MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0211%/8h= −23.1% APRnext payment −$0.26 per $10,000 · paid last 24h −0.067%

Price spread now: QFEX against Phoenix−0.055%7-day average −0.021% · 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−$38as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.131%−$13 on $10k

Price spread, last 3 days (all we have)−0.229%−$23 · spread now −0.055%, 7d avg −0.021%

Together, before fees−0.359%−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and QFEX is 0.035% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	169.50	0.0260	pay 0.0033% / 1h	48m 43s	$57K	$392K	10x
Short	QFEX MSTR-USD	169.41	0.0049	get 0.0006% / 1h	48m 43s	$1.5M	$10.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$44.28
Price spread: −0.055% → −0.021%: −$3.49
Slippage, 4 orders: −$17.86
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$82.64
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Phoenix: live order book, 28 min ago; QFEX: live order book, 5 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, 28 min ago	3.01 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	2.36 bp	7.4 bp −$7	7.4 bp −$74	14.4 bp −$1,437	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
Aster MSTRUSDT	0.0000%	8h	169.34	−0.097%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.49	−0.008%	$22.1M	$106.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.45	−0.032%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.006%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.53	+0.015%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.36	−0.085%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.41	−0.055%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0019%	8h	169.43	−0.042%	$89.4M	$629.1M	50x	as long as short
BloFin MSTR-USDT	+0.0021%	8h	169.45	−0.032%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.16	−0.201%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0040%	1h	169.33	−0.101%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.021%	—	$2.1M	25x	as long as short
QFEX MSTR-USDshort	+0.0049%	1h	169.41	−0.055%	$1.5M	$10.2M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	169.33	−0.103%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.35	−0.091%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.114%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0053%	8h	169.51	+0.004%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0092%	8h	169.44	−0.038%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	−0.002%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	−0.060%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	−0.091%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.173%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	−0.085%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.250%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	−0.088%	$141	—	10x	as long as short
Lighter MSTR	+0.0120%	1h	169.44	−0.038%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0123%	8h	169.37	−0.079%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0158%	1h	169.37	−0.079%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTRlong	+0.0260%	1h	169.50	long leg	$57K	$392K	10x
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.30	−0.120%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	+0.012%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.47	−0.020%	$27K	$129K	10x	as long as short