MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0589%/8h= −64.4% APRnext payment −$0.74 per $10,000 · paid last 24h −0.188%

Price spread now: QFEX against Deribit+0.059%7-day average −0.041% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Deribit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.540%−$54 on $10k

Price spread, last 3 days (all we have)+0.078%+$8 · spread now +0.059%, 7d avg −0.041%

Together, before fees−0.462%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.099% dearer against Deribit than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of −0.041%): +$10 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	170.03	0.0633	pay 0.0079% / 1h	32m 14s	$289K	$439K	10x
Short	QFEX MSTR-USD	170.13	0.0044	get 0.0006% / 1h	32m 14s	$1.5M	$10.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Deribit. 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 DeribitbpFee QFEXbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$123.59
Price spread: +0.059% → −0.041%: $9.95
Slippage, 4 orders: −$18.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$148.91
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Deribit: live order book, 17 min ago; QFEX: live order book, 7 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 Deribit live order book, 17 min ago	7.67 bp	11.2 bp −$11	15.1 bp −$151	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	1.47 bp	6.5 bp −$6	6.5 bp −$65	13.6 bp −$1,356	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	−0.0036%	1h	169.87	−0.091%	$140K	$107K	3x	as long as short
RISEx MSTR/USDC	0.0000%	1h	170.05	+0.009%	$295K	$474K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	170.02	−0.006%	$4.9M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	170.04	+0.006%	$2.9M	$52K	10x	as long as short
Variational Omni MSTR	+0.0013%	8h	169.83	−0.119%	$1.2M	$2.4M	—	as long as short
Lighter MSTR	+0.0032%	1h	170.03	0.000%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.95	−0.049%	$584K	$1.9M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0040%	8h	169.87	−0.094%	$80K	$950K	10x	as long as short
QFEX MSTR-USDshort	+0.0044%	1h	170.13	+0.059%	$1.5M	$10.1M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	170.33	+0.176%	—	$2.0M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	170.00	−0.018%	$1.5M	$1.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.87	−0.094%	$411K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.79	−0.141%	$804K	$4.9M	10x	as long as short
BloFin MSTR-USDT	+0.0068%	8h	170.08	+0.029%	$1.1M	$1.7M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0075%	8h	170.16	+0.076%	$68	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0080%	8h	170.10	+0.041%	$22.3M	$108.4M	50x	as long as short
Aster MSTRUSDT	+0.0081%	8h	170.03	0.000%	$1.3M	$6.2M	50x	as long as short
Phoenix MSTR	+0.0090%	1h	169.79	−0.142%	$57K	$389K	10x	as long as short
SoDEX MSTR-USD	+0.0093%	1h	170.07	+0.024%	$45K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0096%	8h	170.07	+0.024%	$89.5M	$624.9M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	170.14	+0.067%	$104K	$153K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.96	−0.041%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.77	−0.153%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	170.08	+0.029%	$3K	$12K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0102%	1h	169.98	−0.029%	$57.2M	$36.9M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	170.10	+0.044%	$141	—	10x	as long as short
Bitget MSTRUSDT	+0.0157%	8h	170.03	0.000%	$29.1M	$118.1M	25x	as long as short
Injective MSTR/USDC PERP	+0.0171%	1h	169.97	−0.035%	$13K	$22K	30x	as long as short
Bybit MSTRUSDT	+0.0239%	8h	170.11	+0.047%	$15.6M	$42.2M	50x	as long as short
Arcus MSTR-USD	+0.0451%	1h	170.20	+0.100%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0633%	1h	170.03	long leg	$289K	$439K	10x
edgeX MSTRUSDC	+0.0946%	4h	169.90	−0.076%	$48K	$5.4M	10x	as long as short