Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h +0.041%

Price spread now: Phoenix against Bybit−0.168%105s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$360.359% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 4 days (all we have)+0.375%+$37 · spread now −0.168%, 7d avg +0.002%

Together, before fees+0.579%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.170% cheaper against Bybit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.002%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.204%, so the current rate has only just turned against you. The two prices were read 105 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	Bybit MSTRUSDT	162.96	0.0382	pay 0.0382% / 8h	1h 29m	$16.8M	$41.8M	50x
Short	Phoenix MSTR	162.69	0.0328	get 0.0041% / 1h	29m 42s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.168%Rate

Funding earned: −$11.3
Price spread: −0.168% → +0.002%: −$17.04
Slippage, 4 orders: −$17.93
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$64.27
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Bybit: live order book, 9 min ago; Phoenix: live order book, 10 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 Bybit live order book, 9 min ago	0.62 bp	8.3 bp −$8	14.6 bp −$146	141.2 bp −$14.1K	doesn't fit
Sell Phoenix live order book, 10 min ago	2.58 bp	9.2 bp −$9	18.1 bp −$181	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	−0.0949%	8h	163.17	+0.129%	$28.7M	$118.6M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.99	+0.018%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.91	−0.031%	$2.7M	$78K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.72	−0.147%	$508K	$2.0M	10x	as long as short
Aster MSTRUSDT	+0.0033%	8h	162.89	−0.043%	$1.8M	$8.7M	50x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.915%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.84	−0.074%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.49	−0.288%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.79	−0.104%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.85	−0.068%	$43K	$3K	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	162.57	−0.239%	$849K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.85	−0.068%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.95	−0.006%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.82	−0.086%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.59	−0.227%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.87	−0.055%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.88	−0.048%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0149%	8h	162.99	+0.018%	$20.7M	$100.2M	50x	as long as short
Variational Omni MSTR	+0.0151%	8h	162.75	−0.131%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.884%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0160%	1h	162.93	−0.018%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0162%	8h	162.86	−0.060%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0230%	8h	162.92	−0.023%	$83.8M	$627.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0243%	8h	162.88	−0.049%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0281%	1h	162.85	−0.068%	$54.0M	$37.4M	10x	as long as short
Phoenix MSTRshort	+0.0328%	1h	162.69	−0.168%	$55K	$223K	10x
BloFin MSTR-USDT	+0.0350%	8h	162.76	−0.123%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0351%	1h	162.71	−0.154%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.89	−0.043%	$264K	$428K	10x	as long as short
Bybit MSTRUSDTlong	+0.0382%	8h	162.96	long leg	$16.8M	$41.8M	50x
edgeX MSTRUSDC	+0.0743%	4h	162.73	−0.142%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0979%	1h	162.89	−0.043%	$277K	$437K	10x	as long as short