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Funding arb · Price arb /

MSTR

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.015%
Price spread now: Extended against Phemex−0.180%7-day average −0.105% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on Extended
What this pair did over the last
the charts below follow
Funding, last 7 days+0.301%+$30 on $10k
Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.180%, 7d avg −0.105%
Together, before fees+0.363%+ Points / potential airdropExtended: Active · farm board+$36 on $10k · with fees, hour by hour
Funding pays, the price is against you. Extended is 0.075% cheaper against Phemex than usual: you would sell low and buy high (spread −0.180% now, against its 7-day average of −0.105%). If the spread goes back, that is −$8 on $10k: about 7.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.301% in total) that is about 42 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex MSTRUSDT163.790get 0.0000% / 4h38m 50s$2.8M$82K10x
ShortExtended MSTR_24_5-USD163.500.0032get 0.0004% / 1h38m 50s$502K$2.0M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Extended against Phemex. 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
$6.72
Price spread: −0.180% → −0.105%
−$7.53
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee Extended: 2.5 bp × 2 orders
−$5
Net
−$17.81
Costs to cover
0.170%
Break-even
25.6 days
Slippage unknown: Phemex: live order book, 5 min ago; Extended: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 5 min ago2.74 bpdoesn't fitdoesn't fitdoesn't fitdoesn't fit
Sell Extended live order book, 5 min ago1.22 bp5.5 bp −$626.5 bp −$265doesn'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−0.0392%8h163.84+0.031%$29.5M$118.9M25xas long as short
Gate MSTR_USDT0.0000%8h163.76−0.018%$4.7M$19.5M50xas long as short
Phemex MSTRUSDTlong0.0000%4h163.79long leg$2.8M$82K10x
Extended MSTR_24_5-USDshort+0.0032%1h163.50−0.180%$502K$2.0M10x
Injective MSTR/USDC PERP+0.0033%1h169.34+3.388%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h164.09+0.183%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.87+0.049%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.81+0.012%$379K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.790.000%$868K$3.7M10xas long as short
SoDEX MSTR-USD+0.0064%1h163.72−0.043%$43K$3K10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0067%1h163.76−0.018%$1.3M$7.1M10xas long as short
Aster MSTRUSDT+0.0078%8h163.67−0.076%$1.8M$8.7M50xas long as short
Pacifica MSTR+0.0100%1h163.73−0.037%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.62−0.104%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.92+0.079%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.70−0.055%$2K$13K10xas long as short
Lighter MSTR+0.0104%1h163.68−0.067%$3.5M$2.0M10xas long as short
Aevo MSTR-PERP+0.0104%1h163.56−0.138%$136—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0136%1h161.52−1.386%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0170%8h163.74−0.034%$65—5xas long as short
OKX MSTR-USDT-SWAP+0.0199%8h163.71−0.049%$20.9M$100.1M50xas long as short
Variational Omni MSTR+0.0202%8h164.04+0.154%$1.2M$2.0M—as long as short
Binance MSTRUSDT+0.0273%8h163.69−0.061%$84.3M$621.0M50xas long as short
GRVT MSTR_USDT_Perp+0.0283%8h164.14+0.214%$85K$849K10xas long as short
Nado MSTR-PERP+0.0321%1h163.72−0.042%$125K$165K3xas long as short
Phoenix MSTR+0.0357%1h164.20+0.250%$56K$223K10xas long as short
BloFin MSTR-USDT+0.0393%8h163.77−0.012%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0415%8h163.72−0.043%$17.1M$41.7M50xas long as short
RISEx MSTR/USDC+0.0493%1h163.80+0.006%$266K$419K10xas long as short
tradeXYZ xyz:MSTR+0.0510%1h163.71−0.049%$54.1M$37.5M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0790%1h163.69−0.061%$278K$437K10xas long as short
edgeX MSTRUSDC+0.0859%4h164.05+0.160%$46K$5.4M10xas long as short