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Funding arb · Price arb /

MSTR

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0360%/8h= +39.5% APRnext payment +$0.45 per $10,000 · paid last 24h +0.052%
Price spread now: Phoenix against ApeX Omni+0.125%7-day average +0.018% · you sell dearer than you buy
Net, funding: paid 7d − costs−$105as in the Funding arb table
Net, price: spread back to 7d avg − costs−$119as in the Price arb table
costs, in and out, $10k−$1301.298% of the position
Long on ApeX OmniShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.247%+$25 on $10k
Price spread, last 4 days (all we have)+0.051%+$5 · spread now +0.125%, 7d avg +0.018%
Together, before fees+0.298%+$30 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phoenix is 0.106% dearer against ApeX Omni than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.018%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.247% in total (about 12.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.45 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongApeX Omni MSTRUSDT163.460.0100pay 0.0013% / 1h50m 49s$6K$182K50x
ShortPhoenix MSTR163.660.0460get 0.0058% / 1h50m 49s$56K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against ApeX Omni. 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

Funding earned
$75.67
Price spread: +0.125% → +0.018%
$10.63
Slippage, 4 orders
−$112.77
Fee ApeX Omni: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$43.47
Costs to cover
1.298%
Break-even
11.0 days
Slippage from ApeX Omni: live order book, 58 min ago; Phoenix: live order book, 44 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy ApeX Omni live order book, 58 min ago3.06 bp41.0 bp −$41doesn't fitdoesn't fitdoesn't fit
Sell Phoenix live order book, 44 min ago2.69 bp9.4 bp −$918.7 bp −$187doesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0279%8h163.87+0.251%$30.1M$118.7M25xas long as short
Gate MSTR_USDT0.0000%8h163.88+0.257%$4.7M$18.4M50xas long as short
Phemex MSTRUSDT0.0000%4h163.86+0.245%$2.8M$85K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.68+0.134%$592K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.597%$8K$25K30xas long as short
Arcus MSTR-USD+0.0040%1h163.94+0.294%$26K$114K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.81+0.214%—$1.7M25xas long as short
Lighter MSTR+0.0048%1h163.74+0.171%$3.5M$1.7M10xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.75+0.177%$379K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.60+0.086%$892K$3.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0061%1h163.81+0.214%$1.4M$7.1M10xas long as short
Pacifica MSTR+0.0100%1h163.72+0.158%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.62+0.098%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDTlong+0.0100%1h163.46long leg$6K$182K50x
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.84+0.232%$3K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.86+0.243%$136—10xas long as short
Aster MSTRUSDT+0.0107%8h163.75+0.180%$1.8M$8.7M50xas long as short
Nado MSTR-PERP+0.0110%1h163.76+0.184%$125K$165K3xas long as short
Coinbase International MSTR-PERP-INTX+0.0120%1h162.62−0.514%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0134%8h163.73+0.166%$65—5xas long as short
SoDEX MSTR-USD+0.0137%1h163.78+0.196%$43K$3K10xas long as short
Variational Omni MSTR+0.0218%8h163.95+0.299%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAP+0.0218%8h163.71+0.153%$20.9M$99.5M50xas long as short
Binance MSTRUSDT+0.0302%8h163.72+0.159%$84.3M$618.8M50xas long as short
tradeXYZ xyz:MSTR+0.0384%1h163.76+0.184%$54.0M$37.5M10xas long as short
RISEx MSTR/USDC+0.0400%1h163.73+0.168%$269K$417K10xas long as short
BloFin MSTR-USDT+0.0417%8h163.94+0.294%$1.0M$2.1M20xas long as short
Phoenix MSTRshort+0.0460%1h163.66+0.125%$56K$223K10x
Bybit MSTRUSDT+0.0499%8h163.76+0.184%$17.2M$41.3M50xas long as short
edgeX MSTRUSDC+0.0834%4h163.62+0.097%$47K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0849%1h163.98+0.318%$279K$435K10xas long as short
GRVT MSTR_USDT_Perp+0.0900%8h163.72+0.160%$80K$838K10xas long as short