Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.053%

Price spread now: Orderly against Phoenix−0.114%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Orderly is 0.114% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	166.49	0.0322	pay 0.0040% / 1h	49m 08s	$56K	$213K	10x
Short	Orderly PERP_MSTR_USDC_mythos	166.30	0.0100	get 0.0100% / 8h	5h 49m	$3K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.114%Rate

Funding earned: −$46.58
Price spread: −0.114% → 0.000%: −$11.35
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$70.94
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 58 min ago; Orderly: no order-book sample. Net counts fees only.

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, 58 min ago	3.92 bp	11.9 bp −$12	25.1 bp −$251	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.762%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.33	−0.096%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.27	−0.132%	$32.0M	$105.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.32	−0.102%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.24	−0.150%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.15	−0.205%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.41	−0.047%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.24	−0.150%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.21	−0.168%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.28	−0.126%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.09	−0.240%	$875K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0058%	1h	166.18	−0.186%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.426%	$1.4M	$386K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.12	−0.219%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.23	−0.156%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.198%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	166.30	−0.114%	$3K	$10K	10x
Aevo MSTR-PERP	+0.0104%	1h	166.33	−0.097%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	166.29	−0.122%	$67	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0208%	1h	166.26	−0.138%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0216%	8h	166.32	−0.102%	$17.1M	$38.0M	50x	as long as short
Aster MSTRUSDT	+0.0273%	8h	166.29	−0.120%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0296%	8h	166.25	−0.144%	$21.6M	$83.7M	50x	as long as short
Phoenix MSTRlong	+0.0322%	1h	166.49	long leg	$56K	$213K	10x
Variational Omni MSTR	+0.0364%	8h	166.38	−0.064%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.27	−0.132%	$274K	$351K	10x	as long as short
Binance MSTRUSDT	+0.0461%	8h	166.27	−0.132%	$87.2M	$536.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0472%	1h	166.28	−0.126%	$283K	$209K	10x	as long as short
BloFin MSTR-USDT	+0.0591%	8h	166.32	−0.102%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0608%	8h	166.43	−0.034%	$87K	$855K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	−0.124%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.36	−0.077%	$26K	$71K	10x	as long as short