Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.065%

Price spread now: tradeXYZ against Phemex0.000%7-day average −0.068% · you sell dearer than you buy

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

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.354%+$35 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now 0.000%, 7d avg −0.068%

Together, before fees+0.421%+ Points / potential airdroptradeXYZ: Active · farm board+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and tradeXYZ is 0.068% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	164.10	0	get 0.0000% / 4h	3h 37m	$2.8M	$76K	10x
Short	tradeXYZ xyz:MSTR	164.10	0.0267	get 0.0033% / 1h	37m 37s	$54.7M	$37.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now 0.000%Rate

Funding earned: $56.06
Price spread: 0.000% → −0.068%: $6.84
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $32.9
Costs to cover: 0.300%
Break-even: 2.9 days

Slippage unknown: Phemex: live order book, 6 min ago; tradeXYZ: live order book, 12 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 Phemex live order book, 6 min ago	2.13 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.61 bp	10.5 bp −$11	13.6 bp −$136	doesn't fit	doesn't fit

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	−0.0908%	8h	164.29	+0.116%	$27.8M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.13	+0.016%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.23	+0.079%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.10	long leg	$2.8M	$76K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	163.95	−0.091%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.193%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.20	+0.061%	$26K	$109K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0041%	8h	164.15	+0.030%	$20.7M	$98.9M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.96	−0.085%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.00	−0.061%	$379K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	164.02	−0.049%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.88	−0.134%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.14	+0.024%	$1.4M	$7.3M	10x	as long as short
Lighter MSTR	+0.0080%	1h	164.11	+0.006%	$3.5M	$1.9M	10x	as long as short
Variational Omni MSTR	+0.0094%	8h	164.16	+0.034%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.13	+0.016%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.01	−0.055%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.79	−0.189%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.03	−0.043%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.07	−0.016%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	164.14	+0.022%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0163%	8h	164.20	+0.058%	$86.8M	$615.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0163%	8h	164.03	−0.043%	$82K	$814K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.96	−0.085%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.18	+0.049%	$266K	$445K	10x	as long as short
edgeX MSTRUSDC	+0.0259%	4h	164.08	−0.015%	$49K	$5.3M	10x	as long as short
tradeXYZ xyz:MSTRshort	+0.0267%	1h	164.10	0.000%	$54.7M	$37.0M	10x
Nado MSTR-PERP	+0.0268%	1h	164.04	−0.039%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0279%	8h	164.12	+0.012%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0332%	8h	164.24	+0.085%	$16.7M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.21	+0.068%	$56K	$226K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1092%	1h	164.11	+0.006%	$279K	$438K	10x	as long as short