Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.036%

Price spread now: Phoenix against Orderly−0.009%66s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 66 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	Orderly PERP_MSTR_USDC_mythos	169.52	0.0100	pay 0.0100% / 8h	46m 03s	$3K	$11K	10x
Short	Phoenix MSTR	169.50	0.0260	get 0.0033% / 1h	46m 03s	$57K	$392K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $33.63
Price spread: −0.009% → 0.000%: −$0.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.69
Costs to cover: 0.130%
Break-even: 2.9 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 30 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 30 min ago	3.01 bp	10.1 bp −$10	20.4 bp −$204	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aster MSTRUSDT	0.0000%	8h	169.51	−0.006%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.62	+0.059%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.015%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.69	+0.100%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.60	+0.044%	$276K	$442K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0004%	8h	169.42	−0.057%	$83K	$875K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0011%	8h	169.70	+0.106%	$22.1M	$106.9M	50x	as long as short
BloFin MSTR-USDT	+0.0032%	8h	169.61	+0.053%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.30	−0.130%	$583K	$1.8M	10x	as long as short
Binance MSTRUSDT	+0.0033%	8h	169.67	+0.086%	$89.5M	$628.9M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	169.65	+0.077%	—	$2.1M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	169.39	−0.076%	$140K	$97K	3x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.52	0.000%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.50	−0.012%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.58	+0.035%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.24	−0.165%	$781K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0057%	8h	169.64	+0.071%	$28.7M	$120.3M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.118%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.55	+0.016%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.38	−0.083%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.183%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	169.52	long leg	$3K	$11K	10x
Bybit MSTRUSDT	+0.0100%	8h	169.63	+0.065%	$15.2M	$40.5M	50x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.260%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.51	−0.009%	$141	—	10x	as long as short
Lighter MSTR	+0.0120%	1h	169.52	0.000%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0126%	8h	169.52	0.000%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0186%	1h	169.52	0.000%	$57.2M	$37.5M	10x	as long as short
Phoenix MSTRshort	+0.0260%	1h	169.50	−0.009%	$57K	$392K	10x
edgeX MSTRUSDC	+0.0491%	4h	169.40	−0.072%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.61	+0.053%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1285%	1h	169.64	+0.071%	$288K	$438K	10x	as long as short