Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h +0.032%

Price spread now: Paradex against Phemex−0.094%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 Paradex

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

Funding pays, the price is against you. Paradex is 0.094% cheaper against Phemex than usual: you would sell low and buy high (spread −0.094% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.7 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	166.20	0	get 0.0000% / 4h	1h 45m	$2.8M	$86K	10x
Short	Paradex MSTR-USD-PERP	166.04	0.0115	get 0.0115% / 8h	5h 45m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.094%Rate

Funding earned: $24.18
Price spread: −0.094% → 0.000%: −$9.38
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$1.2
Costs to cover: 0.160%
Break-even: 7.3 days

Slippage unknown: Phemex: live order book, 1 min ago; Paradex: 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, 1 min ago	2.41 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

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 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.590%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.19	−0.006%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.15	−0.030%	$32.0M	$105.0M	25x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	166.20	long leg	$2.8M	$86K	10x
Lighter MSTR	+0.0032%	1h	166.05	−0.090%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.97	−0.138%	$509K	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0043%	1h	166.04	−0.097%	$127K	$127K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.25	+0.030%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.05	−0.090%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.08	−0.072%	$383K	$2.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	166.20	0.000%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.91	−0.174%	$870K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.253%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.06	−0.082%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.10	−0.060%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.01	−0.114%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.13	−0.042%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.14	−0.034%	$138	—	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0115%	8h	166.04	−0.094%	$66	—	5x
tradeXYZ xyz:MSTR	+0.0202%	1h	166.11	−0.054%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0203%	8h	166.15	−0.030%	$17.1M	$37.9M	50x	as long as short
Aster MSTRUSDT	+0.0284%	8h	166.17	−0.019%	$1.8M	$7.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0292%	1h	166.21	+0.006%	$283K	$204K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0296%	8h	166.13	−0.042%	$21.6M	$83.2M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.29	+0.053%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0373%	8h	166.18	−0.010%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.13	−0.039%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0468%	8h	166.13	−0.045%	$87.1M	$533.9M	50x	as long as short
BloFin MSTR-USDT	+0.0601%	8h	166.14	−0.036%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0641%	8h	166.25	+0.028%	$79K	$853K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.17	−0.018%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0945%	4h	166.18	−0.011%	$48K	$4.9M	10x	as long as short