Funding you earn now, next payment 06:00 UTC−0.0296%/8h= −32.4% APRnext payment −$0.37 per $10,000 · paid last 24h −0.067%
Price spread now: Extended against Phoenix−0.222%7-day average −0.092% · you buy dearer than you sell
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$320.320% of the position
Funding, last 7 days−0.185%−$19 on $10k
+Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.222%, 7d avg −0.092%
=Together, before fees−0.196%+ Points / potential airdropExtended: Active · farm board−$20 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Extended is 0.130% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.092%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.185% in total (about -9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| 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 | 47m 22s | $55K | $223K | 10x |
| Short | Extended MSTR_24_5-USD | 162.88 | 0.0032 | get 0.0004% / 1h | 47m 22s | $503K | $2.0M | 10x |
Phoenix MSTR
Extended MSTR_24_5-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended against Phoenix. 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
- −$62.13
- Price spread: −0.222% → −0.092%
- −$13.01
- Slippage, 4 orders
- −$20.01
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$107.14
- Costs to cover
- 0.320%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 57 min ago; Extended: live order book, 1 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, 57 min ago | 2.69 bp | 9.4 bp −$9 | 18.5 bp −$185 | doesn't fit | doesn't fit |
| Sell Extended live order book, 1 min ago | 2.15 bp | 5.2 bp −$5 | 16.1 bp −$161 | 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 | −0.0883% | 8h | 163.30 | +0.032% | $28.6M | $119.1M | 25x | as long as short |
| Gate MSTR_USDT | 0.0000% | 8h | 163.12 | −0.078% | $4.7M | $19.5M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 163.28 | +0.020% | $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 | +0.0021% | 8h | 163.07 | −0.111% | $1.8M | $8.7M | 50x | as long as short |
| Extended MSTR_24_5-USDshort | +0.0032% | 1h | 162.88 | −0.222% | $503K | $2.0M | 10x | |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +3.732% | $8K | $26K | 30x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 163.29 | +0.026% | $26K | $113K | 10x | as long as short |
| Vest MSTR-USD-PERP | +0.0046% | 1h | 162.85 | −0.244% | — | $1.8M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 163.03 | −0.134% | $377K | $2.7M | 10x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Phemex MSTRUSDT
edgeX MSTRUSDC
Aster MSTRUSDT
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 | 163.10 | −0.091% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 162.98 | −0.164% | $842K | $3.9M | 10x | as long as short |
| QFEX MSTR-USD | +0.0057% | 1h | 163.09 | −0.097% | $1.3M | $7.3M | 10x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 163.10 | −0.090% | $100K | $83K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 163.06 | −0.115% | $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 | 163.05 | −0.121% | $2K | $13K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 163.14 | −0.069% | $135 | — | 10x | as long as short |
| OKX MSTR-USDT-SWAP | +0.0124% | 8h | 163.06 | −0.115% | $20.7M | $100.4M | 50x | as long as short |
| Variational Omni MSTR | +0.0143% | 8h | 163.26 | +0.006% | $1.2M | $2.1M | — | as long as short |
| Lighter MSTR | +0.0144% | 1h | 163.12 | −0.078% | $3.5M | $2.0M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0145% | 8h | 163.10 | −0.088% | $65 | — | 5x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0152% | 1h | 161.52 | −1.059% | $1.4M | $1.1M | 10x | as long as short |
| tradeXYZ xyz:MSTR | +0.0208% | 1h | 162.98 | −0.164% | $54.0M | $37.3M | 10x | as long as short |
| Binance MSTRUSDT | +0.0220% | 8h | 163.06 | −0.115% | $83.7M | $628.6M | 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 | +0.0315% | 1h | 162.97 | −0.168% | $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 | 163.14 | −0.066% | $1.0M | $2.1M | 20x | as long as short |
| Bybit MSTRUSDT | +0.0379% | 8h | 163.13 | −0.072% | $16.8M | $41.8M | 50x | as long as short |
| RISEx MSTR/USDC | +0.0381% | 1h | 163.13 | −0.074% | $262K | $437K | 10x | as long as short |
| Deribit MSTR_USDC-PERPETUAL | +0.0548% | 1h | 163.09 | −0.097% | $277K | $437K | 10x | as long as short |
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
OKX MSTR-USDT-SWAP
Variational Omni MSTR
Lighter MSTR
Paradex MSTR-USD-PERP
Coinbase International MSTR-PERP-INTX
tradeXYZ xyz:MSTR
Binance MSTRUSDT
GRVT MSTR_USDT_Perp
Nado MSTR-PERP
BloFin MSTR-USDT
Bybit MSTRUSDT
RISEx MSTR/USDC
Deribit MSTR_USDC-PERPETUAL