Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.031%

Price spread now: Aster against Phoenix−0.030%65s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.355% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.329%−$33 on $10k

Price spread, last 3 days (all we have)−0.222%−$22 · spread now −0.030%, 7d avg −0.023%

Together, before fees−0.551%+ Points / potential airdropAster: Stage 5 · farm board−$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 65 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	Phoenix MSTR	169.01	0.0260	pay 0.0033% / 1h	24m 14s	$57K	$392K	10x
Short	Aster MSTRUSDT	168.96	0	get 0.0000% / 8h	24m 14s	$1.2M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$54.63
Price spread: −0.030% → −0.023%: −$0.64
Slippage, 4 orders: −$20.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$90.81
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Aster: live order book, 5 min ago.

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 Phoenix live order book, 52 min ago	3.01 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	1.77 bp	9.1 bp −$9	319.6 bp −$3,196	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
Nado MSTR-PERP	−0.0019%	1h	168.90	−0.065%	$139K	$97K	3x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	168.96	−0.030%	$1.2M	$6.1M	50x
Gate MSTR_USDT	0.0000%	8h	168.83	−0.106%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.01	−0.002%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.05	+0.024%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	168.92	−0.053%	$275K	$441K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0010%	8h	168.80	−0.124%	$22.0M	$106.2M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.88	−0.076%	$3.6M	$2.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.85	−0.094%	$583K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.03	+0.012%	—	$2.1M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0046%	8h	168.86	−0.088%	$28.7M	$119.9M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0048%	8h	169.09	+0.050%	$77K	$879K	10x	as long as short
QFEX MSTR-USD	+0.0049%	1h	168.92	−0.053%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.85	−0.094%	$394K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.84	−0.100%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.76	−0.147%	$779K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	168.88	−0.073%	$88.9M	$628.5M	50x	as long as short
BloFin MSTR-USDT	+0.0064%	8h	168.97	−0.023%	$1.1M	$1.9M	20x	as long as short
Bybit MSTRUSDT	+0.0085%	8h	168.89	−0.070%	$15.1M	$40.4M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.153%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.89	−0.069%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.86	−0.088%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.94	−0.041%	$4K	$354K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.88	−0.076%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.21	+0.119%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.84	−0.099%	$140	—	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0105%	1h	168.88	−0.076%	$287K	$438K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0117%	8h	168.89	−0.068%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0168%	1h	168.83	−0.106%	$57.0M	$37.1M	10x	as long as short
Phoenix MSTRlong	+0.0260%	1h	169.01	long leg	$57K	$392K	10x
edgeX MSTRUSDC	+0.0539%	4h	168.98	−0.015%	$47K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.01	+0.001%	$27K	$129K	10x	as long as short