MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0173%/8h= −18.9% APRnext payment −$0.22 per $10,000 · paid last 24h +0.026%

Price spread now: Arcus against Phoenix+0.157%49s7-day average +0.002% · 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—prices read too far apart to compare

costs, in and out, $10k−$450.453% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.590%−$59 · spread now +0.157%, 7d avg +0.002%

Together, before fees−0.611%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.155% dearer against Phoenix than usual: you sell high and buy low (spread +0.157% now, against its 7-day average of +0.002%): +$15 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 4 days (−0.021% in total) that is about 27 days. The two prices were read 49 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	Phoenix MSTR	164.27	0.0213	pay 0.0027% / 1h	16m 17s	$56K	$226K	10x
Short	Arcus MSTR-USD	164.53	0.0040	get 0.0005% / 1h	16m 17s	$26K	$109K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$36.23
Price spread: +0.157% → +0.002%: $15.46
Slippage, 4 orders: −$33.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$66.04
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; Arcus: live order book, 42 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 Phoenix live order book, 38 min ago	3.39 bp	10.9 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Arcus live order book, 42 min ago	7.57 bp	12.4 bp −$12	33.1 bp −$331	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	−0.0943%	8h	164.61	+0.206%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.44	+0.104%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.43	+0.096%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.41	+0.084%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.37	+0.060%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.34	+0.041%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.25	−0.010%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.085%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.47	+0.121%	$267K	$448K	10x	as long as short
Arcus MSTR-USDshort	+0.0040%	1h	164.53	+0.157%	$26K	$109K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.31	+0.023%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.37	+0.060%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.37	+0.060%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.34	+0.041%	$856K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.43	+0.096%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	+0.081%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.41	+0.085%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.35	+0.047%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.31	+0.023%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.36	+0.054%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.38	+0.068%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.42	+0.089%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0140%	8h	164.41	+0.084%	$87.3M	$616.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.50	+0.136%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.093%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTRlong	+0.0213%	1h	164.27	long leg	$56K	$226K	10x
tradeXYZ xyz:MSTR	+0.0229%	1h	164.33	+0.035%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.32	+0.031%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0258%	8h	164.53	+0.157%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.43	+0.096%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0500%	4h	164.46	+0.115%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0785%	1h	164.44	+0.102%	$280K	$438K	10x	as long as short