MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0296%/8h= −32.4% APRnext payment −$0.37 per $10,000 · paid last 24h +0.025%

Price spread now: Arcus against Phoenix−0.028%49s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.479% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.546%−$55 · spread now −0.028%, 7d avg +0.001%

Together, before fees−0.562%−$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Arcus is 0.029% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.017% in total (about -1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	164.35	0.0336	pay 0.0042% / 1h	39m 52s	$55K	$227K	10x
Short	Arcus MSTR-USD	164.30	0.0040	get 0.0005% / 1h	39m 52s	$26K	$112K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$62.07
Price spread: −0.028% → +0.001%: −$2.93
Slippage, 4 orders: −$36.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$112.87
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from Phoenix: live order book, 20 min ago; Arcus: live order book, 23 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 Phoenix live order book, 20 min ago	3.89 bp	11.9 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Arcus live order book, 23 min ago	6.68 bp	12.6 bp −$13	37.7 bp −$377	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
Bitget MSTRUSDT	−0.1278%	8h	164.43	+0.051%	$27.6M	$114.5M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.28	−0.037%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.34	−0.004%	$20.8M	$99.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.34	−0.004%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.27	−0.046%	$2.8M	$70K	10x	as long as short
Variational Omni MSTR	+0.0021%	8h	164.09	−0.154%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.19	−0.095%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.22	−0.077%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.039%	$8K	$26K	30x	as long as short
Arcus MSTR-USDshort	+0.0040%	1h	164.30	−0.028%	$26K	$112K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.11	−0.144%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.25	−0.058%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.28	−0.040%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.99	−0.217%	$880K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.30	−0.028%	$1.4M	$7.7M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0082%	1h	164.20	−0.089%	$54.9M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0089%	8h	164.34	−0.004%	$88.1M	$619.3M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.28	−0.039%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.24	−0.064%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.32	−0.016%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.30	−0.028%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.30	−0.030%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	164.29	−0.034%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.40	+0.033%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.156%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0208%	8h	164.17	−0.107%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0215%	1h	164.15	−0.122%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.34	−0.005%	$269K	$447K	10x	as long as short
Phoenix MSTRlong	+0.0336%	1h	164.35	long leg	$55K	$227K	10x
Bybit MSTRUSDT	+0.0343%	8h	164.43	+0.051%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.33	−0.010%	$279K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0772%	4h	164.34	−0.001%	$49K	$5.4M	10x	as long as short