Funding you earn now, next payment 23:00 UTC−0.0332%/8h= −36.4% APRnext payment −$0.42 per $10,000 · paid last 24h −0.038%
Price spread now: Nado against Phoenix+0.065%57s7-day average −0.021% · you sell dearer than you buy
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−$590.593% of the position
Funding, last 3 days (all we have)−0.152%−$15 on $10k
+Price spread, last 3 days (all we have)−0.124%−$12 · spread now +0.065%, 7d avg −0.021%
=Together, before fees−0.276%+ Points / potential airdropNado: Active · farm board−$28 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Nado is 0.086% dearer against Phoenix than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.021%): +$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 3 days (−0.152% in total) that is about 44 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MSTR | 169.47 | 0.0260 | pay 0.0033% / 1h | 56m 25s | $57K | $384K | 10x |
| Short | Nado MSTR-PERP | 169.58 | −0.0072 | pay 0.0009% / 1h | 56m 25s | $140K | $97K | 3x |
Phoenix MSTR
Nado MSTR-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- −$69.72
- Price spread: +0.065% → −0.021%
- $8.59
- Slippage, 4 orders
- −$45.29
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$120.42
- Costs to cover
- 0.593%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 15 min ago; Nado: live order book, 16 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, 15 min ago | 3.91 bp | 12.0 bp −$12 | 25.2 bp −$252 | doesn't fit | doesn't fit |
| Sell Nado live order book, 16 min ago | 4.15 bp | 11.3 bp −$11 | 69.4 bp −$694 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Nado MSTR-PERPshort | −0.0072% | 1h | 169.58 | +0.065% | $140K | $97K | 3x | |
| Aster MSTRUSDT | 0.0000% | 8h | 169.46 | −0.010% | $1.3M | $6.1M | 50x | as long as short |
| Bybit MSTRUSDT | 0.0000% | 8h | 169.65 | +0.104% | $15.2M | $39.9M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 169.59 | +0.069% | $22.0M | $104.7M | 50x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 169.57 | +0.057% | $4.7M | $18.8M | 50x | as long as short |
| Variational Omni MSTR | 0.0000% | 8h | 169.44 | −0.018% | $1.2M | $2.4M | — | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 169.66 | +0.110% | $2.9M | $66K | 10x | as long as short |
| Lighter MSTR | +0.0032% | 1h | 169.56 | +0.051% | $3.6M | $2.0M | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 169.48 | +0.002% | $581K | $1.7M | 10x | as long as short |
| Bitget MSTRUSDT | +0.0035% | 8h | 169.54 | +0.040% | $28.7M | $116.2M | 25x | as long as short |
Aster MSTRUSDT
Bybit MSTRUSDT
OKX MSTR-USDT-SWAP
Gate MSTR_USDT
Variational Omni MSTR
Phemex MSTRUSDT
Lighter MSTR
Extended MSTR_24_5-USD
Bitget MSTRUSDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX MSTR-USD | +0.0035% | 1h | 169.56 | +0.051% | $1.5M | $10.2M | 10x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 169.70 | +0.134% | $27K | $122K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 169.82 | +0.205% | — | $2.1M | 25x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0046% | 8h | 169.55 | +0.047% | $77K | $871K | 10x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 169.58 | +0.063% | $400K | $2.7M | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 169.73 | +0.152% | $765K | $5.1M | 10x | as long as short |
| BloFin MSTR-USDT | +0.0057% | 8h | 169.81 | +0.199% | $1.1M | $1.9M | 20x | as long as short |
| Binance MSTRUSDT | +0.0073% | 8h | 169.56 | +0.051% | $89.5M | $624.2M | 50x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0088% | 1h | 168.75 | −0.427% | $1.4M | $1.2M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0095% | 8h | 169.58 | +0.065% | $68 | — | 5x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 169.55 | +0.044% | $105K | $87K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 169.51 | +0.022% | $2.6M | $2.8M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 169.29 | −0.108% | $4K | $223K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 169.80 | +0.193% | $3K | $8K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 169.58 | +0.062% | $141 | — | 10x | as long as short |
| SoDEX MSTR-USD | +0.0197% | 1h | 169.77 | +0.175% | $45K | $3K | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0235% | 1h | 169.49 | +0.010% | $13K | $21K | 30x | as long as short |
| Phoenix MSTRlong | +0.0260% | 1h | 169.47 | long leg | $57K | $384K | 10x | |
| tradeXYZ xyz:MSTR | +0.0325% | 1h | 169.54 | +0.040% | $57.2M | $37.0M | 10x | as long as short |
| RISEx MSTR/USDC | +0.0349% | 1h | 169.59 | +0.066% | $276K | $440K | 10x | as long as short |
| edgeX MSTRUSDC | +0.0365% | 4h | 169.54 | +0.040% | $48K | $5.4M | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0457% | 1h | 169.79 | +0.187% | $289K | $438K | 10x | as long as short |
QFEX MSTR-USD
Arcus MSTR-USD
Vest MSTR-USD-PERP
GRVT MSTR_USDT_Perp
Polymarket Perps MSTR-USD
Ondo Perps MSTR-USD.P
BloFin MSTR-USDT
Binance MSTRUSDT
Coinbase International MSTR-PERP-INTX
Paradex MSTR-USD-PERP
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
SoDEX MSTR-USD
Injective MSTR/USDC PERP
tradeXYZ xyz:MSTR
RISEx MSTR/USDC
edgeX MSTRUSDC
Deribit MSTR_USDC-PERPETUAL