Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.017%

Price spread now: Phemex against Extended+0.368%7-day average +0.103% · you sell dearer than you buy

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

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.301%−$30 on $10k

Price spread, last 3 days (all we have)−0.377%−$38 · spread now +0.368%, 7d avg +0.103%

Together, before fees−0.678%+ Points / potential airdropExtended: Active · farm board−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.265% dearer against Extended than usual: you sell high and buy low (spread +0.368% now, against its 7-day average of +0.103%): +$26 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 28 days. At the pace of the last 7 days (−0.301% in total) that is about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	165.77	0.0032	pay 0.0004% / 1h	1m 01s	$571K	$1.9M	10x
Short	Phemex MSTRUSDT	166.38	0	get 0.0000% / 4h	3h 01m	$2.8M	$67K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.368%Rate

Funding earned: −$6.72
Price spread: +0.368% → +0.103%: $26.47
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $2.75
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Extended: live order book, 2 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 Extended live order book, 2 min ago	2.40 bp	7.5 bp −$8	22.5 bp −$225	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.29 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
Gate MSTR_USDT	−0.0265%	8h	166.05	+0.169%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDT	−0.0029%	8h	166.03	+0.157%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.93	+0.096%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.11	+0.205%	$87.6M	$616.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.10	+0.199%	$21.4M	$99.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.08	+0.187%	$27.3M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	+0.142%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.664%	$84K	$812K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	166.38	+0.368%	$2.8M	$67K	10x
Lighter MSTR	+0.0032%	1h	165.94	+0.103%	$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-USDlong	+0.0032%	1h	165.77	long leg	$571K	$1.9M	10x
QFEX MSTR-USD	+0.0035%	1h	166.03	+0.157%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.62	+0.513%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.72	−0.030%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.99	+0.133%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.06	+0.175%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.75	−0.012%	$768K	$4.7M	10x	as long as short
Nado MSTR-PERP	+0.0070%	1h	165.79	+0.012%	$134K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	+0.109%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	+0.202%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.93	+0.097%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	+0.314%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.93	+0.097%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.85	+0.051%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0108%	8h	165.97	+0.124%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+2.154%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	165.95	+0.109%	$56.1M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.406%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0287%	8h	166.15	+0.229%	$16.7M	$40.3M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	+0.182%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.488%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1259%	1h	165.97	+0.121%	$282K	$438K	10x	as long as short