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Funding arb · Price arb /

MSTR

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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0288%/8h= +31.5% APRnext payment +$0.36 per $10,000 · paid last 24h −0.028%
Price spread now: Phoenix against Arcus+0.079%49s7-day average −0.004% · 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−$420.416% of the position
Long on ArcusShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.030%+$3 on $10k
Price spread, last 4 days (all we have)+0.145%+$15 · spread now +0.079%, 7d avg −0.004%
Together, before fees+0.176%+$18 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.083% dearer against Arcus than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.030% in total (about 3.0% 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
LongArcus MSTR-USD163.640.0040pay 0.0005% / 1h10m 27s$26K$113K10x
ShortPhoenix MSTR163.770.0328get 0.0041% / 1h10m 27s$56K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Arcus. 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
$60.39
Price spread: +0.079% → −0.004%
$8.31
Slippage, 4 orders
−$30.05
Fee Arcus: 2.25 bp × 2 orders
−$4.5
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$27.15
Costs to cover
0.416%
Break-even
3.9 days
Slippage from Arcus: live order book, 32 min ago; Phoenix: live order book, 29 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 Arcus live order book, 32 min ago7.06 bp10.9 bp −$1143.0 bp −$430doesn't fitdoesn't fit
Sell Phoenix live order book, 29 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−0.0688%8h163.70+0.037%$29.1M$118.6M25xas long as short
Gate MSTR_USDT0.0000%8h163.640.000%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.59−0.031%$2.8M$79K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.38−0.156%$508K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.483%$8K$26K30xas long as short
Arcus MSTR-USDlong+0.0040%1h163.64long leg$26K$113K10x
Vest MSTR-USD-PERP+0.0046%1h163.45−0.116%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.47−0.104%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.52−0.073%$846K$3.9M10xas long as short
SoDEX MSTR-USD+0.0055%1h163.45−0.116%$43K$3K10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster MSTRUSDT+0.0055%8h163.42−0.136%$1.8M$8.7M50xas long as short
QFEX MSTR-USD+0.0057%1h163.54−0.061%$1.3M$7.2M10xas long as short
Pacifica MSTR+0.0100%1h163.56−0.050%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.51−0.079%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.45−0.116%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.45−0.116%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.48−0.097%$136—10xas long as short
Lighter MSTR+0.0112%1h163.49−0.092%$3.5M$2.0M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−1.296%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0165%8h163.53−0.070%$65—5xas long as short
OKX MSTR-USDT-SWAP+0.0169%8h163.58−0.037%$20.8M$100.2M50xas long as short
Variational Omni MSTR+0.0177%8h163.46−0.107%$1.2M$2.1M—as long as short
tradeXYZ xyz:MSTR+0.0243%1h163.48−0.098%$54.2M$37.2M10xas long as short
Binance MSTRUSDT+0.0252%8h163.56−0.049%$84.1M$625.7M50xas long as short
GRVT MSTR_USDT_Perp+0.0266%8h163.67+0.018%$84K$867K10xas long as short
edgeX MSTRUSDC+0.0309%4h163.63−0.009%$46K$5.4M10xas long as short
Phoenix MSTRshort+0.0328%1h163.77+0.079%$56K$223K10x
Nado MSTR-PERP+0.0357%1h163.41−0.143%$131K$157K3xas long as short
BloFin MSTR-USDT+0.0371%8h163.52−0.073%$1.0M$2.1M20xas long as short
RISEx MSTR/USDC+0.0381%1h163.61−0.018%$266K$426K10xas long as short
Bybit MSTRUSDT+0.0391%8h163.52−0.073%$17.1M$41.8M50xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0975%1h163.48−0.098%$278K$437K10xas long as short