MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0262%/8h= +28.6% APRnext payment +$0.33 per $10,000 · paid last 24h +0.017%

Price spread now: Phoenix against tradeXYZ−0.114%81s7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as 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−$430.428% of the position

Long on tradeXYZ Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)+0.642%+$64 · spread now −0.114%, 7d avg +0.057%

Together, before fees+0.778%+ Points / potential airdroptradeXYZ: Active · farm board+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.172% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of +0.057%). If the spread goes back, that is −$17 on $10k: about 2.2 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.136% in total) that is about 8.8 days. The two prices were read 81 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 0.136% in total (about 7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.33 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	tradeXYZ xyz:MSTR	165.18	0.0074	pay 0.0009% / 1h	23m 55s	$55.0M	$36.7M	10x
Short	Phoenix MSTR	164.99	0.0336	get 0.0042% / 1h	23m 55s	$56K	$227K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against tradeXYZ. 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 tradeXYZbpFee PhoenixbpOrdersPrice spread, now −0.114%Rate

Funding earned: $54.93
Price spread: −0.114% → +0.057%: −$17.19
Slippage, 4 orders: −$17.77
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.02
Costs to cover: 0.428%
Break-even: 7.6 days

Slippage from tradeXYZ: live order book, 4 min ago; Phoenix: live order book, 36 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 tradeXYZ live order book, 4 min ago	0.30 bp	9.6 bp −$10	11.6 bp −$116	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	3.89 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
Bitget MSTRUSDT	−0.1138%	8h	165.36	+0.109%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.12	−0.034%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.27	+0.054%	$20.7M	$100.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.29	+0.067%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.30	+0.073%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0031%	8h	165.03	−0.090%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	165.25	+0.042%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.06	−0.076%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.518%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.11	−0.042%	$27K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.19	+0.006%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.13	−0.030%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.83	−0.212%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.13	−0.030%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTRlong	+0.0074%	1h	165.18	long leg	$55.0M	$36.7M	10x
Pacifica MSTR	+0.0100%	1h	165.08	−0.062%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.13	−0.030%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.84	−0.206%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.21	+0.018%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0100%	8h	165.28	+0.061%	$88.4M	$618.0M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.21	+0.016%	$137	—	10x	as long as short
SoDEX MSTR-USD	+0.0132%	1h	165.22	+0.024%	$44K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	165.11	−0.044%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	165.01	−0.103%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.660%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0219%	8h	165.17	−0.006%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0222%	1h	165.04	−0.083%	$122K	$150K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.17	−0.007%	$270K	$447K	10x	as long as short
Phoenix MSTRshort	+0.0336%	1h	164.99	−0.114%	$56K	$227K	10x
Bybit MSTRUSDT	+0.0347%	8h	165.37	+0.115%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0633%	4h	165.02	−0.096%	$50K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0900%	1h	165.35	+0.103%	$281K	$438K	10x	as long as short