Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.047%

Price spread now: Orderly against Phemex−0.112%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Orderly

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

Funding pays, the price is against you. Orderly is 0.112% cheaper against Phemex than usual: you would sell low and buy high (spread −0.112% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 3.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	169.55	0	get 0.0000% / 4h	41m 53s	$2.9M	$65K	10x
Short	Orderly PERP_MSTR_USDC_mythos	169.36	0.0100	get 0.0100% / 8h	41m 53s	$3K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phemex. 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 PhemexbpFee OrderlybpOrdersPrice spread, now −0.112%Rate

Funding earned: $21
Price spread: −0.112% → 0.000%: −$11.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$8.21
Costs to cover: 0.180%
Break-even: 9.7 days

Slippage unknown: Phemex: live order book, 2 min ago; Orderly: no order-book sample. 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 Phemex live order book, 2 min ago	7.06 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	169.45	−0.059%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.34	−0.124%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.63	+0.049%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	169.55	long leg	$2.9M	$65K	10x
RISEx MSTR/USDC	+0.0001%	1h	169.47	−0.050%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0024%	8h	169.35	−0.118%	$22.1M	$106.6M	50x	as long as short
BloFin MSTR-USDT	+0.0027%	8h	169.38	−0.100%	$1.1M	$1.8M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0035%	8h	169.60	+0.031%	$77K	$879K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.62	+0.041%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.48	−0.041%	$1.5M	$10.2M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	169.41	−0.083%	$390K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.33	−0.130%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.30	−0.147%	$781K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0058%	8h	169.39	−0.095%	$89.3M	$628.9M	50x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.35	−0.118%	$28.6M	$120.0M	25x	as long as short
Nado MSTR-PERP	+0.0064%	1h	169.35	−0.118%	$140K	$97K	3x	as long as short
Extended MSTR_24_5-USD	+0.0072%	1h	169.27	−0.168%	$583K	$1.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.136%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	−0.075%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.34	−0.124%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.22	−0.195%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	169.36	−0.112%	$3K	$11K	10x
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.277%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.36	−0.112%	$141	—	10x	as long as short
Bybit MSTRUSDT	+0.0109%	8h	169.36	−0.112%	$15.2M	$40.5M	50x	as long as short
Lighter MSTR	+0.0120%	1h	169.32	−0.136%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	169.45	−0.060%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0202%	1h	169.32	−0.136%	$57.1M	$37.5M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.52	−0.016%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0636%	1h	169.41	−0.083%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.53	−0.012%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0778%	4h	169.65	+0.059%	$47K	$5.5M	10x	as long as short