Funding you earn now, next payment 23:00 UTC−0.0333%/8h= −36.5% APRpaid last 24h −0.060%
Price spread now: Phemex against Injective−0.301%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.224%−$22 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.301% cheaper against Injective than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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 7 days it paid -0.224% in total (about -11.7% a year). A funding rate is set anew for every payment. 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 | Injective MSTR/USDC PERP | 169.29 | 0.0333 | pay 0.0042% / 1h | 29m 51s | $13K | $22K | 30x |
| Short | Phemex MSTRUSDT | 168.78 | 0 | get 0.0000% / 4h | 1h 29m | $2.9M | $61K | 10x |
Injective MSTR/USDC PERP
Phemex MSTRUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$69.92
- Price spread: −0.301% → 0.000%
- −$30.13
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$112.07
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 4 min ago | 1.77 bp | doesn't fit | doesn't fit | doesn't fit | doesn't fit |
Injective: 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 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 | −0.0118% | 1h | 168.61 | −0.404% | $139K | $97K | 3x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 168.71 | −0.342% | $1.2M | $6.2M | 50x | as long as short |
| Binance MSTRUSDT | 0.0000% | 8h | 168.71 | −0.340% | $88.1M | $629.1M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 168.77 | −0.307% | $22.0M | $106.7M | 50x | as long as short |
| RISEx MSTR/USDC | 0.0000% | 1h | 168.72 | −0.334% | $275K | $446K | 10x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 168.69 | −0.354% | $4.8M | $19.4M | 50x | as long as short |
| Variational Omni MSTR | 0.0000% | 8h | 168.91 | −0.225% | $1.2M | $2.4M | — | as long as short |
| GRVT MSTR_USDT_Perp | 0.0000% | 8h | 169.12 | −0.100% | $74K | $925K | 10x | as long as short |
| Phemex MSTRUSDTshort | 0.0000% | 4h | 168.78 | −0.301% | $2.9M | $61K | 10x | |
| BloFin MSTR-USDT | +0.0016% | 8h | 168.86 | −0.254% | $1.1M | $1.8M | 20x | as long as short |
Nado MSTR-PERP
Aster MSTRUSDT
Binance MSTRUSDT
OKX MSTR-USDT-SWAP
RISEx MSTR/USDC
Gate MSTR_USDT
Variational Omni MSTR
GRVT MSTR_USDT_Perp
BloFin MSTR-USDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSTRUSDT | +0.0026% | 8h | 168.74 | −0.325% | $28.8M | $119.7M | 25x | as long as short |
| Lighter MSTR | +0.0032% | 1h | 168.67 | −0.366% | $3.6M | $2.5M | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 168.58 | −0.419% | $585K | $1.8M | 10x | as long as short |
| QFEX MSTR-USD | +0.0042% | 1h | 168.73 | −0.331% | $1.5M | $10.2M | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 168.73 | −0.331% | — | $2.1M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 168.66 | −0.372% | $399K | $2.6M | 10x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 168.71 | −0.343% | $44K | $3K | 10x | as long as short |
| Bybit MSTRUSDT | +0.0050% | 8h | 168.70 | −0.349% | $15.1M | $40.9M | 50x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 168.79 | −0.295% | $741K | $5.2M | 10x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0056% | 1h | 168.66 | −0.372% | $1.5M | $1.2M | 10x | as long as short |
| tradeXYZ xyz:MSTR | +0.0059% | 1h | 168.67 | −0.366% | $56.8M | $38.0M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0070% | 8h | 168.65 | −0.378% | $67 | — | 5x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 168.67 | −0.369% | $103K | $114K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 168.67 | −0.366% | $2.6M | $2.8M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 169.03 | −0.154% | $4K | $552K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 168.70 | −0.349% | $3K | $12K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 168.68 | −0.360% | $140 | — | 10x | as long as short |
| Phoenix MSTR | +0.0231% | 1h | 169.01 | −0.164% | $57K | $394K | 10x | as long as short |
| edgeX MSTRUSDC | +0.0278% | 4h | 169.05 | −0.143% | $47K | $5.4M | 10x | as long as short |
| Injective MSTR/USDC PERPlong | +0.0333% | 1h | 169.29 | long leg | $13K | $22K | 30x | |
| Arcus MSTR-USD | +0.0457% | 1h | 168.78 | −0.301% | $27K | $129K | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0521% | 1h | 168.75 | −0.319% | $287K | $439K | 10x | as long as short |
Bitget MSTRUSDT
Lighter MSTR
Extended MSTR_24_5-USD
QFEX MSTR-USD
Vest MSTR-USD-PERP
Polymarket Perps MSTR-USD
SoDEX MSTR-USD
Bybit MSTRUSDT
Ondo Perps MSTR-USD.P
Coinbase International MSTR-PERP-INTX
tradeXYZ xyz:MSTR
Paradex MSTR-USD-PERP
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
Phoenix MSTR
edgeX MSTRUSDC
Arcus MSTR-USD
Deribit MSTR_USDC-PERPETUAL