MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0227%/8h= +24.9% APRnext payment +$0.28 per $10,000 · paid last 24h +0.068%

Price spread now: Phoenix against Extended−0.008%7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Extended Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 3 days (all we have)+0.241%+$24 · spread now −0.008%, 7d avg +0.090%

Together, before fees+0.428%+ Points / potential airdropExtended: Active · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.099% cheaper against Extended than usual: you would sell low and buy high (spread −0.008% now, against its 7-day average of +0.090%). If the spread goes back, that is −$10 on $10k: about 35 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.187% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	168.65	0.0032	pay 0.0004% / 1h	25m 32s	$579K	$1.8M	10x
Short	Phoenix MSTR	168.64	0.0259	get 0.0032% / 1h	25m 32s	$56K	$384K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Extended. 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 ExtendedbpFee PhoenixbpOrdersPrice spread, now −0.008%Rate

Funding earned: $47.76
Price spread: −0.008% → +0.090%: −$9.88
Slippage, 4 orders: −$25.25
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $0.63
Costs to cover: 0.373%
Break-even: 6.9 days

Slippage from Extended: live order book, 3 min ago; Phoenix: live order book, 46 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 Extended live order book, 3 min ago	2.37 bp	5.2 bp −$5	19.5 bp −$195	doesn't fit	doesn't fit
Sell Phoenix live order book, 46 min ago	3.91 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
Nado MSTR-PERP	−0.0035%	1h	168.72	+0.040%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.83	+0.105%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.81	+0.095%	$21.7M	$101.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.78	+0.077%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.87	+0.130%	$28.5M	$113.4M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.83	+0.105%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.67	+0.012%	$85K	$825K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.93	+0.166%	$2.9M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0024%	8h	168.84	+0.111%	$89.0M	$614.4M	50x	as long as short
BloFin MSTR-USDT	+0.0028%	8h	168.61	−0.024%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.81	+0.095%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USDlong	+0.0032%	1h	168.65	long leg	$579K	$1.8M	10x
QFEX MSTR-USD	+0.0035%	1h	168.75	+0.059%	$1.4M	$9.1M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.80	+0.089%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.81	+0.095%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.76	+0.065%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.75	+0.059%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.44	−0.125%	$736K	$4.9M	10x	as long as short
Bybit MSTRUSDT	+0.0057%	8h	168.86	+0.125%	$15.1M	$39.2M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.113%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0092%	8h	168.81	+0.094%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.78	+0.075%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.73	+0.047%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.68	+0.018%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.78	+0.077%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.74	+0.051%	$140	—	10x	as long as short
edgeX MSTRUSDC	+0.0166%	4h	168.67	+0.014%	$47K	$5.5M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0205%	1h	168.78	+0.077%	$56.9M	$35.6M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.409%	$8K	$26K	30x	as long as short
Phoenix MSTRshort	+0.0259%	1h	168.64	−0.008%	$56K	$384K	10x
RISEx MSTR/USDC	+0.0349%	1h	168.82	+0.101%	$275K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1232%	1h	168.93	+0.166%	$287K	$438K	10x	as long as short