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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 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%
Price spread now: Ondo Perps against Phemex−0.207%7-day average −0.140% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on Ondo Perps
What this pair did over the last
the charts below follow
Funding, last 7 days+0.250%+$25 on $10k
Price spread, last 4 days (all we have)+0.270%+$27 · spread now −0.207%, 7d avg −0.140%
Together, before fees+0.520%+ Points / potential airdropOndo Perps: Active · farm board+$52 on $10k · with fees, hour by hour
Funding pays, the price is against you. Ondo Perps is 0.067% cheaper against Phemex than usual: you would sell low and buy high (spread −0.207% now, against its 7-day average of −0.140%). If the spread goes back, that is −$7 on $10k: about 4.5 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.250% in total) that is about 45 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex MSTRUSDT164.050get 0.0000% / 4h2h 50m$2.8M$77K10x
ShortOndo Perps MSTR-USD.P163.710.0050get 0.0006% / 1h50m 37s$830K$3.9M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. 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

Funding earned
$10.58
Price spread: −0.207% → −0.140%
−$6.75
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee Ondo Perps: 2.5 bp × 2 orders
−$5
Net
−$13.16
Costs to cover
0.170%
Break-even
15.7 days
Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: no order-book sample. 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, 3 min ago1.22 bpdoesn't fitdoesn't fitdoesn't fitdoesn't fit
Sell Ondo Perps no order-book sample—————
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0976%8h164.02−0.018%$27.1M$116.9M25xas long as short
Aster MSTRUSDT0.0000%8h163.84−0.127%$1.8M$8.6M50xas long as short
Gate MSTR_USDT0.0000%8h163.97−0.049%$4.6M$19.2M50xas long as short
Phemex MSTRUSDTlong0.0000%4h164.05long leg$2.8M$77K10x
Extended MSTR_24_5-USD+0.0032%1h163.68−0.229%$596K$1.9M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.225%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.85−0.122%$26K$109K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.54−0.311%—$1.7M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.75−0.183%$379K$2.7M10xas long as short
Ondo Perps MSTR-USD.Pshort+0.0050%1h163.71−0.207%$830K$3.9M10x
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0054%1h163.84−0.128%$1.4M$7.2M10xas long as short
OKX MSTR-USDT-SWAP+0.0062%8h163.92−0.079%$20.6M$99.5M50xas long as short
SoDEX MSTR-USD+0.0071%1h163.85−0.122%$43K$3K10xas long as short
RISEx MSTR/USDC+0.0088%1h163.91−0.085%$266K$446K10xas long as short
Pacifica MSTR+0.0100%1h163.84−0.126%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.72−0.201%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.59−0.280%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.83−0.134%$4K$8K10xas long as short
Variational Omni MSTR+0.0103%8h163.88−0.106%$1.2M$2.1M—as long as short
Aevo MSTR-PERP+0.0104%1h163.85−0.124%$136—10xas long as short
Paradex MSTR-USD-PERP+0.0110%8h163.84−0.130%$66—5xas long as short
GRVT MSTR_USDT_Perp+0.0160%8h163.86−0.116%$79K$838K10xas long as short
Coinbase International MSTR-PERP-INTX+0.0168%1h163.57−0.293%$1.4M$1.1M10xas long as short
Binance MSTRUSDT+0.0171%8h163.92−0.081%$85.8M$619.5M50xas long as short
Lighter MSTR+0.0208%1h163.82−0.140%$3.5M$1.9M10xas long as short
BloFin MSTR-USDT+0.0287%8h163.93−0.073%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0331%8h163.98−0.043%$16.7M$41.2M50xas long as short
Nado MSTR-PERP+0.0338%1h163.66−0.240%$121K$148K3xas long as short
tradeXYZ xyz:MSTR+0.0356%1h163.83−0.134%$54.5M$37.1M10xas long as short
Phoenix MSTR+0.0362%1h163.69−0.218%$56K$226K10xas long as short
edgeX MSTRUSDC+0.0496%4h163.67−0.234%$48K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.1155%1h163.88−0.104%$279K$438K10xas long as short