Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h −0.019%

Price spread now: edgeX against Phoenix−0.063%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.063%, 7d avg −0.008%

Together, before fees−0.451%+ Points / potential airdropedgeX: Active · farm board−$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of −0.008%). If the spread goes back, that is −$5 on $10k: about 19 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.441%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	169.50	0.0260	pay 0.0033% / 1h	45m 26s	$57K	$392K	10x
Short	edgeX MSTRUSDC	169.40	0.0491	get 0.0245% / 4h	45m 26s	$47K	$5.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $48.46
Price spread: −0.063% → −0.008%: −$5.47
Slippage, 4 orders: −$35.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$8.83
Costs to cover: 0.518%
Break-even: 8.3 days

Slippage from Phoenix: live order book, 31 min ago; edgeX: live order book, 4 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, 31 min ago	3.01 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	10.03 bp	16.8 bp −$17	23.3 bp −$233	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
Aster MSTRUSDT	0.0000%	8h	169.51	+0.004%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.62	+0.068%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.006%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.69	+0.110%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.69	+0.109%	$276K	$442K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0004%	8h	169.42	−0.048%	$83K	$875K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0017%	8h	169.66	+0.092%	$22.1M	$106.8M	50x	as long as short
BloFin MSTR-USDT	+0.0032%	8h	169.61	+0.063%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.36	−0.085%	$583K	$1.8M	10x	as long as short
Binance MSTRUSDT	+0.0038%	8h	169.66	+0.092%	$89.5M	$628.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	169.73	+0.133%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.65	+0.086%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.53	+0.015%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.58	+0.045%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.51	+0.004%	$781K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0061%	8h	169.65	+0.086%	$28.7M	$119.9M	25x	as long as short
Nado MSTR-PERP	+0.0065%	1h	169.43	−0.044%	$140K	$97K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.109%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.58	+0.043%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.40	−0.061%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.173%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.52	+0.009%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.250%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.51	+0.001%	$141	—	10x	as long as short
Bybit MSTRUSDT	+0.0106%	8h	169.72	+0.127%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	169.68	+0.102%	$68	—	5x	as long as short
Lighter MSTR	+0.0144%	1h	169.56	+0.033%	$3.6M	$2.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0195%	1h	169.58	+0.045%	$57.2M	$37.5M	10x	as long as short
Phoenix MSTRlong	+0.0260%	1h	169.50	long leg	$57K	$392K	10x
edgeX MSTRUSDCshort	+0.0491%	4h	169.40	−0.063%	$47K	$5.5M	10x
Arcus MSTR-USD	+0.0738%	1h	169.67	+0.098%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1285%	1h	169.64	+0.080%	$288K	$438K	10x	as long as short