MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0242%/8h= −26.5% APRnext payment −$0.30 per $10,000 · paid last 24h −0.196%

Price spread now: QFEX against Deribit−0.006%7-day average −0.038% · 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−$34as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Deribit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.673%−$67 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.006%, 7d avg −0.038%

Together, before fees−0.683%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.032% dearer against Deribit than usual: you sell high and buy low (spread −0.006% now, against its 7-day average of −0.038%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.673% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	166.18	0.0292	pay 0.0036% / 1h	47m 12s	$283K	$209K	10x
Short	QFEX MSTR-USD	166.17	0.0050	get 0.0006% / 1h	47m 12s	$1.3M	$6.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Deribit. 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 DeribitbpFee QFEXbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$50.89
Price spread: −0.006% → −0.038%: $3.18
Slippage, 4 orders: −$19.93
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$84.64
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Deribit: live order book, 64 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 Deribit live order book, 64 min ago	8.46 bp	12.0 bp −$12	16.9 bp −$169	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.50 bp	6.5 bp −$7	7.9 bp −$79	13.9 bp −$1,394	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.578%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.21	+0.018%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.25	+0.042%	$32.0M	$105.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.16	−0.012%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.12	−0.036%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.09	−0.054%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.34	+0.096%	—	$1.7M	25x	as long as short
QFEX MSTR-USDshort	+0.0050%	1h	166.17	−0.006%	$1.3M	$6.1M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	166.10	−0.048%	$383K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.15	−0.018%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.96	−0.132%	$875K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0059%	1h	166.12	−0.038%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.241%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.25	+0.040%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.17	−0.006%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.012%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.22	+0.024%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.22	+0.023%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0118%	8h	166.20	+0.012%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0210%	1h	166.14	−0.024%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0211%	8h	166.23	+0.030%	$17.1M	$37.9M	50x	as long as short
Aster MSTRUSDT	+0.0280%	8h	166.19	+0.006%	$1.8M	$7.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0292%	1h	166.18	long leg	$283K	$209K	10x
OKX MSTR-USDT-SWAP	+0.0296%	8h	166.20	+0.012%	$21.6M	$83.4M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.31	+0.079%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0364%	8h	166.38	+0.122%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.23	+0.030%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0466%	8h	166.17	−0.006%	$87.2M	$535.0M	50x	as long as short
BloFin MSTR-USDT	+0.0601%	8h	166.14	−0.024%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0635%	8h	166.33	+0.090%	$79K	$853K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	+0.062%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.25	+0.042%	$26K	$71K	10x	as long as short