Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.002%

Price spread now: BloFin against Phoenix+0.098%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.098%, 7d avg +0.015%

Together, before fees−0.199%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.083% dearer against Phoenix than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.015%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 7 days (−0.022% in total) that is about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	163.88	0.0362	pay 0.0045% / 1h	6m 32s	$56K	$226K	10x
Short	BloFin MSTR-USDT	164.04	0.0338	get 0.0338% / 8h	2h 06m	$1.0M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$4.97
Price spread: +0.098% → +0.015%: $8.3
Slippage, 4 orders: −$14.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$30.45
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; BloFin: 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, 38 min ago	2.69 bp	9.4 bp −$9	18.5 bp −$185	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	1.52 bp	7.5 bp −$8	11.1 bp −$111	25.7 bp −$2,572	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	−0.1067%	8h	164.32	+0.268%	$28.3M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.16	+0.171%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.85	−0.018%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.063%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	163.99	+0.067%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	+0.092%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.96	+0.049%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.332%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.95	+0.043%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	+0.104%	$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
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.77	−0.067%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	+0.116%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.16	+0.169%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.03	+0.095%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.95	+0.043%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	+0.049%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.05	+0.104%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.04	+0.097%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0120%	8h	164.20	+0.195%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.00	+0.073%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0144%	8h	163.96	+0.047%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	+0.127%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.440%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0219%	8h	164.12	+0.146%	$84.2M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	+0.083%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0247%	1h	163.91	+0.018%	$54.3M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	+0.021%	$131K	$157K	3x	as long as short
BloFin MSTR-USDTshort	+0.0338%	8h	164.04	+0.098%	$1.0M	$2.1M	20x
Phoenix MSTRlong	+0.0362%	1h	163.88	long leg	$56K	$226K	10x
Bybit MSTRUSDT	+0.0377%	8h	164.20	+0.195%	$16.8M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0407%	1h	164.01	+0.079%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1032%	1h	164.07	+0.116%	$279K	$438K	10x	as long as short