MSTR

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Spread before costs (cost unknown: a leg has no order-book sample)+0.054%

7d average−0.063%if it closes, per $10,000$5funding while held, a day+$1.50

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	166.92	0	get 0.0000% / 4h	2h 48m	$2.8M	$42K	10x
Short	Polymarket Perps MSTR-USD	167.01	0.0050	get 0.0006% / 1h	48m 34s	$405K	$2.3M	10x

Price spread history

latest

Range statsloading…

share of time at each level, last 7D

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Position, each leg$Hold forhoursFee PhemexbpFee Polymarket PerpsbpOrdersClose when spread is

Slippage unknown: Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 2 min ago. Net counts fees only.

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	14.37 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.40 bp	7.6 bp −$8	8.8 bp −$88	20.7 bp −$2,073	doesn't fit

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Coinbase International MSTR-PERP-INTX	−0.234%	+0.0112%	1h	$1.5M	$1.1M	10x	as long as short
Nado MSTR-PERP	−0.080%	−0.0031%	1h	$125K	$243K	3x	as long as short
Ondo Perps MSTR-USD.P	−0.078%	+0.0050%	1h	$824K	$4.6M	10x	as long as short
edgeX MSTRUSDC	−0.032%	+0.0914%	4h	$49K	$5.0M	10x	as long as short
Extended MSTR_24_5-USD	−0.013%	+0.0032%	1h	$495K	$2.1M	10x	as long as short
Phoenix MSTR	−0.003%	+0.0215%	1h	$55K	$388K	10x	as long as short
Phemex MSTRUSDTlong	0.000%	0.0000%	4h	$2.8M	$42K	10x
Pacifica MSTR	+0.006%	+0.0100%	1h	$102K	$152K	10x	as long as short
KuCoin MSTRUSDTM	+0.006%	+0.0100%	8h	$2.6M	$2.6M	20x	as long as short
Lighter MSTR	+0.012%	+0.0032%	1h	$3.6M	$2.6M	10x	as long as short

Show all 31 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Orderly PERP_MSTR_USDC_mythos	+0.012%	+0.0100%	8h	$3K	$12K	10x	as long as short
BloFin MSTR-USDT	+0.012%	+0.0352%	8h	$1.1M	$1.5M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.018%	0.0000%	1h	$284K	$455K	10x	as long as short
Aevo MSTR-PERP	+0.021%	+0.0104%	1h	$139	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.024%	+0.0050%	1h	$56.7M	$32.0M	10x	as long as short
Gate MSTR_USDT	+0.024%	0.0000%	8h	$4.8M	$18.3M	50x	as long as short
ApeX Omni MSTRUSDT	+0.024%	+0.0100%	1h	$130K	$1.5M	50x	as long as short
SoDEX MSTR-USD	+0.024%	+0.0050%	1h	$44K	$3K	10x	as long as short
Aster MSTRUSDT	+0.027%	+0.0232%	8h	$1.3M	$6.0M	50x	as long as short
Paradex MSTR-USD-PERP	+0.029%	+0.0076%	8h	$67	—	5x	as long as short
Binance MSTRUSDT	+0.030%	+0.0231%	8h	$90.8M	$568.0M	50x	as long as short
RISEx MSTR/USDC	+0.030%	+0.0017%	1h	$295K	$467K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.036%	+0.0197%	8h	$22.5M	$101.6M	50x	as long as short
QFEX MSTR-USD	+0.036%	+0.0041%	1h	$1.3M	$9.4M	10x	as long as short
Bitget MSTRUSDT	+0.048%	+0.0263%	8h	$28.8M	$111.6M	25x	as long as short
Variational Omni MSTR	+0.049%	+0.0185%	8h	$1.3M	$2.2M	—	as long as short
Polymarket Perps MSTR-USDshort	+0.054%	+0.0050%	1h	$405K	$2.3M	10x
Arcus MSTR-USD	+0.060%	+0.0599%	1h	$26K	$130K	10x	as long as short
Bybit MSTRUSDT	+0.066%	+0.0229%	8h	$15.5M	$41.5M	50x	as long as short
Vest MSTR-USD-PERP	+0.084%	+0.0046%	1h	—	$1.8M	25x	as long as short
Injective MSTR/USDC PERP	+0.096%	+0.0249%	1h	$12K	$68K	30x	as long as short