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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.035%
Price spread now: Phoenix against OKX−0.187%7-day average +0.003% · you buy dearer than you sell
Net, funding: paid 7d − costs−$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$51as in the Price arb table
costs, in and out, $10k−$320.323% of the position
Long on OKXShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.200%+$20 on $10k
Price spread, last 4 days (all we have)+1.361%+$136 · spread now −0.187%, 7d avg +0.003%
Together, before fees+1.561%+$156 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.190% cheaper against OKX than usual: you would sell low and buy high (spread −0.187% now, against its 7-day average of +0.003%). If the spread goes back, that is −$19 on $10k: about 2.6 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.200% in total) that is about 6.7 days.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOKX MSTR-USDT-SWAP163.970.0218pay 0.0218% / 8h7h 51m$20.9M$99.7M50x
ShortPhoenix MSTR163.660.0460get 0.0058% / 1h51m 07s$56K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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
$50.79
Price spread: −0.187% → +0.003%
−$18.99
Slippage, 4 orders
−$15.31
Fee OKX: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$0.51
Costs to cover
0.323%
Break-even
7.1 days
Slippage from OKX: live order book, 3 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 OKX live order book, 3 min ago0.31 bp6.5 bp −$612.5 bp −$125doesn'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%8h163.99+0.012%$30.1M$118.6M25xas long as short
Gate MSTR_USDT0.0000%8h163.88−0.055%$4.7M$18.4M50xas long as short
Phemex MSTRUSDT0.0000%4h163.86−0.067%$2.8M$85K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.72−0.150%$592K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.275%$8K$25K30xas long as short
Arcus MSTR-USD+0.0040%1h163.94−0.018%$26K$114K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.81−0.098%—$1.7M25xas long as short
Lighter MSTR+0.0048%1h163.92−0.030%$3.5M$1.7M10xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.75−0.134%$379K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.60−0.226%$892K$3.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0061%1h163.81−0.098%$1.4M$7.1M10xas long as short
Pacifica MSTR+0.0100%1h163.72−0.154%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.66−0.189%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.46−0.311%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.84−0.079%$3K$13K10xas long as short
Aster MSTRUSDT+0.0102%8h163.66−0.189%$1.8M$8.7M50xas long as short
Aevo MSTR-PERP+0.0104%1h163.86−0.069%$136—10xas long as short
Nado MSTR-PERP+0.0110%1h163.76−0.127%$125K$165K3xas long as short
Coinbase International MSTR-PERP-INTX+0.0120%1h162.62−0.823%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0134%8h163.73−0.146%$65—5xas long as short
SoDEX MSTR-USD+0.0137%1h163.78−0.116%$43K$3K10xas long as short
Variational Omni MSTR+0.0215%8h163.64−0.202%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAPlong+0.0218%8h163.97long leg$20.9M$99.7M50x
Binance MSTRUSDT+0.0297%8h163.95−0.010%$84.4M$619.0M50xas long as short
tradeXYZ xyz:MSTR+0.0379%1h163.84−0.079%$54.1M$37.4M10xas long as short
RISEx MSTR/USDC+0.0400%1h163.73−0.144%$269K$417K10xas long as short
BloFin MSTR-USDT+0.0417%8h163.94−0.018%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0459%8h163.94−0.018%$17.2M$41.4M50xas long as short
Phoenix MSTRshort+0.0460%1h163.66−0.187%$56K$223K10x
edgeX MSTRUSDC+0.0834%4h163.62−0.214%$47K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0849%1h163.98+0.006%$279K$435K10xas long as short
GRVT MSTR_USDT_Perp+0.0900%8h163.72−0.152%$80K$838K10xas long as short