MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0209%/8h= +22.9% APRnext payment +$0.26 per $10,000 · paid last 24h +0.071%

Price spread now: Phoenix against Polymarket Perps+0.123%59s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$400.395% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.190%+$19 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.123%, 7d avg +0.031%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.091% dearer against Polymarket Perps than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.031%. The two prices were read 59 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	Polymarket Perps MSTR-USD	168.96	0.0050	pay 0.0006% / 1h	50m 23s	$397K	$2.7M	10x
Short	Phoenix MSTR	169.17	0.0259	get 0.0032% / 1h	50m 23s	$57K	$384K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.123%Rate

Funding earned: $43.98
Price spread: +0.123% → +0.031%: $9.15
Slippage, 4 orders: −$24.54
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $13.59
Costs to cover: 0.395%
Break-even: 4.8 days

Slippage from Polymarket Perps: live order book, 4 min ago; Phoenix: live order book, 21 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 Polymarket Perps live order book, 4 min ago	1.77 bp	9.5 bp −$10	10.4 bp −$104	12.1 bp −$1,211	doesn't fit
Sell Phoenix live order book, 21 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	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
Nado MSTR-PERP	−0.0090%	1h	168.83	−0.078%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.98	+0.009%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	169.00	+0.024%	$15.2M	$39.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.90	−0.036%	$21.9M	$103.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.03	+0.041%	$4.7M	$18.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	169.00	+0.024%	$28.6M	$115.2M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.96	−0.001%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.96	0.000%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.87	−0.053%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.72	−0.142%	$579K	$1.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0035%	1h	168.92	−0.024%	$1.4M	$10.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.21	+0.148%	$27K	$119K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.06	+0.059%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USDlong	+0.0050%	1h	168.96	long leg	$397K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	168.85	−0.065%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.84	−0.071%	$747K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0073%	8h	168.93	−0.020%	$89.2M	$621.3M	50x	as long as short
BloFin MSTR-USDT	+0.0075%	8h	168.87	−0.053%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.124%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0092%	8h	168.91	−0.029%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.94	−0.011%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.94	−0.012%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.05	+0.053%	$4K	$207K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.93	−0.018%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.230%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0164%	1h	168.96	0.000%	$57.0M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.225%	$8K	$26K	30x	as long as short
GRVT MSTR_USDT_Perp	+0.0256%	8h	169.19	+0.136%	$77K	$859K	10x	as long as short
Phoenix MSTRshort	+0.0259%	1h	169.17	+0.123%	$57K	$384K	10x
RISEx MSTR/USDC	+0.0349%	1h	168.97	+0.009%	$275K	$440K	10x	as long as short
edgeX MSTRUSDC	+0.0465%	4h	169.30	+0.202%	$48K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0639%	1h	168.96	0.000%	$287K	$438K	10x	as long as short