Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.017%

Price spread now: Phemex against QFEX+0.091%7-day average +0.032% · you sell dearer than you buy

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

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.091%, 7d avg +0.032%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.059% dearer against QFEX than usual: you sell high and buy low (spread +0.091% now, against its 7-day average of +0.032%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 4 days (−0.023% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	164.27	0.0067	pay 0.0008% / 1h	44m 41s	$1.4M	$7.3M	10x
Short	Phemex MSTRUSDT	164.42	0	get 0.0000% / 4h	3h 44m	$2.8M	$76K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$13.98
Price spread: +0.091% → +0.032%: $5.92
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.06
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 9 min ago; Phemex: 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 QFEX live order book, 9 min ago	1.52 bp	6.5 bp −$7	8.6 bp −$86	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.43 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	−0.0882%	8h	164.42	+0.091%	$27.8M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.33	+0.034%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.34	+0.043%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	164.42	+0.091%	$2.8M	$76K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.14	−0.076%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.086%	$8K	$26K	30x	as long as short
OKX MSTR-USDT-SWAP	+0.0034%	8h	164.28	+0.006%	$20.7M	$99.5M	50x	as long as short
edgeX MSTRUSDC	+0.0038%	4h	164.50	+0.138%	$49K	$5.3M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.48	+0.128%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.25	−0.012%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.30	+0.018%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.37	+0.061%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.27	0.000%	$855K	$4.0M	10x	as long as short
QFEX MSTR-USDlong	+0.0067%	1h	164.27	long leg	$1.4M	$7.3M	10x
Lighter MSTR	+0.0072%	1h	164.22	−0.030%	$3.5M	$1.9M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.22	−0.033%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.25	−0.012%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.39	+0.073%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.38	+0.067%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0101%	8h	164.45	+0.107%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.40	+0.082%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.21	−0.035%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0160%	8h	164.27	0.000%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.21	−0.037%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0172%	8h	164.40	+0.079%	$75K	$803K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.32	+0.033%	$266K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0244%	1h	164.22	−0.030%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0251%	1h	164.26	−0.009%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0281%	8h	164.36	+0.055%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0335%	8h	164.31	+0.024%	$16.8M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.53	+0.159%	$56K	$226K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0907%	1h	164.40	+0.079%	$280K	$438K	10x	as long as short