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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 06:00 UTC−0.0053%/8h= −5.8% APRnext payment −$0.07 per $10,000 · paid last 24h −0.020%
Price spread now: Phoenix against RISEx+0.043%50s7-day average −0.007% · 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−$270.275% of the position
Long on RISExShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.178%−$18 on $10k
Price spread, last 4 days (all we have)+0.146%+$15 · spread now +0.043%, 7d avg −0.007%
Together, before fees−0.032%−$3 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.051% dearer against RISEx than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.007%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 4 days (−0.178% in total) that is about 25 hours. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongRISEx MSTR/USDC163.710.0381pay 0.0048% / 1h4m 19s$266K$426K10x
ShortPhoenix MSTR163.780.0328get 0.0041% / 1h4m 19s$56K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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
−$11.22
Price spread: +0.043% → −0.007%
$5.08
Slippage, 4 orders
−$14.45
Fee RISEx: 3 bp × 2 orders
−$6
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$33.6
Costs to cover
0.275%
Break-even
never at this rate
Slippage from RISEx: live order book, 39 min ago; Phoenix: live order book, 35 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 RISEx live order book, 39 min ago1.53 bp4.5 bp −$56.2 bp −$62doesn't fitdoesn't fit
Sell Phoenix live order book, 35 min ago2.58 bp9.2 bp −$918.1 bp −$181doesn'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−0.0617%8h163.83+0.073%$29.2M$118.7M25xas long as short
Gate MSTR_USDT0.0000%8h163.72+0.006%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.69−0.012%$2.8M$80K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.51−0.122%$507K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.439%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.75+0.024%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.58−0.079%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.60−0.067%$378K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.69−0.012%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.54−0.104%$847K$3.8M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0057%1h163.64−0.043%$1.3M$7.2M10xas long as short
Aster MSTRUSDT+0.0060%8h163.53−0.109%$1.8M$8.7M50xas long as short
Pacifica MSTR+0.0100%1h163.66−0.027%$100K$88K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.62−0.055%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.44−0.165%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.67−0.024%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.68−0.018%$136—10xas long as short
Lighter MSTR+0.0112%1h163.63−0.049%$3.5M$2.0M10xas long as short
edgeX MSTRUSDC+0.0141%4h163.56−0.089%$46K$5.4M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−1.338%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0165%8h163.64−0.041%$65—5xas long as short
OKX MSTR-USDT-SWAP+0.0175%8h163.69−0.012%$20.8M$100.3M50xas long as short
Variational Omni MSTR+0.0182%8h163.75+0.022%$1.2M$2.1M—as long as short
tradeXYZ xyz:MSTR+0.0243%1h163.60−0.067%$54.2M$37.3M10xas long as short
Binance MSTRUSDT+0.0256%8h163.69−0.010%$84.1M$625.3M50xas long as short
GRVT MSTR_USDT_Perp+0.0268%8h163.63−0.049%$76K$865K10xas long as short
Phoenix MSTRshort+0.0328%1h163.78+0.043%$56K$223K10x
Nado MSTR-PERP+0.0360%1h163.53−0.111%$131K$157K3xas long as short
BloFin MSTR-USDT+0.0376%8h163.77+0.037%$1.0M$2.1M20xas long as short
RISEx MSTR/USDClong+0.0381%1h163.71long leg$266K$426K10x
Bybit MSTRUSDT+0.0398%8h163.76+0.031%$17.1M$41.8M50xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0851%1h163.69−0.012%$278K$437K10xas long as short