MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0189%/8h= −20.7% APRnext payment −$0.24 per $10,000 · paid last 24h −0.051%

Price spread now: Nado against Phoenix−0.392%7-day average −0.021% · 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−$98as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Phoenix Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.156%−$16 on $10k

Price spread, last 3 days (all we have)+0.368%+$37 · spread now −0.392%, 7d avg −0.021%

Together, before fees+0.212%+ Points / potential airdropNado: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Nado is 0.372% cheaper against Phoenix than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	166.44	0.0259	pay 0.0032% / 1h	0m 41s	$56K	$384K	10x
Short	Nado MSTR-PERP	165.79	0.0070	get 0.0009% / 1h	0m 41s	$134K	$129K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.392%Rate

Funding earned: −$39.74
Price spread: −0.392% → −0.021%: −$37.18
Slippage, 4 orders: −$46.65
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$137.57
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Nado: live order book, 7 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, 6 min ago	3.90 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Nado live order book, 7 min ago	4.50 bp	28.7 bp −$29	87.4 bp −$874	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	−0.0265%	8h	166.13	−0.188%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDT	−0.0029%	8h	166.03	−0.248%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.03	−0.245%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.08	−0.218%	$87.5M	$616.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.06	−0.230%	$21.3M	$99.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.19	−0.152%	$27.3M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	−0.263%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.257%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.38	−0.038%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.00	−0.266%	$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	165.88	−0.338%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.03	−0.248%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.62	+0.106%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.72	−0.434%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.99	−0.272%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.06	−0.230%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.75	−0.416%	$768K	$4.7M	10x	as long as short
Nado MSTR-PERPshort	+0.0070%	1h	165.79	−0.392%	$134K	$129K	3x
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	−0.296%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	−0.205%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.04	−0.242%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	−0.092%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.93	−0.308%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.85	−0.353%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0111%	8h	166.02	−0.254%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.741%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0251%	1h	166.07	−0.224%	$56.1M	$35.9M	10x	as long as short
Phoenix MSTRlong	+0.0259%	1h	166.44	long leg	$56K	$384K	10x
Bybit MSTRUSDT	+0.0301%	8h	166.18	−0.158%	$16.7M	$40.4M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	−0.223%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.082%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1259%	1h	165.97	−0.284%	$282K	$438K	10x	as long as short