Funding you earn now, next payment 01:00 UTC−0.0034%/8h= −3.8% APRnext payment −$0.04 per $10,000 · paid last 24h +0.052%
Price spread now: Phoenix against Nado+0.552%7-day average +0.024% · 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−$8as in the Price arb table
costs, in and out, $10k−$610.606% of the position
Funding, last 3 days (all we have)+0.158%+$16 on $10k
+Price spread, last 4 days (all we have)−0.542%−$54 · spread now +0.552%, 7d avg +0.024%
=Together, before fees−0.384%+ Points / potential airdropNado: Active · farm board−$38 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.529% dearer against Nado than usual: you sell high and buy low (spread +0.552% now, against its 7-day average of +0.024%): +$53 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 51 days. Mind the row above: over the last 3 days funding on this pair paid +0.158%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Nado MSTR-PERP | 163.68 | 0.0415 | pay 0.0052% / 1h | 38m 40s | $111K | $142K | 3x |
| Short | Phoenix MSTR | 164.58 | 0.0381 | get 0.0048% / 1h | 38m 40s | $55K | $219K | 10x |
Nado MSTR-PERP
Phoenix MSTRFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Nado. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$7.19
- Price spread: +0.552% → +0.024%
- $52.87
- Slippage, 4 orders
- −$46.65
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$14.97
- Costs to cover
- 0.606%
- Break-even
- never at this rate
Slippage from Nado: live order book, 29 min ago; Phoenix: live order book, 28 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 Nado live order book, 29 min ago | 4.50 bp | 8.0 bp −$8 | 61.9 bp −$619 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 28 min ago | 3.90 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 | −0.0760% | 8h | 164.24 | +0.343% | $27.0M | $116.0M | 25x | as long as short |
| Gate MSTR_USDT | −0.0265% | 8h | 164.01 | +0.203% | $4.6M | $18.9M | 50x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 164.08 | +0.248% | $1.2M | $6.1M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 164.08 | +0.246% | $20.8M | $100.8M | 50x | as long as short |
| RISEx MSTR/USDC | 0.0000% | 1h | 164.07 | +0.239% | $269K | $436K | 10x | as long as short |
| Variational Omni MSTR | 0.0000% | 8h | 164.35 | +0.410% | $1.2M | $2.1M | — | as long as short |
| GRVT MSTR_USDT_Perp | 0.0000% | 8h | 164.41 | +0.448% | $75K | $810K | 10x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 164.22 | +0.331% | $2.8M | $67K | 10x | as long as short |
| BloFin MSTR-USDT | +0.0011% | 8h | 165.55 | +1.144% | $1.1M | $1.9M | 20x | as long as short |
| Binance MSTRUSDT | +0.0017% | 8h | 164.06 | +0.233% | $87.1M | $626.8M | 50x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Aster MSTRUSDT
OKX MSTR-USDT-SWAP
RISEx MSTR/USDC
Variational Omni MSTR
GRVT MSTR_USDT_Perp
Phemex MSTRUSDT
BloFin MSTR-USDT
Binance MSTRUSDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended MSTR_24_5-USD | +0.0032% | 1h | 163.88 | +0.120% | $596K | $2.0M | 10x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 164.31 | +0.386% | $26K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 163.71 | +0.020% | — | $1.8M | 25x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 163.81 | +0.081% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 163.86 | +0.111% | $884K | $4.8M | 10x | as long as short |
| edgeX MSTRUSDC | +0.0056% | 4h | 165.04 | +0.831% | $47K | $5.4M | 10x | as long as short |
| QFEX MSTR-USD | +0.0064% | 1h | 164.10 | +0.258% | $1.4M | $8.5M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 164.10 | +0.260% | $101K | $86K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 163.98 | +0.184% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 164.64 | +0.588% | $4K | $204K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 164.09 | +0.252% | $3K | $7K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 164.08 | +0.247% | $136 | — | 10x | as long as short |
| Polymarket Perps MSTR-USD | +0.0127% | 1h | 163.82 | +0.087% | $382K | $2.7M | 10x | as long as short |
| Lighter MSTR | +0.0144% | 1h | 164.00 | +0.197% | $3.5M | $1.9M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0164% | 8h | 164.02 | +0.210% | $66 | — | 5x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 164.67 | +0.606% | $1.4M | $1.1M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0341% | 1h | 169.34 | +3.459% | $8K | $26K | 30x | as long as short |
| tradeXYZ xyz:MSTR | +0.0362% | 1h | 164.02 | +0.209% | $55.2M | $36.3M | 10x | as long as short |
| Phoenix MSTRshort | +0.0381% | 1h | 164.58 | +0.552% | $55K | $219K | 10x | |
| Nado MSTR-PERPlong | +0.0415% | 1h | 163.68 | long leg | $111K | $142K | 3x | |
| Bybit MSTRUSDT | +0.0426% | 8h | 164.13 | +0.276% | $17.2M | $41.2M | 50x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.1274% | 1h | 164.24 | +0.343% | $279K | $438K | 10x | as long as short |
Extended MSTR_24_5-USD
Arcus MSTR-USD
Vest MSTR-USD-PERP
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
edgeX MSTRUSDC
QFEX MSTR-USD
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
Polymarket Perps MSTR-USD
Lighter MSTR
Paradex MSTR-USD-PERP
Coinbase International MSTR-PERP-INTX
Injective MSTR/USDC PERP
tradeXYZ xyz:MSTR
Bybit MSTRUSDT
Deribit MSTR_USDC-PERPETUAL