Funding you earn now, next payment 06:00 UTC−0.0282%/8h= −30.9% APRnext payment −$0.35 per $10,000 · paid last 24h −0.070%
Price spread now: Vest against Phoenix−0.182%58s7-day average −0.890% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.114%−$11 on $10k
+Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.182%, 7d avg −0.890%
=Together, before fees+0.097%+ Points / potential airdropVest: Active · farm board+$10 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Vest is 0.707% dearer against Phoenix than usual: you sell high and buy low (spread −0.182% now, against its 7-day average of −0.890%): +$71 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8.4 days. At the pace of the last 3 days (−0.114% in total) that is about 22 days. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MSTR | 163.31 | 0.0328 | pay 0.0041% / 1h | 52m 11s | $55K | $223K | 10x |
| Short | Vest MSTR-USD-PERP | 163.01 | 0.0046 | get 0.0006% / 1h | 52m 11s | — | $1.8M | 25x |
Phoenix MSTR
Vest MSTR-USD-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Vest 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
- −$59.25
- Price spread: −0.182% → −0.890%
- $70.73
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Vest: 1 bp × 2 orders
- −$2
- Net
- $2.48
- Costs to cover
- 0.090%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 53 min ago; Vest: 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, 53 min ago | 2.69 bp | 9.4 bp −$9 | 18.5 bp −$185 | doesn't fit | doesn't fit |
| Sell Vest no order-book sample | — | — | — | — | — |
Vest: 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 | −0.0894% | 8h | 163.38 | +0.044% | $28.7M | $119.1M | 25x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 163.22 | −0.054% | $4.7M | $19.5M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 163.31 | +0.001% | $2.7M | $78K | 10x | as long as short |
| edgeX MSTRUSDC | +0.0012% | 4h | 163.35 | +0.025% | $46K | $5.4M | 10x | as long as short |
| Aster MSTRUSDT | +0.0017% | 8h | 163.19 | −0.074% | $1.8M | $8.7M | 50x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 162.95 | −0.216% | $508K | $2.0M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +3.694% | $8K | $26K | 30x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 163.45 | +0.087% | $26K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERPshort | +0.0046% | 1h | 163.01 | −0.182% | — | $1.8M | 25x | |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 163.12 | −0.115% | $377K | $2.7M | 10x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Phemex MSTRUSDT
edgeX MSTRUSDC
Aster MSTRUSDT
Extended MSTR_24_5-USD
Injective MSTR/USDC PERP
Arcus MSTR-USD
Polymarket Perps MSTR-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SoDEX MSTR-USD | +0.0050% | 1h | 163.12 | −0.115% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 163.16 | −0.091% | $843K | $3.9M | 10x | as long as short |
| QFEX MSTR-USD | +0.0057% | 1h | 163.22 | −0.054% | $1.3M | $7.3M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 163.19 | −0.074% | $100K | $83K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 163.17 | −0.085% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 163.33 | +0.013% | $5K | $182K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 163.16 | −0.091% | $2K | $13K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 163.17 | −0.083% | $135 | — | 10x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0120% | 8h | 163.17 | −0.085% | $20.7M | $100.5M | 50x | as long as short |
| Variational Omni MSTR | +0.0143% | 8h | 163.37 | +0.036% | $1.2M | $2.1M | — | as long as short |
| Paradex MSTR-USD-PERP | +0.0143% | 8h | 163.22 | −0.056% | $65 | — | 5x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0152% | 1h | 161.52 | −1.095% | $1.4M | $1.1M | 10x | as long as short |
| tradeXYZ xyz:MSTR | +0.0185% | 1h | 163.12 | −0.115% | $54.1M | $37.3M | 10x | as long as short |
| Binance MSTRUSDT | +0.0217% | 8h | 163.18 | −0.078% | $83.8M | $628.7M | 50x | as long as short |
| Lighter MSTR | +0.0224% | 1h | 163.17 | −0.085% | $3.5M | $2.0M | 10x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0228% | 8h | 163.39 | +0.052% | $83K | $865K | 10x | as long as short |
| Nado MSTR-PERP | +0.0312% | 1h | 163.10 | −0.125% | $130K | $157K | 3x | as long as short |
| Phoenix MSTRlong | +0.0328% | 1h | 163.31 | long leg | $55K | $223K | 10x | |
| BloFin MSTR-USDT | +0.0336% | 8h | 163.21 | −0.060% | $1.0M | $2.1M | 20x | as long as short |
| Bybit MSTRUSDT | +0.0374% | 8h | 163.18 | −0.078% | $16.8M | $41.8M | 50x | as long as short |
| RISEx MSTR/USDC | +0.0381% | 1h | 163.23 | −0.048% | $262K | $437K | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0793% | 1h | 163.21 | −0.060% | $278K | $437K | 10x | as long as short |
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
OKX MSTR-USDT-SWAP
Variational Omni MSTR
Paradex MSTR-USD-PERP
Coinbase International MSTR-PERP-INTX
tradeXYZ xyz:MSTR
Binance MSTRUSDT
Lighter MSTR
GRVT MSTR_USDT_Perp
Nado MSTR-PERP
BloFin MSTR-USDT
Bybit MSTRUSDT
RISEx MSTR/USDC
Deribit MSTR_USDC-PERPETUAL