MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0692%/8h= +75.8% APRnext payment +$0.87 per $10,000 · paid last 24h +0.125%

Price spread now: Deribit against Phoenix−0.029%7-day average +0.034% · 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−$50as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.409%+$41 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now −0.029%, 7d avg +0.034%

Together, before fees+0.356%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.063% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.034%). If the spread goes back, that is −$6 on $10k: about 7 hours of funding at the current rate (+$21 a day). At the pace of the last 5 days (+0.409% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	164.76	0.0213	pay 0.0027% / 1h	55m 05s	$56K	$226K	10x
Short	Deribit MSTR_USDC-PERPETUAL	164.71	0.0905	get 0.0113% / 1h	55m 05s	$280K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.029%Rate

Funding earned: $145.34
Price spread: −0.029% → +0.034%: −$6.29
Slippage, 4 orders: −$29.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $95.67
Costs to cover: 0.434%
Break-even: 2.4 days

Slippage from Phoenix: live order book, 60 min ago; Deribit: live order book, 64 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, 60 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Deribit live order book, 64 min ago	6.66 bp	11.4 bp −$11	12.7 bp −$127	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	−0.0898%	8h	164.84	+0.050%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.57	−0.111%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.79	+0.020%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.76	+0.002%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	164.74	−0.010%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.63	−0.077%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.52	−0.144%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.782%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.72	−0.022%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.49	−0.162%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.51	−0.150%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.64	−0.071%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.40	−0.217%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.56	−0.120%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	−0.061%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.57	−0.116%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.58	−0.107%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.61	−0.089%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.64	−0.071%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.65	−0.063%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.51	−0.147%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0156%	8h	164.72	−0.024%	$87.0M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.387%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0169%	1h	164.64	−0.071%	$54.8M	$37.0M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	−0.016%	$82K	$792K	10x	as long as short
Phoenix MSTRlong	+0.0213%	1h	164.76	long leg	$56K	$226K	10x
RISEx MSTR/USDC	+0.0231%	1h	164.61	−0.089%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0236%	1h	164.45	−0.189%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0276%	8h	164.74	−0.010%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0342%	8h	164.75	−0.004%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0749%	4h	164.71	−0.027%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0905%	1h	164.71	−0.029%	$280K	$438K	10x