Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0219%/8h= −24.0% APRpaid last 24h −0.061%

Price spread now: Phemex against Binance−0.164%7-day average +0.031% · you buy dearer than you sell

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

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 4 days (all we have)+0.225%+$22 · spread now −0.164%, 7d avg +0.031%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.196% cheaper against Binance than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	164.12	0.0219	pay 0.0219% / 8h	2h 06m	$84.2M	$629.2M	50x
Short	Phemex MSTRUSDT	163.85	0	get 0.0000% / 4h	2h 06m	$2.8M	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$45.94
Price spread: −0.164% → +0.031%: −$19.58
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$87.52
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 7 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 Binance live order book, 7 min ago	0.31 bp	6.0 bp −$6	9.0 bp −$90	23.0 bp −$2,296	doesn't fit
Sell Phemex live order book, 2 min ago	0.92 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	−0.1067%	8h	164.32	+0.122%	$28.3M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.16	+0.024%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	163.85	−0.164%	$2.8M	$78K	10x
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.209%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	163.99	−0.080%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	−0.055%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.96	−0.097%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.181%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.95	−0.103%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	−0.043%	$379K	$2.7M	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	163.77	−0.213%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	−0.030%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.16	+0.023%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.03	−0.052%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.95	−0.103%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	−0.097%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.05	−0.043%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.04	−0.049%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0120%	8h	164.20	+0.049%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.00	−0.073%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0144%	8h	163.96	−0.100%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	−0.019%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.584%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDTlong	+0.0219%	8h	164.12	long leg	$84.2M	$629.2M	50x
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	−0.063%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0247%	1h	163.91	−0.128%	$54.3M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	−0.125%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	−0.049%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.146%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0377%	8h	164.20	+0.049%	$16.8M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0407%	1h	164.01	−0.067%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1032%	1h	164.07	−0.030%	$279K	$438K	10x	as long as short