Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0756%/8h= −82.7% APRpaid last 24h −0.050%

Price spread now: Bitget against Phoenix+0.096%79s7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as 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−$420.416% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.307%−$31 on $10k

Price spread, last 4 days (all we have)−1.317%−$132 · spread now +0.096%, 7d avg +0.003%

Together, before fees−1.623%−$162 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.092% dearer against Phoenix than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of +0.003%): +$9 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.307% in total) that is about 2.1 days. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.307% in total (about -16.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	165.41	0.0381	pay 0.0048% / 1h	48m 04s	$55K	$219K	10x
Short	Bitget MSTRUSDT	165.57	−0.0375	pay 0.0375% / 8h	6h 48m	$27.0M	$115.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$158.68
Price spread: +0.096% → +0.003%: $9.23
Slippage, 4 orders: −$22.55
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$191
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; Bitget: live order book, 1 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, 18 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.30 bp	9.6 bp −$10	15.4 bp −$154	35.9 bp −$3,589	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 MSTRUSDTshort	−0.0375%	8h	165.57	+0.096%	$27.0M	$115.5M	25x
Gate MSTR_USDT	−0.0316%	8h	165.43	+0.011%	$4.6M	$18.7M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.39	−0.015%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.40	−0.006%	$87.4M	$624.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.47	+0.035%	$21.2M	$100.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.34	−0.044%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.36	−0.032%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	165.86	+0.268%	$84K	$802K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.06	+0.392%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.083%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.23	−0.110%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.52	+0.065%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.21	−0.122%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.39	−0.013%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.35	−0.037%	$781K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.34	−0.044%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.41	−0.002%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.30	−0.068%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.21	−0.122%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.40	−0.007%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.41	−0.001%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	165.30	−0.068%	$385K	$2.7M	10x	as long as short
Lighter MSTR	+0.0136%	1h	165.32	−0.056%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	165.37	−0.027%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.21	−0.122%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0329%	1h	165.39	−0.013%	$55.8M	$36.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.375%	$8K	$26K	30x	as long as short
Phoenix MSTRlong	+0.0381%	1h	165.41	long leg	$55K	$219K	10x
Bybit MSTRUSDT	+0.0387%	8h	165.50	+0.053%	$17.2M	$41.1M	50x	as long as short
Nado MSTR-PERP	+0.0389%	1h	165.17	−0.145%	$134K	$129K	3x	as long as short
edgeX MSTRUSDC	+0.0963%	4h	165.32	−0.053%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1021%	1h	165.45	+0.023%	$281K	$438K	10x	as long as short