Funding you earn now, next payment 03:00 UTC+0.0030%/8h= +3.3% APRnext payment +$0.04 per $10,000 · paid last 24h −0.020%
Price spread now: tradeXYZ against Phoenix+0.064%61s7-day average −0.056% · you sell dearer than you buy
Net, funding: paid 7d − costs−$56as 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−$430.427% of the position
Funding, last 7 days−0.136%−$14 on $10k
+Price spread, last 4 days (all we have)−0.473%−$47 · spread now +0.064%, 7d avg −0.056%
=Together, before fees−0.610%+ Points / potential airdroptradeXYZ: Active · farm board−$61 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and tradeXYZ is 0.120% dearer against Phoenix than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.056%. Mind the row above: over the last 7 days funding on this pair cost −0.136%, so the current rate has only just turned in your favour. The two prices were read 61 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 | 164.59 | 0.0213 | pay 0.0027% / 1h | 40m 22s | $56K | $226K | 10x |
| Short | tradeXYZ xyz:MSTR | 164.69 | 0.0243 | get 0.0030% / 1h | 40m 22s | $55.0M | $36.9M | 10x |
Phoenix MSTR
tradeXYZ xyz:MSTRFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- $6.34
- Price spread: +0.064% → −0.056%
- $12.02
- Slippage, 4 orders
- −$17.73
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$24.37
- Costs to cover
- 0.427%
- Break-even
- 33.9 days
Slippage from Phoenix: live order book, 14 min ago; tradeXYZ: live order book, 9 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, 14 min ago | 3.39 bp | 10.9 bp −$11 | 22.5 bp −$225 | doesn't fit | doesn't fit |
| Sell tradeXYZ live order book, 9 min ago | 0.91 bp | 10.3 bp −$10 | 12.5 bp −$125 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSTRUSDT | −0.0860% | 8h | 164.87 | +0.173% | $27.7M | $115.1M | 25x | as long as short |
| Gate MSTR_USDT | −0.0045% | 8h | 164.82 | +0.143% | $4.6M | $18.4M | 50x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 164.82 | +0.140% | $1.8M | $8.5M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 164.64 | +0.033% | $2.8M | $72K | 10x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0010% | 8h | 164.67 | +0.052% | $20.7M | $99.8M | 50x | as long as short |
| Lighter MSTR | +0.0032% | 1h | 164.50 | −0.052% | $3.5M | $1.9M | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 164.54 | −0.027% | $595K | $1.9M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +2.889% | $8K | $26K | 30x | as long as short |
| RISEx MSTR/USDC | +0.0034% | 1h | 164.81 | +0.140% | $267K | $449K | 10x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 164.73 | +0.088% | $26K | $109K | 10x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Aster MSTRUSDT
Phemex MSTRUSDT
OKX MSTR-USDT-SWAP
Lighter MSTR
Extended MSTR_24_5-USD
Injective MSTR/USDC PERP
RISEx MSTR/USDC
Arcus MSTR-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Vest MSTR-USD-PERP | +0.0046% | 1h | 164.66 | +0.046% | — | $1.7M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 164.69 | +0.064% | $381K | $2.7M | 10x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 164.58 | −0.003% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 164.52 | −0.039% | $866K | $4.1M | 10x | as long as short |
| QFEX MSTR-USD | +0.0054% | 1h | 164.81 | +0.137% | $1.4M | $7.5M | 10x | as long as short |
| Variational Omni MSTR | +0.0069% | 8h | 164.72 | +0.085% | $1.2M | $2.1M | — | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 164.78 | +0.119% | $101K | $83K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 164.69 | +0.064% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 164.56 | −0.015% | $6K | $185K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 164.63 | +0.027% | $3K | $8K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 164.64 | +0.035% | $137 | — | 10x | as long as short |
| Binance MSTRUSDT | +0.0128% | 8h | 164.64 | +0.033% | $88.0M | $617.8M | 50x | as long as short |
| Paradex MSTR-USD-PERP | +0.0144% | 8h | 164.76 | +0.104% | $66 | — | 5x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0162% | 8h | 164.73 | +0.088% | $78K | $770K | 10x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 164.77 | +0.112% | $1.4M | $1.1M | 10x | as long as short |
| Phoenix MSTRlong | +0.0213% | 1h | 164.59 | long leg | $56K | $226K | 10x | |
| tradeXYZ xyz:MSTRshort | +0.0243% | 1h | 164.69 | +0.064% | $55.0M | $36.9M | 10x | |
| BloFin MSTR-USDT | +0.0247% | 8h | 164.78 | +0.118% | $1.0M | $2.0M | 20x | as long as short |
| Nado MSTR-PERP | +0.0271% | 1h | 164.69 | +0.061% | $122K | $148K | 3x | as long as short |
| Bybit MSTRUSDT | +0.0371% | 8h | 164.74 | +0.094% | $17.1M | $40.7M | 50x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0662% | 1h | 164.68 | +0.058% | $280K | $438K | 10x | as long as short |
| edgeX MSTRUSDC | +0.0951% | 4h | 164.67 | +0.050% | $49K | $5.3M | 10x | as long as short |
Vest MSTR-USD-PERP
Polymarket Perps MSTR-USD
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
Variational Omni MSTR
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
Binance MSTRUSDT
Paradex MSTR-USD-PERP
GRVT MSTR_USDT_Perp
Coinbase International MSTR-PERP-INTX
BloFin MSTR-USDT
Nado MSTR-PERP
Bybit MSTRUSDT
Deribit MSTR_USDC-PERPETUAL
edgeX MSTRUSDC