Funding you earn now, next payment 06:00 UTC+0.0228%/8h= +24.9% APRpaid last 24h +0.054%
Price spread now: Phoenix against KuCoin+0.085%63s7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$41as 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−$760.756% of the position
Funding, last 7 days+0.343%+$34 on $10k
+Price spread, last 4 days (all we have)+0.214%+$21 · spread now +0.085%, 7d avg +0.033%
=Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.052% dearer against KuCoin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.033%. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | KuCoin MSTRUSDTM | 163.17 | 0.0100 | pay 0.0100% / 8h | 1h 52m | $2.4M | $2.7M | 20x |
| Short | Phoenix MSTR | 163.31 | 0.0328 | get 0.0041% / 1h | 52m 19s | $55K | $223K | 10x |
KuCoin MSTRUSDTM
Phoenix MSTRFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against KuCoin. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
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: +0.085% → +0.033%
- $5.18
- Slippage, 4 orders
- −$56.63
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$22.61
- Costs to cover
- 0.756%
- Break-even
- 10.3 days
Slippage from KuCoin: live order book, 5 min ago; Phoenix: live order book, 52 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 KuCoin live order book, 5 min ago | 1.84 bp | 32.0 bp −$32 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 52 min ago | 2.69 bp | 9.4 bp −$9 | 18.5 bp −$185 | 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 | −0.0894% | 8h | 163.38 | +0.129% | $28.7M | $119.1M | 25x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 163.22 | +0.031% | $4.7M | $19.5M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 163.31 | +0.086% | $2.7M | $78K | 10x | as long as short |
| edgeX MSTRUSDC | +0.0012% | 4h | 163.35 | +0.110% | $46K | $5.4M | 10x | as long as short |
| Aster MSTRUSDT | +0.0017% | 8h | 163.19 | +0.011% | $1.8M | $8.7M | 50x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 162.95 | −0.132% | $508K | $2.0M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +3.781% | $8K | $26K | 30x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 163.45 | +0.172% | $26K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 163.01 | −0.098% | — | $1.8M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 163.12 | −0.031% | $377K | $2.7M | 10x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Phemex MSTRUSDT
edgeX MSTRUSDC
Aster MSTRUSDT
Extended MSTR_24_5-USD
Injective MSTR/USDC PERP
Arcus MSTR-USD
Vest MSTR-USD-PERP
Polymarket Perps MSTR-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SoDEX MSTR-USD | +0.0050% | 1h | 163.12 | −0.031% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 163.16 | −0.006% | $843K | $3.9M | 10x | as long as short |
| QFEX MSTR-USD | +0.0057% | 1h | 163.22 | +0.031% | $1.3M | $7.3M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 163.19 | +0.010% | $100K | $83K | 10x | as long as short |
| KuCoin MSTRUSDTMlong | +0.0100% | 8h | 163.17 | long leg | $2.4M | $2.7M | 20x | |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 163.33 | +0.098% | $5K | $182K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 163.16 | −0.006% | $2K | $13K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 163.17 | +0.001% | $135 | — | 10x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0120% | 8h | 163.17 | 0.000% | $20.7M | $100.5M | 50x | as long as short |
| Variational Omni MSTR | +0.0143% | 8h | 163.37 | +0.120% | $1.2M | $2.1M | — | as long as short |
| Paradex MSTR-USD-PERP | +0.0143% | 8h | 163.22 | +0.029% | $65 | — | 5x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0152% | 1h | 161.52 | −1.011% | $1.4M | $1.1M | 10x | as long as short |
| tradeXYZ xyz:MSTR | +0.0185% | 1h | 163.12 | −0.031% | $54.1M | $37.3M | 10x | as long as short |
| Binance MSTRUSDT | +0.0217% | 8h | 163.18 | +0.006% | $83.8M | $628.7M | 50x | as long as short |
| Lighter MSTR | +0.0224% | 1h | 163.17 | 0.000% | $3.5M | $2.0M | 10x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0228% | 8h | 163.39 | +0.137% | $83K | $865K | 10x | as long as short |
| Nado MSTR-PERP | +0.0312% | 1h | 163.10 | −0.040% | $130K | $157K | 3x | as long as short |
| Phoenix MSTRshort | +0.0328% | 1h | 163.31 | +0.085% | $55K | $223K | 10x | |
| BloFin MSTR-USDT | +0.0336% | 8h | 163.21 | +0.025% | $1.0M | $2.1M | 20x | as long as short |
| Bybit MSTRUSDT | +0.0374% | 8h | 163.18 | +0.006% | $16.8M | $41.8M | 50x | as long as short |
| RISEx MSTR/USDC | +0.0381% | 1h | 163.23 | +0.037% | $262K | $437K | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0793% | 1h | 163.21 | +0.025% | $278K | $437K | 10x | as long as short |
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
Pacifica MSTR
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
OKX MSTR-USDT-SWAP
Variational Omni MSTR
Paradex MSTR-USD-PERP
Coinbase International MSTR-PERP-INTX
tradeXYZ xyz:MSTR
Binance MSTRUSDT
Lighter MSTR
GRVT MSTR_USDT_Perp
Nado MSTR-PERP
BloFin MSTR-USDT
Bybit MSTRUSDT
RISEx MSTR/USDC
Deribit MSTR_USDC-PERPETUAL