Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.195%7-day average +0.038% · you sell dearer than you buy

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

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now +0.195%, 7d avg +0.038%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.157% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.195% now, against its 7-day average of +0.038%): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSTRUSDT	163.89	0.0100	pay 0.0013% / 1h	17m 04s	$6K	$182K	50x
Short	Phemex MSTRUSDT	164.21	0	get 0.0000% / 4h	3h 17m	$2.8M	$77K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.195%Rate

Funding earned: −$21
Price spread: +0.195% → +0.038%: $15.72
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$27.28
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 47 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 ApeX Omni live order book, 47 min ago	3.04 bp	46.6 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.35 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	−0.0945%	8h	164.23	+0.207%	$27.2M	$116.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.09	+0.119%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.10	+0.128%	$4.6M	$19.2M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	164.21	+0.195%	$2.8M	$77K	10x
Lighter MSTR	+0.0032%	1h	164.12	+0.140%	$3.5M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.93	+0.021%	$601K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.325%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.10	+0.128%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.92	+0.018%	—	$1.7M	25x	as long as short
OKX MSTR-USDT-SWAP	+0.0047%	8h	163.98	+0.055%	$20.8M	$99.1M	50x	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	164.06	+0.104%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.11	+0.134%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.80	−0.055%	$846K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.09	+0.122%	$1.4M	$7.3M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	164.17	+0.174%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	164.11	+0.135%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.03	+0.085%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTlong	+0.0100%	1h	163.89	long leg	$6K	$182K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.11	+0.134%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0102%	8h	164.03	+0.083%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.13	+0.145%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0165%	8h	164.06	+0.104%	$86.5M	$618.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0166%	8h	164.07	+0.107%	$76K	$826K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.006%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.15	+0.159%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0250%	1h	163.98	+0.052%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0262%	1h	164.01	+0.073%	$54.6M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0285%	8h	164.05	+0.098%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0323%	8h	164.12	+0.140%	$16.6M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.02	+0.077%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	163.93	+0.022%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0665%	1h	164.15	+0.159%	$279K	$438K	10x	as long as short