Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h −0.052%

Price spread now: Paradex against Phoenix+0.102%106s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.102% dearer against Phoenix than usual: you sell high and buy low (spread +0.102% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 40 hours. The two prices were read 106 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	164.70	0.0381	pay 0.0048% / 1h	17m 39s	$55K	$219K	10x
Short	Paradex MSTR-USD-PERP	164.86	0.0176	get 0.0176% / 8h	6h 17m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$43
Price spread: +0.102% → 0.000%: $10.22
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$43.79
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 49 min ago; Paradex: 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, 49 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 31 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	−0.1071%	8h	165.02	+0.197%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0171%	8h	164.87	+0.106%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.83	+0.084%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.87	+0.106%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.83	+0.081%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	+0.005%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.07	+0.227%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.68	−0.010%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.83	+0.081%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.61	−0.052%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	+0.124%	$910K	$4.5M	10x	as long as short
SoDEX MSTR-USD	+0.0062%	1h	164.67	−0.016%	$43K	$3K	10x	as long as short
Lighter MSTR	+0.0064%	1h	164.83	+0.081%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.89	+0.118%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	164.92	+0.135%	$87.9M	$624.2M	50x	as long as short
Polymarket Perps MSTR-USD	+0.0090%	1h	164.62	−0.046%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.87	+0.103%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.73	+0.021%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.56	−0.083%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.65	−0.028%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.77	+0.044%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0148%	8h	165.00	+0.184%	$79K	$810K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.180%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0176%	8h	164.86	+0.102%	$66	—	5x
tradeXYZ xyz:MSTR	+0.0240%	1h	164.82	+0.075%	$55.2M	$36.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.820%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0366%	1h	164.47	−0.135%	$111K	$143K	3x	as long as short
Phoenix MSTRlong	+0.0381%	1h	164.70	long leg	$55K	$219K	10x
Bybit MSTRUSDT	+0.0391%	8h	164.95	+0.154%	$17.1M	$41.2M	50x	as long as short
edgeX MSTRUSDC	+0.0596%	4h	164.80	+0.062%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1449%	1h	165.08	+0.233%	$281K	$438K	10x	as long as short