MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0288%/8h= +31.5% APRnext payment +$0.36 per $10,000 · paid last 24h −0.028%

Price spread now: Phoenix against Arcus−0.083%49s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.416% of the position

Long on Arcus Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.030%+$3 on $10k

Price spread, last 4 days (all we have)+0.307%+$31 · spread now −0.083%, 7d avg −0.004%

Together, before fees+0.337%+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.079% cheaper against Arcus than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.004%). If the spread goes back, that is −$8 on $10k: about 22 hours of funding at the current rate (+$9 a day). At the pace of the last 4 days (+0.030% in total) that is about 9.5 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.030% in total (about 3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	162.75	0.0040	pay 0.0005% / 1h	35m 49s	$26K	$113K	10x
Short	Phoenix MSTR	162.62	0.0328	get 0.0041% / 1h	35m 49s	$55K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Arcus. 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 ArcusbpFee PhoenixbpOrdersPrice spread, now −0.083%Rate

Funding earned: $60.39
Price spread: −0.083% → −0.004%: −$7.87
Slippage, 4 orders: −$30.05
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.97
Costs to cover: 0.416%
Break-even: 5.7 days

Slippage from Arcus: live order book, 7 min ago; Phoenix: 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 Arcus live order book, 7 min ago	7.06 bp	10.9 bp −$11	43.0 bp −$430	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.58 bp	9.2 bp −$9	18.1 bp −$181	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	−0.0936%	8h	162.84	+0.055%	$28.6M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.69	−0.037%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.36	+0.375%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0016%	4h	162.56	−0.119%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0028%	8h	162.56	−0.118%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.41	−0.212%	$505K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.049%	$8K	$26K	30x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	162.75	long leg	$26K	$113K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	162.19	−0.344%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.48	−0.166%	$376K	$2.7M	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	162.56	−0.117%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.45	−0.184%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.53	−0.135%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.57	−0.111%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.59	−0.098%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.65	−0.061%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.58	−0.104%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.58	−0.104%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0142%	8h	162.63	−0.074%	$20.7M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	−0.119%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0152%	1h	162.56	−0.117%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.756%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0156%	8h	162.53	−0.135%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0227%	8h	162.59	−0.099%	$83.6M	$627.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0235%	8h	162.80	+0.033%	$78K	$867K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0267%	1h	162.57	−0.111%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTRshort	+0.0328%	1h	162.62	−0.083%	$55K	$223K	10x
Nado MSTR-PERP	+0.0344%	1h	162.39	−0.221%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0345%	8h	162.61	−0.086%	$1.0M	$2.1M	20x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.58	−0.106%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0383%	8h	162.64	−0.068%	$16.8M	$41.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0982%	1h	162.60	−0.092%	$277K	$437K	10x	as long as short