Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h +0.030%

Price spread now: Gate against Phoenix−0.142%77s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as 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−$470.470% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.184%−$18 · spread now −0.142%, 7d avg −0.016%

Together, before fees−0.233%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Gate is 0.126% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 77 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 -0.049% in total (about -2.6% 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	169.37	0.0231	pay 0.0029% / 1h	14m 01s	$57K	$394K	10x
Short	Gate MSTR_USDT	169.13	0	get 0.0000% / 8h	1h 14m	$4.8M	$19.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.142%Rate

Funding earned: −$48.6
Price spread: −0.142% → −0.016%: −$12.65
Slippage, 4 orders: −$25
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$108.24
Costs to cover: 0.470%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; Gate: 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, 3 min ago	3.01 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.18 bp	12.9 bp −$13	35.3 bp −$353	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	−0.0070%	1h	169.10	−0.157%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	169.28	−0.054%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.12	−0.148%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.19	−0.107%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.19	−0.107%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.21	−0.095%	$276K	$442K	10x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	169.13	−0.142%	$4.8M	$19.4M	50x
Variational Omni MSTR	0.0000%	8h	169.28	−0.051%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.35	−0.010%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.17	−0.119%	$2.9M	$63K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.13	−0.142%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.10	−0.160%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0034%	8h	169.17	−0.119%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.19	−0.107%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.25	−0.071%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.14	−0.136%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.16	−0.125%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.10	−0.160%	$781K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.420%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0064%	8h	169.17	−0.119%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0081%	8h	169.14	−0.134%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0092%	1h	169.11	−0.154%	$57.0M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.15	−0.133%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.10	−0.160%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.10	−0.160%	$4K	$406K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.16	−0.125%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.18	−0.111%	$140	—	10x	as long as short
Phoenix MSTRlong	+0.0231%	1h	169.37	long leg	$57K	$394K	10x
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	−0.030%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0348%	4h	169.33	−0.023%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0400%	1h	169.22	−0.089%	$288K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.25	−0.071%	$27K	$129K	10x	as long as short