MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0148%/8h= +16.2% APRnext payment +$0.19 per $10,000 · paid last 24h +0.052%

Price spread now: Phoenix against Lighter+0.097%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Lighter Short 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 3 days (all we have)+0.187%+$19 · spread now +0.097%, 7d avg +0.052%

Together, before fees+0.434%+ Points / potential airdropLighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.044% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	169.34	0.0112	pay 0.0014% / 1h	49m 10s	$3.6M	$2.4M	10x
Short	Phoenix MSTR	169.50	0.0260	get 0.0033% / 1h	49m 10s	$57K	$392K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.097%Rate

Funding earned: $31.11
Price spread: +0.097% → +0.052%: $4.44
Slippage, 4 orders: −$18.08
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.47
Costs to cover: 0.251%
Break-even: 4.6 days

Slippage from Lighter: live order book, 3 min ago; Phoenix: live order book, 27 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 Lighter live order book, 3 min ago	1.18 bp	2.6 bp −$3	6.2 bp −$62	34.0 bp −$3,401	doesn't fit
Sell Phoenix live order book, 27 min ago	3.01 bp	10.1 bp −$10	20.4 bp −$204	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	169.34	0.000%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.36	+0.012%	$22.1M	$106.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.39	+0.030%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	+0.091%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.53	+0.112%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.36	+0.012%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.41	+0.041%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0017%	8h	169.35	+0.005%	$89.3M	$629.1M	50x	as long as short
BloFin MSTR-USDT	+0.0021%	8h	169.45	+0.065%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.19	−0.090%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0040%	1h	169.33	−0.005%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.118%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.41	+0.041%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.33	−0.006%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.35	+0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.018%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0052%	8h	169.33	−0.006%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0089%	8h	169.35	+0.006%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	+0.094%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	+0.037%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	+0.006%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.077%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	+0.012%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.154%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.009%	$141	—	10x	as long as short
Lighter MSTRlong	+0.0112%	1h	169.34	long leg	$3.6M	$2.4M	10x
Paradex MSTR-USD-PERP	+0.0121%	8h	169.40	+0.035%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0146%	1h	169.34	0.000%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTRshort	+0.0260%	1h	169.50	+0.097%	$57K	$392K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.30	−0.024%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	+0.109%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.49	+0.089%	$27K	$129K	10x	as long as short