.63	−0.392%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.60	−0.410%	$261K	$436K	10x	as long as short
edgeX MSTRUSDC	+0.0728%	4h	162.81	−0.279%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0858%	1h	162.58	−0.423%	$276K	$437K	10x	as long as short