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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 04:00 UTC+0.0290%/8h= +31.7% APRnext payment +$0.36 per $10,000 · paid last 24h +0.070%
Price spread now: Phoenix against Polymarket Perps+0.040%7-day average +0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$390.386% of the position
Long on Polymarket PerpsShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.191%+$19 on $10k
Price spread, last 4 days (all we have)+0.022%+$2 · spread now +0.040%, 7d avg +0.032%
Together, before fees+0.213%+$21 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.191% in total (about 9.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 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
LongPolymarket Perps MSTR-USD163.560.0050pay 0.0006% / 1h55m 22s$379K$2.7M10x
ShortPhoenix MSTR163.630.0340get 0.0042% / 1h55m 22s$56K$226K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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
$60.88
Price spread: +0.040% → +0.032%
$0.88
Slippage, 4 orders
−$23.55
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$23.21
Costs to cover
0.386%
Break-even
4.3 days
Slippage from Polymarket Perps: live order book, 4 min ago; Phoenix: live order book, 54 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 Polymarket Perps live order book, 4 min ago2.75 bp8.7 bp −$99.2 bp −$9211.5 bp −$1,154doesn't fit
Sell Phoenix live order book, 54 min ago3.65 bp11.4 bp −$1123.7 bp −$237doesn't fitdoesn'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−0.0986%8h163.76+0.122%$27.0M$116.9M25xas long as short
Aster MSTRUSDT0.0000%8h163.61+0.033%$1.8M$8.6M50xas long as short
Gate MSTR_USDT0.0000%8h163.65+0.055%$4.6M$19.1M50xas long as short
Phemex MSTRUSDT0.0000%4h164.00+0.269%$2.8M$77K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.47−0.055%$599K$1.9M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.534%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.75+0.116%$26K$109K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.33−0.141%—$1.7M25xas long as short
Lighter MSTR+0.0048%1h163.54−0.012%$3.5M$1.9M10xas long as short
Polymarket Perps MSTR-USDlong+0.0050%1h163.56long leg$379K$2.7M10x
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX MSTR-USD+0.0050%1h163.64+0.049%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.65+0.055%$817K$3.9M10xas long as short
OKX MSTR-USDT-SWAP+0.0051%8h163.60+0.024%$20.7M$99.0M50xas long as short
QFEX MSTR-USD+0.0054%1h163.65+0.055%$1.4M$7.2M10xas long as short
Paradex MSTR-USD-PERP+0.0085%8h163.59+0.018%$65—5xas long as short
RISEx MSTR/USDC+0.0088%1h163.63+0.043%$265K$446K10xas long as short
Variational Omni MSTR+0.0094%8h163.78+0.135%$1.2M$2.1M—as long as short
Pacifica MSTR+0.0100%1h163.65+0.056%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.48−0.049%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.61+0.031%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.58+0.012%$4K$8K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.58+0.012%$136—10xas long as short
GRVT MSTR_USDT_Perp+0.0153%8h163.82+0.159%$83K$824K10xas long as short
Binance MSTRUSDT+0.0160%8h163.62+0.038%$85.8M$619.4M50xas long as short
Coinbase International MSTR-PERP-INTX+0.0168%1h163.57+0.006%$1.4M$1.1M10xas long as short
Nado MSTR-PERP+0.0277%1h163.41−0.091%$121K$148K3xas long as short
BloFin MSTR-USDT+0.0280%8h163.68+0.073%$1.0M$2.1M20xas long as short
tradeXYZ xyz:MSTR+0.0284%1h163.49−0.043%$54.4M$37.1M10xas long as short
Bybit MSTRUSDT+0.0319%8h163.65+0.055%$16.6M$41.2M50xas long as short
Phoenix MSTRshort+0.0340%1h163.63+0.040%$56K$226K10x
Deribit MSTR_USDC-PERPETUAL+0.0668%1h163.58+0.012%$278K$438K10xas long as short
edgeX MSTRUSDC+0.0842%4h163.64+0.048%$48K$5.4M10xas long as short