Funding you earn now, next payment 01:00 UTC−0.0281%/8h= −30.7% APRnext payment −$0.35 per $10,000 · paid last 24h −0.056%
Price spread now: Pacifica against Phoenix−0.217%47s7-day average −0.026% · you buy dearer than you sell
Net, funding: paid 7d − costs−$66as 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−$460.462% of the position
Funding, last 7 days−0.196%−$20 on $10k
+Price spread, last 4 days (all we have)−1.002%−$100 · spread now −0.217%, 7d avg −0.026%
=Together, before fees−1.198%+ Points / potential airdropPacifica: Active · farm board−$120 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Pacifica is 0.191% cheaper against Phoenix than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 47 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 -0.196% in total (about -10.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 per $10,000. 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 | 164.96 | 0.0381 | pay 0.0048% / 1h | 41m 58s | $55K | $219K | 10x |
| Short | Pacifica MSTR | 164.60 | 0.0100 | get 0.0013% / 1h | 41m 58s | $102K | $85K | 10x |
Phoenix MSTR
Pacifica MSTRFunding history
latest
Range statsloading…
Price spread between the two exchanges
Pacifica 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
- −$58.93
- Price spread: −0.217% → −0.026%
- −$19.06
- Slippage, 4 orders
- −$31.16
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Pacifica: 4 bp × 2 orders
- −$8
- Net
- −$124.15
- Costs to cover
- 0.462%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 25 min ago; Pacifica: live order book, 25 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 | 3.90 bp | 12.0 bp −$12 | 25.2 bp −$252 | doesn't fit | doesn't fit |
| Sell Pacifica live order book, 25 min ago | 0.78 bp | 10.7 bp −$11 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSTRUSDT | −0.0579% | 8h | 164.56 | −0.239% | $27.1M | $115.7M | 25x | as long as short |
| Gate MSTR_USDT | −0.0332% | 8h | 164.41 | −0.330% | $4.6M | $18.8M | 50x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 164.40 | −0.339% | $1.2M | $6.1M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 164.45 | −0.306% | $21.0M | $100.3M | 50x | as long as short |
| RISEx MSTR/USDC | 0.0000% | 1h | 164.50 | −0.276% | $269K | $436K | 10x | as long as short |
| Variational Omni MSTR | 0.0000% | 8h | 164.99 | +0.024% | $1.2M | $2.0M | — | as long as short |
| GRVT MSTR_USDT_Perp | 0.0000% | 8h | 164.86 | −0.058% | $76K | $810K | 10x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 165.02 | +0.039% | $2.8M | $67K | 10x | as long as short |
| Binance MSTRUSDT | +0.0007% | 8h | 164.43 | −0.320% | $86.9M | $625.0M | 50x | as long as short |
| BloFin MSTR-USDT | +0.0011% | 8h | 165.55 | +0.361% | $1.1M | $1.9M | 20x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Aster MSTRUSDT
OKX MSTR-USDT-SWAP
RISEx MSTR/USDC
Variational Omni MSTR
GRVT MSTR_USDT_Perp
Phemex MSTRUSDT
Binance MSTRUSDT
BloFin MSTR-USDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended MSTR_24_5-USD | +0.0032% | 1h | 164.25 | −0.430% | $565K | $1.9M | 10x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 165.06 | +0.064% | $27K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 164.37 | −0.355% | — | $1.8M | 25x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 164.49 | −0.282% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 164.77 | −0.112% | $799K | $4.8M | 10x | as long as short |
| QFEX MSTR-USD | +0.0064% | 1h | 164.52 | −0.264% | $1.4M | $8.5M | 10x | as long as short |
| Pacifica MSTRshort | +0.0100% | 1h | 164.60 | −0.217% | $102K | $85K | 10x | |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 164.30 | −0.397% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 164.86 | −0.058% | $4K | $204K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 164.41 | −0.330% | $3K | $7K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 164.40 | −0.336% | $136 | — | 10x | as long as short |
| Polymarket Perps MSTR-USD | +0.0121% | 1h | 164.47 | −0.294% | $384K | $2.7M | 10x | as long as short |
| Lighter MSTR | +0.0152% | 1h | 164.35 | −0.367% | $3.5M | $1.9M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0158% | 8h | 164.49 | −0.281% | $66 | — | 5x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0168% | 1h | 164.67 | −0.173% | $1.4M | $1.1M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0341% | 1h | 169.34 | +2.658% | $8K | $26K | 30x | as long as short |
| tradeXYZ xyz:MSTR | +0.0371% | 1h | 164.42 | −0.324% | $55.5M | $36.5M | 10x | as long as short |
| Phoenix MSTRlong | +0.0381% | 1h | 164.96 | long leg | $55K | $219K | 10x | |
| edgeX MSTRUSDC | +0.0389% | 4h | 165.28 | +0.199% | $47K | $5.5M | 10x | as long as short |
| Nado MSTR-PERP | +0.0418% | 1h | 164.27 | −0.415% | $130K | $132K | 3x | as long as short |
| Bybit MSTRUSDT | +0.0435% | 8h | 164.52 | −0.264% | $17.2M | $41.2M | 50x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.1090% | 1h | 164.43 | −0.318% | $280K | $438K | 10x | as long as short |
Extended MSTR_24_5-USD
Arcus MSTR-USD
Vest MSTR-USD-PERP
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
Polymarket Perps MSTR-USD
Lighter MSTR
Paradex MSTR-USD-PERP
Coinbase International MSTR-PERP-INTX
Injective MSTR/USDC PERP
tradeXYZ xyz:MSTR
edgeX MSTRUSDC
Nado MSTR-PERP
Bybit MSTRUSDT
Deribit MSTR_USDC-PERPETUAL