Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.022%

Price spread now: Phemex against Coinbase International+0.408%7-day average +0.101% · you sell dearer than you buy

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

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.391%−$39 on $10k

Price spread, last 3 days (all we have)−0.431%−$43 · spread now +0.408%, 7d avg +0.101%

Together, before fees−0.823%−$82 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.306% dearer against Coinbase International than usual: you sell high and buy low (spread +0.408% now, against its 7-day average of +0.101%): +$31 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSTR-PERP-INTX	164.40	0.0168	pay 0.0021% / 1h	18m 07s	$1.4M	$1.1M	10x
Short	Phemex MSTRUSDT	165.07	0	get 0.0000% / 4h	2h 18m	$2.8M	$68K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.408%Rate

Funding earned: −$35.28
Price spread: +0.408% → +0.101%: $30.64
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.64
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, just now; Phemex: live order book, 6 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 Coinbase International live order book, just now	3.34 bp	11.5 bp −$11	20.2 bp −$202	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	7.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

MSTR on 31 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	165.02	+0.377%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0166%	8h	164.95	+0.335%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.66	+0.161%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.99	+0.359%	$20.9M	$101.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.65	+0.152%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	+0.185%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	165.07	+0.408%	$2.8M	$68K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.88	+0.289%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.78	+0.231%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.61	+0.128%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.48	+0.049%	$910K	$4.5M	10x	as long as short
SoDEX MSTR-USD	+0.0062%	1h	164.67	+0.164%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0063%	8h	164.97	+0.345%	$87.9M	$624.1M	50x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.75	+0.213%	$1.4M	$8.1M	10x	as long as short
Lighter MSTR	+0.0072%	1h	165.00	+0.365%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0090%	1h	164.62	+0.134%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.73	+0.200%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.76	+0.219%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.56	+0.097%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.65	+0.152%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.77	+0.224%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0148%	8h	165.00	+0.364%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTXlong	+0.0168%	1h	164.40	long leg	$1.4M	$1.1M	10x
Paradex MSTR-USD-PERP	+0.0175%	8h	164.73	+0.202%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	164.84	+0.268%	$55.2M	$36.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.005%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0366%	1h	164.47	+0.045%	$111K	$143K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.70	+0.180%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0386%	8h	165.09	+0.420%	$17.1M	$41.2M	50x	as long as short
edgeX MSTRUSDC	+0.0596%	4h	164.80	+0.242%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1449%	1h	165.08	+0.414%	$281K	$438K	10x	as long as short