MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0176%/8h= −19.3% APRnext payment −$0.22 per $10,000 · paid last 24h −0.053%

Price spread now: Coinbase International against Phoenix−1.059%72s7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as 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−$390.389% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+1.062%+$106 · spread now −1.059%, 7d avg −0.093%

Together, before fees+0.964%+$96 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.965% cheaper against Phoenix than usual: you would sell low and buy high (−$97 if the spread goes back to its 7-day average of −0.093%). Swap the legs. The two prices were read 72 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	163.25	0.0328	pay 0.0041% / 1h	45m 45s	$55K	$223K	10x
Short	Coinbase International MSTR-PERP-INTX	161.52	0.0152	get 0.0019% / 1h	45m 45s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −1.059%Rate

Funding earned: −$36.93
Price spread: −1.059% → −0.093%: −$96.54
Slippage, 4 orders: −$21.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$172.35
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; Coinbase International: live order book, 3 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, 59 min ago	2.69 bp	9.4 bp −$9	18.5 bp −$185	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.91 bp	10.2 bp −$10	14.6 bp −$146	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	−0.0885%	8h	163.04	−0.127%	$28.6M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.93	−0.195%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.16	−0.054%	$2.7M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0005%	4h	163.27	+0.011%	$46K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0022%	8h	162.90	−0.214%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.70	−0.336%	$501K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.732%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.22	−0.017%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.69	−0.342%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.86	−0.238%	$376K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	162.84	−0.250%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.98	−0.164%	$841K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.92	−0.201%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.92	−0.200%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.83	−0.256%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.10	−0.091%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.89	−0.219%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.92	−0.199%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0126%	8h	162.87	−0.232%	$20.7M	$100.3M	50x	as long as short
Lighter MSTR	+0.0136%	1h	162.79	−0.281%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0143%	8h	163.26	+0.006%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	162.87	−0.232%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0152%	1h	161.52	−1.059%	$1.4M	$1.1M	10x
tradeXYZ xyz:MSTR	+0.0218%	1h	162.74	−0.311%	$53.9M	$37.3M	10x	as long as short
Binance MSTRUSDT	+0.0221%	8h	162.86	−0.238%	$83.6M	$628.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0230%	8h	163.31	+0.038%	$79K	$876K	10x	as long as short
Nado MSTR-PERP	+0.0323%	1h	162.75	−0.303%	$130K	$157K	3x	as long as short
Phoenix MSTRlong	+0.0328%	1h	163.25	long leg	$55K	$223K	10x
BloFin MSTR-USDT	+0.0340%	8h	163.05	−0.121%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0381%	8h	162.93	−0.195%	$16.7M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.93	−0.198%	$262K	$437K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0979%	1h	162.91	−0.207%	$277K	$437K	10x	as long as short