MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0633%/8h= +69.3% APRnext payment +$0.79 per $10,000 · paid last 24h +0.130%

Price spread now: Deribit against Phoenix−0.167%7-day average +0.036% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

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

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.381%+$38 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.167%, 7d avg +0.036%

Together, before fees+0.590%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.203% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.167% now, against its 7-day average of +0.036%). If the spread goes back, that is −$20 on $10k: about 26 hours of funding at the current rate (+$19 a day). At the pace of the last 5 days (+0.381% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	166.74	0.0259	pay 0.0032% / 1h	3m 06s	$56K	$384K	10x
Short	Deribit MSTR_USDC-PERPETUAL	166.46	0.0893	get 0.0112% / 1h	3m 06s	$283K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.167%Rate

Funding earned: $132.99
Price spread: −0.167% → +0.036%: −$20.3
Slippage, 4 orders: −$31.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $67.36
Costs to cover: 0.453%
Break-even: 3.5 days

Slippage from Phoenix: live order book, 3 min ago; Deribit: live order book, 6 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, 3 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Deribit live order book, 6 min ago	7.19 bp	10.7 bp −$11	12.3 bp −$123	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
Gate MSTR_USDT	−0.0235%	8h	166.50	−0.143%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	166.50	−0.143%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.43	−0.182%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.30	−0.261%	$87.4M	$614.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.44	−0.179%	$21.4M	$99.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.48	−0.155%	$27.5M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	+0.028%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.079%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.92	+0.109%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.37	−0.221%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.19	−0.329%	$574K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.45	−0.173%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.95	+0.127%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.28	−0.275%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.36	−0.227%	$390K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.50	−0.143%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.45	−0.173%	$773K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0057%	1h	166.16	−0.345%	$135K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	−0.029%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.58	−0.097%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.42	−0.191%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.82	+0.049%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.44	−0.179%	$3K	$7K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0104%	8h	166.41	−0.199%	$67	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.40	−0.200%	$138	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.561%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	166.41	−0.197%	$56.3M	$35.9M	10x	as long as short
Bybit MSTRUSDT	+0.0258%	8h	166.43	−0.185%	$16.8M	$40.2M	50x	as long as short
Phoenix MSTRlong	+0.0259%	1h	166.74	long leg	$56K	$384K	10x
edgeX MSTRUSDC	+0.0334%	4h	166.79	+0.034%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.53	−0.122%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0893%	1h	166.46	−0.167%	$283K	$438K	10x