MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0317%/8h= −34.7% APRnext payment −$0.40 per $10,000 · paid last 24h −0.066%

Price spread now: Lighter against Phoenix−0.111%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.245%−$25 on $10k

Price spread, last 4 days (all we have)−1.097%−$110 · spread now −0.111%, 7d avg −0.054%

Together, before fees−1.342%+ Points / potential airdropLighter: Season 3 · farm board−$134 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Lighter is 0.057% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	164.92	0.0381	pay 0.0048% / 1h	17m 23s	$55K	$219K	10x
Short	Lighter MSTR	164.74	0.0064	get 0.0008% / 1h	17m 23s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$66.49
Price spread: −0.111% → −0.054%: −$5.66
Slippage, 4 orders: −$21.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$100.18
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; Lighter: 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, 49 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.30 bp	1.2 bp −$1	3.0 bp −$30	32.7 bp −$3,274	doesn't fit

MSTR on 31 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	−0.1071%	8h	164.95	+0.016%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0171%	8h	164.81	−0.069%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.81	−0.070%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.80	−0.075%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.83	−0.056%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	−0.132%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.92	−0.002%	$2.8M	$68K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.65	−0.166%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.83	−0.056%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.75	−0.105%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	−0.014%	$910K	$4.5M	10x	as long as short
Lighter MSTRshort	+0.0064%	1h	164.74	−0.111%	$3.5M	$1.9M	10x
QFEX MSTR-USD	+0.0064%	1h	164.89	−0.020%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	164.81	−0.069%	$87.9M	$624.1M	50x	as long as short
SoDEX MSTR-USD	+0.0067%	1h	164.79	−0.081%	$43K	$3K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0087%	1h	164.74	−0.111%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.87	−0.035%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.71	−0.129%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.53	−0.238%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.77	−0.093%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.78	−0.085%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.68	−0.150%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.317%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0176%	8h	164.86	−0.036%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0239%	1h	164.74	−0.111%	$55.2M	$36.9M	10x	as long as short
edgeX MSTRUSDC	+0.0315%	4h	164.58	−0.205%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.678%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0363%	1h	164.82	−0.060%	$122K	$150K	3x	as long as short
Phoenix MSTRlong	+0.0381%	1h	164.92	long leg	$55K	$219K	10x
Bybit MSTRUSDT	+0.0391%	8h	164.87	−0.032%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0661%	1h	164.88	−0.026%	$280K	$438K	10x	as long as short