Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h −0.056%

Price spread now: KuCoin against Phoenix−0.149%108s7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as 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−$730.727% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.346%−$35 on $10k

Price spread, last 4 days (all we have)−0.300%−$30 · spread now −0.149%, 7d avg −0.033%

Together, before fees−0.645%−$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.116% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.033%). Swap the legs. The two prices were read 108 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	164.59	0.0213	pay 0.0027% / 1h	37m 35s	$56K	$226K	10x
Short	KuCoin MSTRUSDTM	164.34	0.0100	get 0.0100% / 8h	4h 37m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$23.68
Price spread: −0.149% → −0.033%: −$11.57
Slippage, 4 orders: −$53.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$107.93
Costs to cover: 0.727%
Break-even: never at this rate

Slippage from Phoenix: live order book, 17 min ago; KuCoin: 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, 17 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.82 bp	18.2 bp −$18	doesn't fit	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
Bitget MSTRUSDT	−0.0883%	8h	164.59	+0.003%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0036%	8h	164.43	−0.094%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.43	−0.093%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.56	−0.015%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0007%	8h	164.44	−0.088%	$20.6M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.33	−0.155%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.22	−0.219%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.889%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.40	−0.115%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.59	+0.003%	$26K	$109K	10x	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	164.35	−0.143%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.39	−0.118%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.43	−0.094%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.08	−0.307%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.38	−0.125%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.085%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.41	−0.109%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.34	−0.149%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.63	+0.027%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.47	−0.070%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.49	−0.058%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0130%	8h	164.41	−0.106%	$87.8M	$617.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	164.39	−0.117%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.126%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.112%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTRlong	+0.0213%	1h	164.59	long leg	$56K	$226K	10x
tradeXYZ xyz:MSTR	+0.0241%	1h	164.39	−0.118%	$54.9M	$36.9M	10x	as long as short
BloFin MSTR-USDT	+0.0249%	8h	164.38	−0.125%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0267%	1h	164.40	−0.114%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0374%	8h	164.48	−0.064%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0723%	1h	164.55	−0.021%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0951%	4h	164.67	+0.050%	$49K	$5.3M	10x	as long as short