MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0171%/8h= −18.8% APRnext payment −$0.21 per $10,000 · paid last 24h −0.060%

Price spread now: Coinbase International against Phoenix−0.247%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.247%, 7d avg −0.067%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.180% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	169.17	0.0259	pay 0.0032% / 1h	50m 41s	$57K	$384K	10x
Short	Coinbase International MSTR-PERP-INTX	168.75	0.0088	get 0.0011% / 1h	50m 41s	$1.4M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phoenix. 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 PhoenixbpFee Coinbase InternationalbpOrdersPrice spread, now −0.247%Rate

Funding earned: −$36
Price spread: −0.247% → −0.067%: −$17.98
Slippage, 4 orders: −$30.25
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$101.24
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Phoenix: live order book, 21 min ago; Coinbase International: live order book, 3 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, 21 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	5.91 bp	12.4 bp −$12	17.6 bp −$176	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
Nado MSTR-PERP	−0.0089%	1h	168.74	−0.255%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.97	−0.116%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	168.96	−0.122%	$15.2M	$39.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.99	−0.105%	$21.9M	$103.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.96	−0.122%	$4.7M	$18.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	169.01	−0.093%	$28.6M	$115.2M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.96	−0.123%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.96	−0.122%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.87	−0.176%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.86	−0.181%	$579K	$1.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	168.88	−0.170%	$1.4M	$10.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.21	+0.025%	$27K	$119K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.02	−0.087%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.86	−0.181%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.91	−0.152%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.84	−0.193%	$747K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0073%	8h	168.98	−0.111%	$89.3M	$622.1M	50x	as long as short
BloFin MSTR-USDT	+0.0075%	8h	168.87	−0.176%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0088%	1h	168.75	−0.247%	$1.4M	$1.2M	10x
Paradex MSTR-USD-PERP	+0.0092%	8h	168.91	−0.152%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.94	−0.133%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.93	−0.140%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.05	−0.069%	$4K	$207K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.96	−0.122%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.34	+0.103%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0156%	1h	168.95	−0.128%	$57.0M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.102%	$8K	$26K	30x	as long as short
GRVT MSTR_USDT_Perp	+0.0256%	8h	169.19	+0.014%	$77K	$859K	10x	as long as short
Phoenix MSTRlong	+0.0259%	1h	169.17	long leg	$57K	$384K	10x
RISEx MSTR/USDC	+0.0349%	1h	168.97	−0.113%	$275K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0465%	4h	169.30	+0.079%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0579%	1h	169.05	−0.069%	$287K	$438K	10x	as long as short