Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h −0.030%

Price spread now: Phoenix against Gate+0.134%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 3 days (all we have)+0.192%+$19 · spread now +0.134%, 7d avg +0.016%

Together, before fees+0.241%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.118% dearer against Gate than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.016%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.049% in total (about 2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSTR_USDT	169.04	0	get 0.0000% / 8h	1h 13m	$4.8M	$19.4M	50x
Short	Phoenix MSTR	169.27	0.0231	get 0.0029% / 1h	13m 17s	$57K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.134%Rate

Funding earned: $48.6
Price spread: +0.134% → +0.016%: $11.85
Slippage, 4 orders: −$25
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $13.44
Costs to cover: 0.470%
Break-even: 5.1 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 3 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 Gate live order book, 5 min ago	1.18 bp	14.0 bp −$14	36.1 bp −$361	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	3.01 bp	10.1 bp −$10	20.4 bp −$204	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	−0.0073%	1h	169.03	−0.006%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0013%	8h	169.09	+0.030%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	+0.047%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.09	+0.028%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.11	+0.041%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.15	+0.065%	$275K	$442K	10x	as long as short
Gate MSTR_USDTlong	0.0000%	8h	169.04	long leg	$4.8M	$19.4M	50x
Variational Omni MSTR	0.0000%	8h	169.28	+0.144%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.35	+0.186%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.13	+0.053%	$2.9M	$63K	10x	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	169.02	−0.012%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.01	−0.018%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0033%	8h	169.06	+0.012%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.18	+0.083%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.16	+0.071%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.02	−0.012%	$399K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.07	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	+0.035%	$781K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.225%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0063%	8h	169.09	+0.030%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0080%	8h	169.19	+0.088%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0089%	1h	169.01	−0.018%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.15	+0.064%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.04	0.000%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.10	+0.035%	$4K	$406K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.07	+0.018%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.10	+0.035%	$140	—	10x	as long as short
Phoenix MSTRshort	+0.0231%	1h	169.27	+0.134%	$57K	$394K	10x
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.166%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0342%	1h	169.07	+0.018%	$287K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0348%	4h	169.33	+0.173%	$48K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.19	+0.089%	$27K	$129K	10x	as long as short