MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0304%/8h= +33.3% APRnext payment +$0.38 per $10,000 · paid last 24h +0.067%

Price spread now: Phoenix against Lighter+0.140%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 4 days (all we have)+0.424%+$42 · spread now +0.140%, 7d avg +0.054%

Together, before fees+0.670%+ Points / potential airdropLighter: Season 3 · farm board+$67 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 0.086% dearer against Lighter than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	164.86	0.0032	pay 0.0004% / 1h	26m 22s	$3.5M	$1.9M	10x
Short	Phoenix MSTR	165.09	0.0336	get 0.0042% / 1h	26m 22s	$56K	$227K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.140%Rate

Funding earned: $63.81
Price spread: +0.140% → +0.054%: $8.6
Slippage, 4 orders: −$23.44
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $41.98
Costs to cover: 0.304%
Break-even: 2.4 days

Slippage from Lighter: live order book, 6 min ago; Phoenix: live order book, 33 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 Lighter live order book, 6 min ago	0.61 bp	2.8 bp −$3	5.0 bp −$50	30.4 bp −$3,039	doesn't fit
Sell Phoenix live order book, 33 min ago	3.89 bp	12.0 bp −$12	25.2 bp −$252	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	−0.1164%	8h	165.13	+0.164%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.91	+0.030%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.07	+0.127%	$20.7M	$99.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.08	+0.133%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.03	+0.103%	$2.8M	$71K	10x	as long as short
Lighter MSTRlong	+0.0032%	1h	164.86	long leg	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.85	−0.006%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.717%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0034%	8h	165.14	+0.171%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.08	+0.133%	$27K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.00	+0.085%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.96	+0.061%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−0.049%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.93	+0.042%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0067%	1h	164.93	+0.042%	$54.9M	$36.8M	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	165.05	+0.116%	$88.4M	$618.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.89	+0.020%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.89	+0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	+0.176%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.01	+0.091%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.02	+0.098%	$137	—	10x	as long as short
SoDEX MSTR-USD	+0.0133%	1h	165.03	+0.103%	$43K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.92	+0.036%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0167%	8h	165.20	+0.206%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.467%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0218%	1h	164.93	+0.045%	$122K	$150K	3x	as long as short
BloFin MSTR-USDT	+0.0221%	8h	165.00	+0.085%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.02	+0.099%	$270K	$447K	10x	as long as short
Phoenix MSTRshort	+0.0336%	1h	165.09	+0.140%	$56K	$227K	10x
Bybit MSTRUSDT	+0.0339%	8h	165.08	+0.133%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0473%	4h	165.16	+0.183%	$50K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0902%	1h	165.09	+0.140%	$281K	$438K	10x	as long as short