Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.040%

Price spread now: Phoenix against edgeX−0.034%7-day average +0.008% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.383%+$38 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now −0.034%, 7d avg +0.008%

Together, before fees+0.460%+ Points / potential airdropedgeX: Active · farm board+$46 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 0.042% cheaper against edgeX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.383%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSTRUSDC	166.79	0.0334	pay 0.0167% / 4h	3h 05m	$43K	$5.4M	10x
Short	Phoenix MSTR	166.74	0.0259	get 0.0032% / 1h	5m 02s	$56K	$384K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$15.61
Price spread: −0.034% → +0.008%: −$4.17
Slippage, 4 orders: −$29.25
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$65.03
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Phoenix: live order book, 67 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 edgeX live order book, 4 min ago	5.69 bp	10.6 bp −$11	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phoenix live order book, 67 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	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
Gate MSTR_USDT	−0.0208%	8h	166.81	+0.009%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0023%	8h	166.80	+0.003%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.87	+0.045%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.81	+0.007%	$87.6M	$614.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.77	−0.015%	$21.4M	$99.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.86	+0.039%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	−0.006%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.294%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.16	+0.219%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.76	−0.021%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.78	−0.009%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.72	−0.045%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.04	+0.147%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.55	−0.146%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0049%	1h	166.65	−0.089%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.70	−0.056%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.68	−0.068%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.49	−0.182%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	−0.062%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.77	−0.015%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.86	+0.039%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.201%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.81	+0.009%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.79	−0.005%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.73	−0.041%	$67	—	5x	as long as short
Bybit MSTRUSDT	+0.0234%	8h	166.87	+0.045%	$16.0M	$39.7M	50x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.526%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0238%	1h	166.78	−0.009%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTRshort	+0.0259%	1h	166.74	−0.034%	$56K	$384K	10x
edgeX MSTRUSDClong	+0.0334%	4h	166.79	long leg	$43K	$5.4M	10x
RISEx MSTR/USDC	+0.0349%	1h	166.78	−0.009%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0650%	1h	166.81	+0.009%	$284K	$438K	10x	as long as short