Funding you earn now, next payment 01:00 UTC−0.0349%/8h= −38.2% APRnext payment −$0.44 per $10,000 · paid last 24h −0.068%
Price spread now: Extended against Phoenix−0.002%7-day average −0.093% · you buy dearer than you sell
Net, funding: paid 7d − costs−$54as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$350.354% of the position
Funding, last 7 days−0.187%−$19 on $10k
+Price spread, last 4 days (all we have)−1.288%−$129 · spread now −0.002%, 7d avg −0.093%
=Together, before fees−1.474%+ Points / potential airdropExtended: Active · farm board−$147 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Extended is 0.091% dearer against Phoenix than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.093%): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.187% in total) that is about 3.4 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.187% in total (about -9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 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 | 164.86 | 0.0381 | pay 0.0048% / 1h | 24m 55s | $55K | $219K | 10x |
| Short | Extended MSTR_24_5-USD | 164.85 | 0.0032 | get 0.0004% / 1h | 24m 55s | $596K | $2.0M | 10x |
Phoenix MSTR
Extended MSTR_24_5-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$73.21
- Price spread: −0.002% → −0.093%
- $9.14
- Slippage, 4 orders
- −$23.42
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$99.49
- Costs to cover
- 0.354%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 42 min ago; Extended: live order book, 4 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, 42 min ago | 3.90 bp | 12.0 bp −$12 | 25.2 bp −$252 | doesn't fit | doesn't fit |
| Sell Extended live order book, 4 min ago | 2.12 bp | 5.9 bp −$6 | 25.9 bp −$259 | doesn't fit | doesn't fit |
MSTR on 31 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 | −0.1024% | 8h | 165.19 | +0.201% | $27.5M | $115.5M | 25x | as long as short |
| Gate MSTR_USDT | −0.0146% | 8h | 165.07 | +0.129% | $4.6M | $19.0M | 50x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 165.10 | +0.148% | $1.2M | $6.1M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 165.01 | +0.092% | $20.9M | $100.7M | 50x | as long as short |
| RISEx MSTR/USDC | 0.0000% | 1h | 165.07 | +0.129% | $270K | $447K | 10x | as long as short |
| Variational Omni MSTR | 0.0000% | 8h | 165.11 | +0.151% | $1.2M | $2.1M | — | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 165.18 | +0.195% | $2.8M | $68K | 10x | as long as short |
| Extended MSTR_24_5-USDshort | +0.0032% | 1h | 164.85 | −0.002% | $596K | $2.0M | 10x | |
| Arcus MSTR-USD | +0.0040% | 1h | 164.90 | +0.025% | $27K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 165.01 | +0.092% | — | $1.8M | 25x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Aster MSTRUSDT
OKX MSTR-USDT-SWAP
RISEx MSTR/USDC
Variational Omni MSTR
Phemex MSTRUSDT
Arcus MSTR-USD
Vest MSTR-USD-PERPShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 164.71 | −0.090% | $918K | $4.7M | 10x | as long as short |
| Binance MSTRUSDT | +0.0054% | 8h | 165.06 | +0.123% | $87.9M | $624.4M | 50x | as long as short |
| QFEX MSTR-USD | +0.0064% | 1h | 165.00 | +0.086% | $1.4M | $8.3M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 165.02 | +0.098% | $101K | $89K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 164.93 | +0.044% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 164.62 | −0.144% | $4K | $188K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 165.05 | +0.116% | $3K | $8K | 10x | as long as short |
| Polymarket Perps MSTR-USD | +0.0100% | 1h | 165.03 | +0.104% | $384K | $2.7M | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 165.08 | +0.133% | $137 | — | 10x | as long as short |
| Lighter MSTR | +0.0112% | 1h | 165.02 | +0.098% | $3.5M | $1.9M | 10x | as long as short |
| SoDEX MSTR-USD | +0.0117% | 1h | 165.05 | +0.116% | $43K | $3K | 10x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0120% | 8h | 165.00 | +0.088% | $79K | $810K | 10x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 164.89 | +0.019% | $1.4M | $1.1M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0175% | 8h | 165.01 | +0.090% | $66 | — | 5x | as long as short |
| tradeXYZ xyz:MSTR | +0.0259% | 1h | 164.93 | +0.044% | $55.3M | $36.6M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0341% | 1h | 169.34 | +2.719% | $8K | $26K | 30x | as long as short |
| Nado MSTR-PERP | +0.0376% | 1h | 164.95 | +0.053% | $112K | $143K | 3x | as long as short |
| Phoenix MSTRlong | +0.0381% | 1h | 164.86 | long leg | $55K | $219K | 10x | |
| Bybit MSTRUSDT | +0.0399% | 8h | 165.05 | +0.116% | $17.2M | $41.2M | 50x | as long as short |
| edgeX MSTRUSDC | +0.0686% | 4h | 165.05 | +0.119% | $48K | $5.4M | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0902% | 1h | 165.17 | +0.189% | $281K | $438K | 10x | as long as short |
Ondo Perps MSTR-USD.P
Binance MSTRUSDT
QFEX MSTR-USD
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Polymarket Perps MSTR-USD
Aevo MSTR-PERP
Lighter MSTR
SoDEX MSTR-USD
GRVT MSTR_USDT_Perp
Coinbase International MSTR-PERP-INTX
Paradex MSTR-USD-PERP
tradeXYZ xyz:MSTR
Injective MSTR/USDC PERP
Nado MSTR-PERP
Bybit MSTRUSDT
edgeX MSTRUSDC
Deribit MSTR_USDC-PERPETUAL