Funding you earn now, next payment 05:00 UTC−0.0328%/8h= −36.0% APRnext payment −$0.41 per $10,000 · paid last 24h −0.034%
Price spread now: Injective against Phoenix+3.450%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.291%−$29 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. Injective is 3.450% dearer against Phoenix than usual: you sell high and buy low (spread +3.450% now, against zero (this spread has no 7-day history yet)): +$345 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 35 days. At the pace of the last 7 days (−0.291% in total) that is about 3 months.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MSTR | 163.69 | 0.0362 | pay 0.0045% / 1h | 50m 06s | $56K | $226K | 10x |
| Short | Injective MSTR/USDC PERP | 169.34 | 0.0033 | get 0.0004% / 1h | 50m 06s | $8K | $26K | 30x |
Phoenix MSTR
Injective MSTR/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$68.96
- Price spread: +3.450% → 0.000%
- $345.04
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $269.06
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 60 min ago; Injective: no order-book sample. Net counts fees only.
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, 60 min ago | 3.65 bp | 11.4 bp −$11 | 23.7 bp −$237 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0976% | 8h | 163.95 | +0.158% | $27.1M | $117.0M | 25x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 163.79 | +0.062% | $1.8M | $8.6M | 50x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 163.83 | +0.084% | $4.6M | $19.2M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 164.01 | +0.194% | $2.8M | $77K | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 163.60 | −0.053% | $596K | $1.9M | 10x | as long as short |
| Injective MSTR/USDC PERPshort | +0.0033% | 1h | 169.34 | +3.450% | $8K | $26K | 30x | |
| Arcus MSTR-USD | +0.0040% | 1h | 163.85 | +0.097% | $26K | $109K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 163.56 | −0.081% | — | $1.7M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 163.82 | +0.078% | $379K | $2.7M | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 163.71 | +0.011% | $830K | $3.9M | 10x | as long as short |
Bitget MSTRUSDT
Aster MSTRUSDT
Gate MSTR_USDT
Phemex MSTRUSDT
Extended MSTR_24_5-USD
Arcus MSTR-USD
Vest MSTR-USD-PERP
Polymarket Perps MSTR-USD
Ondo Perps MSTR-USD.PShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX MSTR-USD | +0.0054% | 1h | 163.84 | +0.090% | $1.4M | $7.2M | 10x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0063% | 8h | 163.78 | +0.054% | $20.6M | $99.4M | 50x | as long as short |
| SoDEX MSTR-USD | +0.0071% | 1h | 163.71 | +0.011% | $43K | $3K | 10x | as long as short |
| RISEx MSTR/USDC | +0.0088% | 1h | 163.91 | +0.133% | $266K | $446K | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 163.84 | +0.093% | $100K | $83K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 163.68 | −0.007% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 163.59 | −0.062% | $6K | $182K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 163.78 | +0.054% | $4K | $8K | 10x | as long as short |
| Variational Omni MSTR | +0.0103% | 8h | 163.88 | +0.113% | $1.2M | $2.1M | — | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 163.81 | +0.071% | $136 | — | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0110% | 8h | 163.84 | +0.088% | $66 | — | 5x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0160% | 8h | 163.86 | +0.103% | $79K | $838K | 10x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 163.57 | −0.075% | $1.4M | $1.1M | 10x | as long as short |
| Binance MSTRUSDT | +0.0171% | 8h | 163.74 | +0.029% | $85.7M | $619.6M | 50x | as long as short |
| Lighter MSTR | +0.0224% | 1h | 163.68 | −0.007% | $3.5M | $1.9M | 10x | as long as short |
| BloFin MSTR-USDT | +0.0287% | 8h | 163.93 | +0.145% | $1.0M | $2.1M | 20x | as long as short |
| Bybit MSTRUSDT | +0.0331% | 8h | 163.80 | +0.066% | $16.7M | $41.2M | 50x | as long as short |
| Nado MSTR-PERP | +0.0343% | 1h | 163.70 | +0.002% | $121K | $148K | 3x | as long as short |
| tradeXYZ xyz:MSTR | +0.0351% | 1h | 163.71 | +0.011% | $54.5M | $37.1M | 10x | as long as short |
| Phoenix MSTRlong | +0.0362% | 1h | 163.69 | long leg | $56K | $226K | 10x | |
| edgeX MSTRUSDC | +0.0496% | 4h | 163.67 | −0.015% | $48K | $5.4M | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0972% | 1h | 163.86 | +0.103% | $279K | $438K | 10x | as long as short |
QFEX MSTR-USD
OKX MSTR-USDT-SWAP
SoDEX MSTR-USD
RISEx MSTR/USDC
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Variational Omni MSTR
Aevo MSTR-PERP
Paradex MSTR-USD-PERP
GRVT MSTR_USDT_Perp
Coinbase International MSTR-PERP-INTX
Binance MSTRUSDT
Lighter MSTR
BloFin MSTR-USDT
Bybit MSTRUSDT
Nado MSTR-PERP
tradeXYZ xyz:MSTR
edgeX MSTRUSDC
Deribit MSTR_USDC-PERPETUAL