Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.356%7-day average +0.060% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Phemex

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)−0.354%−$35 · spread now +0.356%, 7d avg +0.060%

Together, before fees−0.651%−$65 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.296% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.356% now, against its 7-day average of +0.060%): +$30 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.297% in total) that is about 7.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MSTR-USD	162.74	0.0050	pay 0.0006% / 1h	41m 22s	$376K	$2.7M	10x
Short	Phemex MSTRUSDT	163.32	0	get 0.0000% / 4h	1h 41m	$2.7M	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.356%Rate

Funding earned: −$10.5
Price spread: +0.356% → +0.060%: $29.61
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$0.89
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Polymarket Perps: live order book, 2 min ago; Phemex: 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 Polymarket Perps live order book, 2 min ago	0.61 bp	10.8 bp −$11	11.9 bp −$119	12.8 bp −$1,285	doesn't fit
Sell Phemex live order book, 2 min ago	0.31 bp	doesn't fit	doesn't fit	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	−0.0902%	8h	163.05	+0.190%	$28.7M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.90	+0.098%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	163.32	+0.356%	$2.7M	$78K	10x
Aster MSTRUSDT	+0.0025%	8h	162.80	+0.036%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.61	−0.080%	$506K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.056%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.98	+0.147%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.50	−0.147%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USDlong	+0.0050%	1h	162.74	long leg	$376K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	162.75	+0.006%	$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	+0.018%	$854K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.81	+0.043%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.83	+0.058%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.79	+0.031%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.84	+0.061%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.77	+0.018%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.78	+0.024%	$135	—	10x	as long as short
Lighter MSTR	+0.0128%	1h	162.75	+0.006%	$3.5M	$2.0M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0135%	8h	162.86	+0.074%	$20.7M	$100.3M	50x	as long as short
Variational Omni MSTR	+0.0147%	8h	162.88	+0.084%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.80	+0.039%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.750%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0172%	4h	162.89	+0.094%	$46K	$5.4M	10x	as long as short
Binance MSTRUSDT	+0.0224%	8h	162.79	+0.029%	$83.6M	$628.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0236%	8h	162.97	+0.141%	$79K	$867K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0236%	1h	162.73	−0.006%	$54.0M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.99	+0.151%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0335%	1h	162.75	+0.004%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0344%	8h	162.75	+0.006%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0379%	8h	162.79	+0.031%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.91	+0.101%	$262K	$437K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0918%	1h	162.80	+0.037%	$277K	$437K	10x	as long as short