Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.033%

Price spread now: Phemex against Paradex+0.200%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.200% dearer against Paradex than usual: you sell high and buy low (spread +0.200% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSTR-USD-PERP	165.10	0.0124	pay 0.0124% / 8h	5h 03m	$66	—	5x
Short	Phemex MSTRUSDT	165.43	0	get 0.0000% / 4h	1h 03m	$2.8M	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now +0.200%Rate

Funding earned: −$26
Price spread: +0.200% → 0.000%: $19.99
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.01
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	2.12 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Paradex: 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
Bitget MSTRUSDT	−0.0840%	8h	165.35	+0.151%	$27.7M	$114.7M	25x	as long as short
Gate MSTR_USDT	−0.0021%	8h	165.28	+0.109%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.18	+0.047%	$1.8M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.34	+0.145%	$20.7M	$100.1M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	165.43	+0.200%	$2.8M	$73K	10x
Lighter MSTR	+0.0032%	1h	165.07	−0.018%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.05	−0.030%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.568%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0040%	8h	165.25	+0.093%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.37	+0.164%	$27K	$110K	10x	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	165.30	+0.121%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.10	0.000%	$54.9M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.12	+0.012%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.19	+0.055%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.08	−0.012%	$871K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.07	−0.018%	$1.4M	$7.6M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.17	+0.042%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.21	+0.067%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.21	+0.067%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.23	+0.079%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0101%	8h	165.21	+0.066%	$88.0M	$616.9M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.21	+0.067%	$137	—	10x	as long as short
Paradex MSTR-USD-PERPlong	+0.0124%	8h	165.10	long leg	$66	—	5x
GRVT MSTR_USDT_Perp	+0.0135%	8h	165.31	+0.129%	$79K	$758K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.95	−0.091%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0210%	1h	165.02	−0.051%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0221%	8h	165.23	+0.079%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.20	+0.058%	$270K	$448K	10x	as long as short
Bybit MSTRUSDT	+0.0330%	8h	165.32	+0.133%	$17.2M	$40.6M	50x	as long as short
Phoenix MSTR	+0.0336%	1h	165.29	+0.118%	$56K	$227K	10x	as long as short
edgeX MSTRUSDC	+0.0644%	4h	165.17	+0.043%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0659%	1h	165.23	+0.079%	$281K	$438K	10x	as long as short