MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0133%/8h= +14.6% APRnext payment +$0.17 per $10,000 · paid last 24h +0.039%

Price spread now: Phoenix against Ondo Perps−0.090%48s7-day average +0.125% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 3 days (all we have)+0.492%+$49 · spread now −0.090%, 7d avg +0.125%

Together, before fees+0.733%+ Points / potential airdropOndo Perps: Active · farm board+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.215% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of +0.125%). If the spread goes back, that is −$21 on $10k: about 5.4 days of funding at the current rate (+$4 a day). The two prices were read 48 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	Ondo Perps MSTR-USD.P	169.59	0.0050	pay 0.0006% / 1h	22m 27s	$763K	$5.1M	10x
Short	Phoenix MSTR	169.44	0.0184	get 0.0023% / 1h	22m 27s	$57K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee PhoenixbpOrdersPrice spread, now −0.090%Rate

Funding earned: $27.98
Price spread: −0.090% → +0.125%: −$21.47
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.49
Costs to cover: 0.120%
Break-even: 8.4 days

Slippage unknown: Ondo Perps: no order-book sample; Phoenix: live order book, 64 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 64 min ago	2.65 bp	9.3 bp −$9	18.3 bp −$183	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0063%	1h	169.40	−0.112%	$140K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	169.62	+0.018%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.52	−0.042%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.62	+0.016%	$88.8M	$629.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.66	+0.041%	$22.1M	$107.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.59	0.000%	$297K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.62	+0.018%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.58	−0.006%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	−0.088%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.58	−0.006%	$2.9M	$57K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.53	−0.035%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.40	−0.115%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.62	+0.018%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.75	+0.094%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.283%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.51	−0.047%	$56.7M	$38.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.56	−0.018%	$419K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.60	+0.006%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	169.59	long leg	$763K	$5.1M	10x
Bitget MSTRUSDT	+0.0074%	8h	169.62	+0.018%	$28.9M	$119.8M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0078%	8h	169.54	−0.028%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0099%	8h	169.64	+0.029%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.54	−0.028%	$104K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.42	−0.100%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.37	−0.130%	$4K	$934K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.55	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.55	−0.026%	$141	—	10x	as long as short
Phoenix MSTRshort	+0.0184%	1h	169.44	−0.090%	$57K	$396K	10x
edgeX MSTRUSDC	+0.0387%	4h	169.35	−0.140%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.63	+0.024%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.289%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0753%	1h	169.70	+0.065%	$288K	$438K	10x	as long as short