Funding you earn now, next payment 04:00 UTC−0.1271%/8h= −139.2% APRpaid last 24h −0.049%
Price spread now: Bitget against Phoenix−0.106%79s7-day average +0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$390.388% of the position
Funding, last 7 days−0.307%−$31 on $10k
+Price spread, last 4 days (all we have)−0.260%−$26 · spread now −0.106%, 7d avg +0.008%
=Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and Bitget is 0.114% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.008%). Swap the legs. The two prices were read 79 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 7 days it paid -0.307% in total (about -16.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MSTR | 164.28 | 0.0340 | pay 0.0042% / 1h | 24m 15s | $56K | $226K | 10x |
| Short | Bitget MSTRUSDT | 164.11 | −0.0931 | pay 0.0931% / 8h | 3h 24m | $27.9M | $115.5M | 25x |
Phoenix MSTR
Bitget MSTRUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget against Phoenix. 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
- −$266.89
- Price spread: −0.106% → +0.008%
- −$11.41
- Slippage, 4 orders
- −$19.81
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$317.11
- Costs to cover
- 0.388%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 25 min ago; Bitget: 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 Phoenix live order book, 25 min ago | 3.65 bp | 11.4 bp −$11 | 23.7 bp −$237 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 5 min ago | 0.61 bp | 8.2 bp −$8 | 11.9 bp −$119 | 40.6 bp −$4,055 | 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 MSTRUSDTshort | −0.0931% | 8h | 164.11 | −0.106% | $27.9M | $115.5M | 25x | |
| Aster MSTRUSDT | 0.0000% | 8h | 163.92 | −0.224% | $1.8M | $8.6M | 50x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 164.03 | −0.155% | $4.6M | $19.1M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 164.03 | −0.155% | $2.8M | $77K | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 163.81 | −0.285% | $592K | $1.9M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +3.078% | $8K | $26K | 30x | as long as short |
| Lighter MSTR | +0.0040% | 1h | 163.87 | −0.252% | $3.5M | $1.9M | 10x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 164.08 | −0.124% | $26K | $109K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 163.68 | −0.368% | — | $1.7M | 25x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0048% | 8h | 163.95 | −0.203% | $20.7M | $98.9M | 50x | as long as short |
Aster MSTRUSDT
Gate MSTR_USDT
Phemex MSTRUSDT
Extended MSTR_24_5-USD
Injective MSTR/USDC PERP
Lighter MSTR
Arcus MSTR-USD
Vest MSTR-USD-PERP
OKX MSTR-USDT-SWAPShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 163.92 | −0.222% | $379K | $2.7M | 10x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 163.93 | −0.215% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 163.84 | −0.270% | $867K | $3.9M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0063% | 8h | 163.87 | −0.253% | $66 | — | 5x | as long as short |
| QFEX MSTR-USD | +0.0067% | 1h | 163.96 | −0.197% | $1.4M | $7.3M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 163.94 | −0.210% | $100K | $84K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 163.87 | −0.252% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 163.88 | −0.246% | $6K | $182K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 163.93 | −0.215% | $4K | $8K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 163.95 | −0.201% | $136 | — | 10x | as long as short |
| Variational Omni MSTR | +0.0106% | 8h | 163.95 | −0.200% | $1.2M | $2.1M | — | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 163.88 | −0.246% | $1.4M | $1.1M | 10x | as long as short |
| Binance MSTRUSDT | +0.0168% | 8h | 163.97 | −0.192% | $86.6M | $616.4M | 50x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0173% | 8h | 164.17 | −0.069% | $75K | $825K | 10x | as long as short |
| RISEx MSTR/USDC | +0.0231% | 1h | 163.98 | −0.182% | $266K | $445K | 10x | as long as short |
| Nado MSTR-PERP | +0.0258% | 1h | 163.81 | −0.291% | $121K | $148K | 3x | as long as short |
| tradeXYZ xyz:MSTR | +0.0259% | 1h | 163.92 | −0.222% | $54.6M | $37.0M | 10x | as long as short |
| BloFin MSTR-USDT | +0.0289% | 8h | 164.04 | −0.149% | $1.0M | $2.1M | 20x | as long as short |
| Bybit MSTRUSDT | +0.0331% | 8h | 163.99 | −0.179% | $16.7M | $41.0M | 50x | as long as short |
| Phoenix MSTRlong | +0.0340% | 1h | 164.28 | long leg | $56K | $226K | 10x | |
| edgeX MSTRUSDC | +0.0656% | 4h | 163.98 | −0.183% | $49K | $5.3M | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0971% | 1h | 164.00 | −0.173% | $279K | $438K | 10x | as long as short |
Polymarket Perps MSTR-USD
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
Paradex MSTR-USD-PERP
QFEX MSTR-USD
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
Variational Omni MSTR
Coinbase International MSTR-PERP-INTX
Binance MSTRUSDT
GRVT MSTR_USDT_Perp
RISEx MSTR/USDC
Nado MSTR-PERP
tradeXYZ xyz:MSTR
BloFin MSTR-USDT
Bybit MSTRUSDT
edgeX MSTRUSDC
Deribit MSTR_USDC-PERPETUAL