Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0460%/8h= +50.4% APRpaid last 24h −0.035%

Price spread now: Phemex against Bitget−0.055%7-day average +0.002% · you buy dearer than you sell

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

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.055%, 7d avg +0.002%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.057% cheaper against Bitget than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.002%). If the spread goes back, that is −$6 on $10k: about 10 hours of funding at the current rate (+$14 a day). Mind the row above: over the last 7 days funding on this pair cost −0.181%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.181% in total (about -9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	162.98	−0.0460	get 0.0460% / 8h	15m 12s	$29.4M	$119.1M	25x
Short	Phemex MSTRUSDT	162.89	0	get 0.0000% / 4h	15m 12s	$2.7M	$83K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now −0.055%Rate

Funding earned: $96.6
Price spread: −0.055% → +0.002%: −$5.68
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: $66.92
Costs to cover: 0.240%
Break-even: 2.2 days

Slippage unknown: Bitget: live order book, 4 min ago; Phemex: live order book, 3 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 Bitget live order book, 4 min ago	0.31 bp	8.6 bp −$9	13.2 bp −$132	31.9 bp −$3,190	doesn't fit
Sell Phemex live order book, 3 min ago	3.68 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 MSTRUSDTlong	−0.0460%	8h	162.98	long leg	$29.4M	$119.1M	25x
Gate MSTR_USDT	0.0000%	8h	162.90	−0.049%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	162.89	−0.055%	$2.7M	$83K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	162.65	−0.202%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.902%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.02	+0.025%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.61	−0.227%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.72	−0.160%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.82	−0.098%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.86	−0.074%	$897K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0064%	1h	162.81	−0.104%	$3.5M	$2.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	162.81	−0.104%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0078%	8h	162.85	−0.081%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.82	−0.095%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.80	−0.110%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.00	+0.012%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.84	−0.086%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.86	−0.076%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.62	−0.221%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0140%	4h	162.93	−0.033%	$46K	$5.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	162.83	−0.092%	$65	—	5x	as long as short
Nado MSTR-PERP	+0.0188%	1h	162.79	−0.118%	$125K	$165K	3x	as long as short
Variational Omni MSTR	+0.0199%	8h	162.87	−0.068%	$1.2M	$2.0M	—	as long as short
OKX MSTR-USDT-SWAP	+0.0202%	8h	162.88	−0.061%	$20.8M	$99.7M	50x	as long as short
Binance MSTRUSDT	+0.0272%	8h	162.82	−0.096%	$83.7M	$620.3M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0273%	8h	163.11	+0.078%	$79K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.12	+0.086%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	162.87	−0.067%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0407%	8h	162.89	−0.055%	$17.0M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0453%	1h	162.78	−0.123%	$53.8M	$37.7M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.86	−0.074%	$268K	$419K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0549%	1h	162.86	−0.074%	$277K	$437K	10x	as long as short