Settings8H · net · $10k
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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 06:00 UTC+0.0279%/8h= +30.6% APRnext payment +$0.35 per $10,000 · paid last 24h +0.127%
Price spread now: Deribit against Phoenix+0.052%7-day average +0.034% · 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−$38as in the Price arb table
costs, in and out, $10k−$390.395% of the position
Long on PhoenixShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 5 days (all we have)+0.428%+$43 on $10k
Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.052%, 7d avg +0.034%
Together, before fees+0.418%+$42 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix MSTR163.350.0328pay 0.0041% / 1h23m 01s$55K$223K10x
ShortDeribit MSTR_USDC-PERPETUAL163.440.0607get 0.0076% / 1h23m 01s$278K$437K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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

Funding earned
$58.69
Price spread: +0.052% → +0.034%
$1.85
Slippage, 4 orders
−$25.5
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$21.04
Costs to cover
0.395%
Break-even
4.5 days
Slippage from Phoenix: live order book, 17 min ago; Deribit: live order book, 21 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 17 min ago2.58 bp9.2 bp −$918.1 bp −$181doesn't fitdoesn't fit
Sell Deribit live order book, 21 min ago6.44 bp11.2 bp −$1112.7 bp −$127doesn't fitdoesn'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−0.0887%8h163.58+0.138%$29.0M$118.8M25xas long as short
Gate MSTR_USDT0.0000%8h163.42+0.040%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.55+0.119%$2.8M$79K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.29−0.040%$509K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.664%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.34−0.009%$26K$113K10xas long as short
Aster MSTRUSDT+0.0044%8h163.24−0.072%$1.8M$8.7M50xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.27−0.052%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.29−0.040%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.21−0.089%$857K$3.9M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0057%1h163.44+0.052%$1.3M$7.2M10xas long as short
SoDEX MSTR-USD+0.0066%1h163.38+0.015%$43K$3K10xas long as short
Pacifica MSTR+0.0100%1h163.44+0.053%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.25−0.064%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h162.98−0.230%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.42+0.040%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.41+0.035%$136—10xas long as short
Lighter MSTR+0.0144%1h163.33−0.015%$3.5M$2.0M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−1.123%$1.4M$1.1M10xas long as short
Variational Omni MSTR+0.0158%8h163.34−0.011%$1.2M$2.1M—as long as short
OKX MSTR-USDT-SWAP+0.0160%8h163.40+0.028%$20.8M$100.5M50xas long as short
Paradex MSTR-USD-PERP+0.0171%8h163.48+0.079%$65—5xas long as short
Binance MSTRUSDT+0.0243%8h163.44+0.051%$84.0M$627.7M50xas long as short
GRVT MSTR_USDT_Perp+0.0248%8h163.15−0.125%$77K$878K10xas long as short
tradeXYZ xyz:MSTR+0.0265%1h163.32−0.021%$54.2M$37.1M10xas long as short
Phoenix MSTRlong+0.0328%1h163.35long leg$55K$223K10x
Nado MSTR-PERP+0.0362%1h163.32−0.023%$130K$157K3xas long as short
BloFin MSTR-USDT+0.0363%8h163.41+0.034%$1.0M$2.1M20xas long as short
RISEx MSTR/USDC+0.0381%1h163.41+0.031%$265K$428K10xas long as short
Bybit MSTRUSDT+0.0385%8h163.42+0.040%$16.8M$41.8M50xas long as short
Deribit MSTR_USDC-PERPETUALshort+0.0607%1h163.44+0.052%$278K$437K10x
edgeX MSTRUSDC+0.0630%4h163.03−0.197%$46K$5.4M10xas long as short