Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.016%

Price spread now: Phemex against QFEX+0.112%7-day average +0.033% · you sell dearer than you buy

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

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.112%, 7d avg +0.033%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.080% dearer against QFEX than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.033%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.4 days. At the pace of the last 3 days (−0.019% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	169.23	0.0049	pay 0.0006% / 1h	39m 01s	$1.5M	$10.2M	10x
Short	Phemex MSTRUSDT	169.42	0	get 0.0000% / 4h	39m 01s	$2.9M	$65K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$10.35
Price spread: +0.112% → +0.033%: $7.96
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.39
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 5 min ago; Phemex: live order book, 5 min ago. 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 QFEX live order book, 5 min ago	1.47 bp	6.5 bp −$6	6.9 bp −$69	13.5 bp −$1,347	doesn't fit
Sell Phemex live order book, 5 min ago	7.06 bp	doesn't fit	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
Aster MSTRUSDT	0.0000%	8h	169.27	+0.024%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.15	−0.047%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.42	+0.115%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	169.42	+0.112%	$2.9M	$65K	10x
RISEx MSTR/USDC	+0.0001%	1h	169.21	−0.012%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	169.13	−0.059%	$22.1M	$106.4M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.35	+0.071%	—	$2.1M	25x	as long as short
Extended MSTR_24_5-USD	+0.0048%	1h	169.15	−0.047%	$583K	$1.8M	10x	as long as short
QFEX MSTR-USDlong	+0.0049%	1h	169.23	long leg	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.18	−0.030%	$389K	$2.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	169.15	−0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.19	−0.024%	$782K	$5.2M	10x	as long as short
Nado MSTR-PERP	+0.0053%	1h	169.12	−0.062%	$139K	$97K	3x	as long as short
GRVT MSTR_USDT_Perp	+0.0053%	8h	169.43	+0.118%	$77K	$879K	10x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.14	−0.053%	$28.7M	$120.0M	25x	as long as short
Binance MSTRUSDT	+0.0066%	8h	169.17	−0.035%	$89.2M	$628.9M	50x	as long as short
BloFin MSTR-USDT	+0.0080%	8h	169.20	−0.018%	$1.1M	$1.8M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	+0.053%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.12	−0.064%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.18	−0.030%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.16	−0.041%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.17	−0.035%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.089%	$13K	$21K	30x	as long as short
Lighter MSTR	+0.0104%	1h	169.13	−0.059%	$3.6M	$2.4M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.18	−0.027%	$140	—	10x	as long as short
Bybit MSTRUSDT	+0.0110%	8h	169.22	−0.006%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	169.20	−0.015%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0210%	1h	169.16	−0.041%	$57.1M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.36	+0.079%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0519%	1h	169.22	−0.006%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.32	+0.053%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0874%	4h	169.41	+0.105%	$47K	$5.5M	10x	as long as short