MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0134%/8h= −14.6% APRnext payment −$0.17 per $10,000 · paid last 24h −0.037%

Price spread now: Polymarket Perps against Phoenix+0.045%119s7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

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

costs, in and out, $10k−$360.360% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 3 days (all we have)−0.099%−$10 · spread now +0.045%, 7d avg −0.031%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.077% dearer against Phoenix than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of −0.031%): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 46 hours. The two prices were read 119 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	169.27	0.0184	pay 0.0023% / 1h	27m 29s	$57K	$396K	10x
Short	Polymarket Perps MSTR-USD	169.35	0.0050	get 0.0006% / 1h	27m 29s	$412K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$28.07
Price spread: +0.045% → −0.031%: $7.65
Slippage, 4 orders: −$20.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$56.37
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; Polymarket Perps: live order book, 1 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, 59 min ago	2.65 bp	9.3 bp −$9	18.3 bp −$183	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	3.25 bp	7.2 bp −$7	11.4 bp −$114	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-PERP	−0.0095%	1h	169.28	+0.007%	$139K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.29	+0.011%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.41	+0.081%	$88.7M	$629.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.35	+0.045%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.32	+0.031%	$296K	$437K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.31	+0.022%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.30	+0.014%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.28	+0.002%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	+0.022%	$2.9M	$57K	10x	as long as short
BloFin MSTR-USDT	+0.0002%	8h	169.21	−0.037%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.22	−0.031%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.20	−0.043%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.36	+0.051%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.55	+0.164%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.096%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.20	−0.043%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	169.35	+0.045%	$412K	$2.6M	10x
SoDEX MSTR-USD	+0.0050%	1h	169.29	+0.010%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.17	−0.061%	$737K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0069%	8h	169.37	+0.057%	$28.8M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	169.34	+0.039%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0091%	8h	169.34	+0.040%	$15.2M	$41.1M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.28	+0.004%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.19	−0.049%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.27	−0.002%	$4K	$979K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.32	+0.028%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.30	+0.015%	$141	—	10x	as long as short
Phoenix MSTRlong	+0.0184%	1h	169.27	long leg	$57K	$396K	10x
edgeX MSTRUSDC	+0.0358%	4h	169.27	−0.002%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.37	+0.057%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.102%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0814%	1h	169.33	+0.034%	$288K	$438K	10x	as long as short