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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+0.0228%/8h= +24.9% APRnext payment +$0.28 per $10,000 · paid last 24h +0.054%
Price spread now: Phoenix against ApeX Omni+0.230%7-day average +0.015% · you sell dearer than you buy
Net, funding: paid 7d − costs−$89as in the Funding arb table
Net, price: spread back to 7d avg − costs−$92as in the Price arb table
costs, in and out, $10k−$1141.139% of the position
Long on ApeX OmniShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.249%+$25 on $10k
Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.230%, 7d avg +0.015%
Together, before fees+0.130%+$13 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.215% dearer against ApeX Omni than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.015%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongApeX Omni MSTRUSDT162.980.0100pay 0.0013% / 1h21m 45s$5K$182K50x
ShortPhoenix MSTR163.350.0328get 0.0041% / 1h21m 45s$55K$223K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against ApeX Omni. 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

Funding earned
$47.85
Price spread: +0.230% → +0.015%
$21.49
Slippage, 4 orders
−$96.85
Fee ApeX Omni: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$44.52
Costs to cover
1.139%
Break-even
13.5 days
Slippage from ApeX Omni: live order book, 32 min ago; Phoenix: live order book, 18 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy ApeX Omni live order book, 32 min ago3.07 bp55.6 bp −$56doesn't fitdoesn't fitdoesn't fit
Sell Phoenix live order book, 18 min ago2.58 bp9.2 bp −$918.1 bp −$181doesn't fitdoesn't fit

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−0.0874%8h163.81+0.509%$29.0M$118.8M25xas long as short
Gate MSTR_USDT0.0000%8h163.75+0.472%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.63+0.399%$2.8M$79K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.56+0.359%$511K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.902%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.39+0.252%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.31+0.202%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.34+0.221%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.21+0.141%$857K$3.9M10xas long as short
Aster MSTRUSDT+0.0050%8h163.53+0.340%$1.8M$8.7M50xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0057%1h163.46+0.295%$1.3M$7.2M10xas long as short
SoDEX MSTR-USD+0.0065%1h163.37+0.239%$43K$3K10xas long as short
Pacifica MSTR+0.0100%1h163.73+0.459%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.40+0.258%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDTlong+0.0100%1h162.98long leg$5K$182K50x
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.36+0.233%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.38+0.246%$136—10xas long as short
Lighter MSTR+0.0144%1h163.60+0.380%$3.5M$2.0M10xas long as short
Coinbase International MSTR-PERP-INTX+0.0152%1h161.52−0.896%$1.4M$1.1M10xas long as short
Variational Omni MSTR+0.0158%8h163.34+0.219%$1.2M$2.1M—as long as short
OKX MSTR-USDT-SWAP+0.0165%8h163.79+0.497%$20.8M$100.7M50xas long as short
Paradex MSTR-USD-PERP+0.0169%8h163.63+0.400%$65—5xas long as short
Binance MSTRUSDT+0.0245%8h163.81+0.506%$84.1M$627.3M50xas long as short
GRVT MSTR_USDT_Perp+0.0248%8h163.15+0.104%$77K$878K10xas long as short
tradeXYZ xyz:MSTR+0.0260%1h163.60+0.380%$54.2M$37.1M10xas long as short
Phoenix MSTRshort+0.0328%1h163.35+0.230%$55K$223K10x
Nado MSTR-PERP+0.0361%1h163.33+0.214%$130K$157K3xas long as short
BloFin MSTR-USDT+0.0363%8h163.41+0.264%$1.0M$2.1M20xas long as short
RISEx MSTR/USDC+0.0381%1h163.47+0.303%$265K$428K10xas long as short
Bybit MSTRUSDT+0.0389%8h163.74+0.466%$16.8M$41.8M50xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0485%1h163.43+0.276%$278K$437K10xas long as short
edgeX MSTRUSDC+0.0630%4h163.03+0.033%$46K$5.4M10xas long as short