Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.037%

Price spread now: Phoenix against Bitget+0.042%79s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.397% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.313%+$31 on $10k

Price spread, last 3 days (all we have)+0.428%+$43 · spread now +0.042%, 7d avg −0.005%

Together, before fees+0.742%+$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.047% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.005%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	169.42	0.0067	pay 0.0067% / 8h	2h 06m	$28.8M	$120.0M	25x
Short	Phoenix MSTR	169.49	0.0184	get 0.0023% / 1h	6m 04s	$57K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.042%Rate

Funding earned: $24.5
Price spread: +0.042% → −0.005%: $4.73
Slippage, 4 orders: −$20.74
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$10.52
Costs to cover: 0.397%
Break-even: 10.0 days

Slippage from Bitget: live order book, 3 min ago; Phoenix: live order book, 16 min ago.

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, 3 min ago	0.59 bp	10.4 bp −$10	13.8 bp −$138	31.6 bp −$3,163	doesn't fit
Sell Phoenix live order book, 16 min ago	2.77 bp	9.5 bp −$9	18.9 bp −$189	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
Nado MSTR-PERP	−0.0070%	1h	169.30	−0.073%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.38	−0.026%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.42	0.000%	$88.6M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.43	+0.006%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.40	−0.012%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.38	−0.024%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.48	+0.036%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.49	+0.040%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.41	−0.006%	$2.9M	$59K	10x	as long as short
BloFin MSTR-USDT	+0.0014%	8h	169.41	−0.006%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.39	−0.018%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.29	−0.077%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.41	−0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.55	+0.077%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.183%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.34	−0.047%	$406K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.40	−0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.30	−0.071%	$752K	$5.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0062%	1h	169.38	−0.024%	$56.8M	$38.4M	10x	as long as short
Bitget MSTRUSDTlong	+0.0067%	8h	169.42	long leg	$28.8M	$120.0M	25x
Paradex MSTR-USD-PERP	+0.0084%	8h	169.37	−0.030%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0088%	8h	169.42	0.000%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.33	−0.055%	$103K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.29	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.40	−0.012%	$4K	$854K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.41	−0.006%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.40	−0.013%	$141	—	10x	as long as short
Phoenix MSTRshort	+0.0184%	1h	169.49	+0.042%	$57K	$396K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0341%	1h	169.42	0.000%	$288K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.49	+0.041%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.112%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0756%	4h	169.48	+0.035%	$48K	$5.4M	10x	as long as short