MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0136%/8h= −14.9% APRnext payment −$0.17 per $10,000 · paid last 24h −0.017%

Price spread now: Phoenix against RISEx−0.131%50s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.275% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.178%−$18 on $10k

Price spread, last 4 days (all we have)+1.345%+$134 · spread now −0.131%, 7d avg −0.007%

Together, before fees+1.166%+$117 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.124% cheaper against RISEx than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.007%). Swap the legs. The two prices were read 50 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	RISEx MSTR/USDC	163.74	0.0493	pay 0.0062% / 1h	48m 07s	$266K	$425K	10x
Short	Phoenix MSTR	163.52	0.0357	get 0.0045% / 1h	48m 07s	$56K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$28.57
Price spread: −0.131% → −0.007%: −$12.39
Slippage, 4 orders: −$14.45
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.42
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from RISEx: live order book, 55 min ago; Phoenix: live order book, 52 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 RISEx live order book, 55 min ago	1.53 bp	4.5 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell Phoenix live order book, 52 min ago	2.58 bp	9.2 bp −$9	18.1 bp −$181	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	−0.0532%	8h	163.95	+0.131%	$29.3M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.95	+0.131%	$4.7M	$19.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.80	+0.040%	$2.8M	$81K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.64	−0.055%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.423%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.65	−0.052%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.64	−0.058%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.76	+0.015%	$379K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.21	−0.321%	$857K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.76	+0.015%	$1.3M	$7.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0077%	8h	163.70	−0.021%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	163.75	+0.011%	$100K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.72	−0.009%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.21	−0.321%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.80	+0.040%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.83	+0.056%	$136	—	10x	as long as short
SoDEX MSTR-USD	+0.0134%	1h	163.76	+0.015%	$43K	$3K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.353%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0152%	1h	163.79	+0.033%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0186%	8h	163.62	−0.068%	$65	—	5x	as long as short
Variational Omni MSTR	+0.0197%	8h	163.42	−0.191%	$1.2M	$2.0M	—	as long as short
OKX MSTR-USDT-SWAP	+0.0198%	8h	163.88	+0.088%	$20.9M	$100.1M	50x	as long as short
Binance MSTRUSDT	+0.0274%	8h	163.93	+0.121%	$84.4M	$623.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0281%	8h	163.47	−0.161%	$85K	$849K	10x	as long as short
Phoenix MSTRshort	+0.0357%	1h	163.52	−0.131%	$56K	$223K	10x
edgeX MSTRUSDC	+0.0380%	4h	163.51	−0.135%	$46K	$5.4M	10x	as long as short
BloFin MSTR-USDT	+0.0391%	8h	163.73	−0.003%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0424%	8h	163.88	+0.088%	$17.1M	$41.7M	50x	as long as short
Nado MSTR-PERP	+0.0428%	1h	163.71	−0.013%	$131K	$157K	3x	as long as short
RISEx MSTR/USDClong	+0.0493%	1h	163.74	long leg	$266K	$425K	10x
tradeXYZ xyz:MSTR	+0.0552%	1h	163.88	+0.088%	$54.2M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1399%	1h	163.97	+0.143%	$279K	$437K	10x	as long as short