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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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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: Phoenix against Vest−0.110%58s7-day average +0.881% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on VestShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.118%+$12 on $10k
Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.110%, 7d avg +0.881%
Together, before fees+0.176%+ Points / potential airdropVest: Active · farm board+$18 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.991% cheaper against Vest than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of +0.881%). If the spread goes back, that is −$99 on $10k: about 12 days of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.118% in total) that is about 29 days. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongVest MSTR-USD-PERP162.950.0046pay 0.0006% / 1h25m 39s—$1.8M25x
ShortPhoenix MSTR162.770.0328get 0.0041% / 1h25m 39s$55K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Vest. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
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: −0.110% → +0.881%
−$99.13
Slippage, 4 orders
no order book: not counted
Fee Vest: 1 bp × 2 orders
−$2
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$48.88
Costs to cover
0.090%
Break-even
12.8 days
Slippage unknown: Vest: no order-book sample; Phoenix: live order book, 14 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Vest no order-book sample—————
Sell Phoenix live order book, 14 min ago2.58 bp9.2 bp −$918.1 bp −$181doesn't fitdoesn't fit
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0932%8h163.53+0.356%$28.9M$118.8M25xas long as short
Gate MSTR_USDT0.0000%8h163.46+0.313%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.28+0.203%$2.7M$79K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.27+0.196%$508K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.921%$8K$26K30xas long as short
Aster MSTRUSDT+0.0037%8h163.18+0.139%$1.8M$8.7M50xas long as short
Arcus MSTR-USD+0.0040%1h163.01+0.037%$26K$113K10xas long as short
Vest MSTR-USD-PERPlong+0.0046%1h162.95long leg—$1.8M25x
Polymarket Perps MSTR-USD+0.0050%1h163.22+0.166%$378K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.24+0.178%$43K$3K10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Ondo Perps MSTR-USD.P+0.0050%1h162.83−0.074%$857K$3.9M10xas long as short
QFEX MSTR-USD+0.0057%1h163.27+0.196%$1.3M$7.2M10xas long as short
Pacifica MSTR+0.0100%1h163.36+0.252%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.21+0.160%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h162.70−0.153%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.30+0.215%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.31+0.218%$136—10xas long as short
Lighter MSTR+0.0152%1h163.36+0.252%$3.5M$2.0M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−0.878%$1.4M$1.1M10xas long as short
OKX MSTR-USDT-SWAP+0.0154%8h163.42+0.288%$20.8M$100.5M50xas long as short
Variational Omni MSTR+0.0158%8h163.34+0.237%$1.2M$2.1M—as long as short
Paradex MSTR-USD-PERP+0.0168%8h163.34+0.238%$65—5xas long as short
Binance MSTRUSDT+0.0236%8h163.38+0.264%$84.0M$627.6M50xas long as short
GRVT MSTR_USDT_Perp+0.0242%8h162.87−0.049%$77K$878K10xas long as short
tradeXYZ xyz:MSTR+0.0276%1h163.28+0.203%$54.2M$37.4M10xas long as short
Phoenix MSTRshort+0.0328%1h162.77−0.110%$55K$223K10x
BloFin MSTR-USDT+0.0352%8h163.17+0.135%$1.0M$2.1M20xas long as short
Nado MSTR-PERP+0.0357%1h163.04+0.055%$130K$157K3xas long as short
RISEx MSTR/USDC+0.0381%1h163.32+0.227%$265K$428K10xas long as short
Bybit MSTRUSDT+0.0388%8h163.39+0.270%$16.8M$41.8M50xas long as short
edgeX MSTRUSDC+0.0496%4h162.92−0.021%$46K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUAL+0.1160%1h163.37+0.258%$278K$437K10xas long as short