Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.053%

Price spread now: Phoenix against Paradex+0.206%46s7-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 Phoenix

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.206% dearer against Paradex than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Paradex MSTR-USD-PERP	164.25	0.0141	pay 0.0141% / 8h	4h 38m	$66	—	5x
Short	Phoenix MSTR	164.59	0.0213	get 0.0027% / 1h	38m 32s	$56K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.206%Rate

Funding earned: $15.1
Price spread: +0.206% → 0.000%: $20.58
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.68
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 16 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 Phoenix live order book, 16 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	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	−0.0875%	8h	164.64	+0.239%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0042%	8h	164.33	+0.051%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.28	+0.022%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.54	+0.178%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.48	+0.142%	$20.6M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.26	+0.008%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.17	−0.047%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.101%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.33	+0.048%	$266K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.63	+0.233%	$26K	$109K	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	164.35	+0.063%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.39	+0.087%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.34	+0.057%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.08	−0.102%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.31	+0.038%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.291%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.33	+0.049%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.22	−0.016%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.63	+0.233%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.34	+0.057%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.32	+0.047%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0129%	8h	164.45	+0.126%	$87.8M	$617.9M	50x	as long as short
Paradex MSTR-USD-PERPlong	+0.0141%	8h	164.25	long leg	$66	—	5x
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.332%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.318%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTRshort	+0.0213%	1h	164.59	+0.206%	$56K	$226K	10x
tradeXYZ xyz:MSTR	+0.0236%	1h	164.28	+0.020%	$54.8M	$36.9M	10x	as long as short
BloFin MSTR-USDT	+0.0249%	8h	164.38	+0.081%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0267%	1h	164.40	+0.092%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0375%	8h	164.49	+0.148%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0420%	1h	164.38	+0.081%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0951%	4h	164.67	+0.255%	$49K	$5.3M	10x	as long as short