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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 08:00 UTC−0.0428%/8h= −46.9% APRnext payment −$0.54 per $10,000 · paid last 24h −0.063%
Price spread now: Lighter against Phoenix+0.040%7-day average −0.053% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$270.266% of the position
Long on PhoenixShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days−0.240%−$24 on $10k
Price spread, last 4 days (all we have)−1.248%−$125 · spread now +0.040%, 7d avg −0.053%
Together, before fees−1.488%+ Points / potential airdropLighter: Season 3 · farm board−$149 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.093% dearer against Phoenix than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.053%): +$9 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.240% in total) that is about 2.7 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.240% in total (about -12.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.54 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix MSTR163.660.0460pay 0.0058% / 1h53m 06s$56K$223K10x
ShortLighter MSTR163.730.0032get 0.0004% / 1h53m 06s$3.5M$1.7M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter 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

Funding earned
−$89.95
Price spread: +0.040% → −0.053%
$9.3
Slippage, 4 orders
−$19.6
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Lighter: 0 bp × 2 orders
$0
Net
−$107.24
Costs to cover
0.266%
Break-even
never at this rate
Slippage from Phoenix: live order book, 42 min ago; Lighter: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 42 min ago2.69 bp9.4 bp −$918.7 bp −$187doesn't fitdoesn't fit
Sell Lighter live order book, 4 min ago1.22 bp4.1 bp −$46.2 bp −$6236.2 bp −$3,617doesn'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−0.0307%8h163.83+0.101%$29.9M$118.9M25xas long as short
Gate MSTR_USDT0.0000%8h163.75+0.053%$4.7M$18.3M50xas long as short
Phemex MSTRUSDT0.0000%4h163.73+0.040%$2.8M$85K10xas long as short
Lighter MSTRshort+0.0032%1h163.73+0.040%$3.5M$1.7M10x
Extended MSTR_24_5-USD+0.0032%1h163.45−0.133%$592K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.468%$8K$25K30xas long as short
Arcus MSTR-USD+0.0040%1h163.67+0.004%$26K$114K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.55−0.070%—$1.7M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.50−0.100%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.46−0.125%$898K$3.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0061%1h163.49−0.106%$1.4M$7.1M10xas long as short
SoDEX MSTR-USD+0.0081%1h163.64−0.015%$43K$3K10xas long as short
Aster MSTRUSDT+0.0095%8h163.57−0.057%$1.8M$8.7M50xas long as short
Nado MSTR-PERP+0.0098%1h163.46−0.124%$125K$165K3xas long as short
Pacifica MSTR+0.0100%1h163.52−0.087%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.51−0.094%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.28−0.235%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.71+0.028%$3K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.72+0.035%$136—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0120%1h162.62−0.638%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0131%8h163.51−0.096%$65—5xas long as short
Bybit MSTRUSDT+0.0195%8h163.70+0.022%$17.1M$41.3M50xas long as short
Variational Omni MSTR+0.0215%8h163.64−0.016%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAP+0.0215%8h163.69+0.016%$20.9M$99.6M50xas long as short
Binance MSTRUSDT+0.0291%8h163.68+0.010%$84.3M$619.4M50xas long as short
tradeXYZ xyz:MSTR+0.0357%1h163.70+0.022%$54.0M$37.4M10xas long as short
RISEx MSTR/USDC+0.0400%1h163.58−0.050%$269K$417K10xas long as short
BloFin MSTR-USDT+0.0411%8h163.76+0.059%$1.0M$2.1M20xas long as short
Phoenix MSTRlong+0.0460%1h163.66long leg$56K$223K10x
Deribit MSTR_USDC-PERPETUAL+0.0666%1h163.82+0.095%$279K$435K10xas long as short
GRVT MSTR_USDT_Perp+0.0761%8h163.46−0.125%$80K$858K10xas long as short
edgeX MSTRUSDC+0.0997%4h163.38−0.177%$47K$5.3M10xas long as short