MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0139%/8h= −15.3% APRnext payment −$0.17 per $10,000 · paid last 24h −0.126%

Price spread now: Phoenix against Deribit−0.221%70s7-day average −0.037% · 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−$460.464% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.377%−$38 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.221%, 7d avg −0.037%

Together, before fees−0.158%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.184% cheaper against Deribit than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.037%). Swap the legs. The two prices were read 70 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	Deribit MSTR_USDC-PERPETUAL	169.46	0.0400	pay 0.0050% / 1h	1m 37s	$288K	$438K	10x
Short	Phoenix MSTR	169.09	0.0260	get 0.0033% / 1h	1m 37s	$57K	$392K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now −0.221%Rate

Funding earned: −$29.27
Price spread: −0.221% → −0.037%: −$18.35
Slippage, 4 orders: −$32.36
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$93.99
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Deribit: live order book, 12 min ago; Phoenix: live order book, 10 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 Deribit live order book, 12 min ago	7.40 bp	10.9 bp −$11	14.8 bp −$148	doesn't fit	doesn't fit
Sell Phoenix live order book, 10 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	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
Nado MSTR-PERP	−0.0043%	1h	169.36	−0.061%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.23	−0.134%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.46	0.000%	$21.9M	$106.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.40	−0.035%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.00	−0.270%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.22	−0.142%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.46	0.000%	$276K	$441K	10x	as long as short
Bitget MSTRUSDT	+0.0030%	8h	169.50	+0.024%	$28.8M	$119.8M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0030%	8h	169.13	−0.195%	$77K	$871K	10x	as long as short
Lighter MSTR	+0.0032%	1h	169.44	−0.012%	$3.6M	$2.4M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.37	−0.051%	$581K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.56	+0.059%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.35	−0.065%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.36	−0.059%	$399K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.41	−0.030%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.136%	$764K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0055%	8h	169.48	+0.010%	$89.4M	$628.5M	50x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.47	+0.006%	$15.2M	$40.3M	50x	as long as short
BloFin MSTR-USDT	+0.0064%	8h	169.50	+0.024%	$1.1M	$1.9M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0095%	8h	169.45	−0.006%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.419%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	−0.024%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.30	−0.094%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.06	−0.236%	$4K	$244K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.38	−0.047%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.342%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.38	−0.049%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0124%	1h	169.42	−0.024%	$57.2M	$36.9M	10x	as long as short
Phoenix MSTRshort	+0.0260%	1h	169.09	−0.221%	$57K	$392K	10x
edgeX MSTRUSDC	+0.0382%	4h	169.04	−0.245%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0400%	1h	169.46	long leg	$288K	$438K	10x
Arcus MSTR-USD	+0.0738%	1h	169.50	+0.024%	$27K	$129K	10x	as long as short