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Funding arb · Price arb /

MSTR

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 07:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.017%
Price spread now: QFEX against Phemex−0.055%7-day average −0.033% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on QFEX
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.023%+$2 on $10k
Price spread, last 4 days (all we have)+0.089%+$9 · spread now −0.055%, 7d avg −0.033%
Together, before fees+0.113%+$11 on $10k · with fees, hour by hour
Funding pays, the price is against you. QFEX is 0.022% cheaper against Phemex than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of −0.033%). If the spread goes back, that is −$2 on $10k: about 31 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.023% in total) that is about 3.4 days.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex MSTRUSDT163.310get 0.0000% / 4h1h 51m$2.7M$78K10x
ShortQFEX MSTR-USD163.220.0057get 0.0007% / 1h51m 47s$1.3M$7.3M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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
$11.91
Price spread: −0.055% → −0.033%
−$2.18
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee QFEX: 5 bp × 2 orders
−$10
Net
−$12.27
Costs to cover
0.220%
Break-even
14.2 days
Slippage unknown: Phemex: live order book, 2 min ago; QFEX: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago1.53 bpdoesn't fitdoesn't fitdoesn't fitdoesn't fit
Sell QFEX live order book, 7 min ago0.92 bp5.9 bp −$67.7 bp −$7714.9 bp −$1,488doesn'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−0.0894%8h163.33+0.012%$28.7M$119.1M25xas long as short
Gate MSTR_USDT0.0000%8h163.21−0.061%$4.7M$19.5M50xas long as short
Phemex MSTRUSDTlong0.0000%4h163.31long leg$2.7M$78K10x
edgeX MSTRUSDC+0.0012%4h163.35+0.024%$46K$5.4M10xas long as short
Aster MSTRUSDT+0.0017%8h163.13−0.109%$1.8M$8.7M50xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.01−0.184%$508K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.692%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.35+0.024%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.01−0.184%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.12−0.116%$377K$2.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX MSTR-USD+0.0050%1h163.12−0.116%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.16−0.092%$843K$3.9M10xas long as short
QFEX MSTR-USDshort+0.0057%1h163.22−0.055%$1.3M$7.3M10x
Pacifica MSTR+0.0100%1h163.11−0.124%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.11−0.122%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.33+0.012%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.16−0.092%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.17−0.085%$135—10xas long as short
OKX MSTR-USDT-SWAP+0.0120%8h163.14−0.104%$20.7M$100.5M50xas long as short
Paradex MSTR-USD-PERP+0.0141%8h163.11−0.123%$65—5xas long as short
Variational Omni MSTR+0.0143%8h163.37+0.035%$1.2M$2.1M—as long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−1.096%$1.4M$1.1M10xas long as short
tradeXYZ xyz:MSTR+0.0182%1h163.06−0.153%$54.0M$37.3M10xas long as short
Lighter MSTR+0.0192%1h163.15−0.098%$3.5M$2.0M10xas long as short
Binance MSTRUSDT+0.0217%8h163.11−0.121%$83.7M$628.7M50xas long as short
GRVT MSTR_USDT_Perp+0.0228%8h163.39+0.051%$83K$865K10xas long as short
Nado MSTR-PERP+0.0312%1h163.10−0.126%$130K$157K3xas long as short
Phoenix MSTR+0.0328%1h163.31−0.001%$55K$223K10xas long as short
BloFin MSTR-USDT+0.0336%8h163.21−0.061%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0374%8h163.19−0.073%$16.8M$41.8M50xas long as short
RISEx MSTR/USDC+0.0381%1h163.23−0.049%$262K$437K10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0793%1h163.21−0.061%$278K$437K10xas long as short