MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0272%/8h= −29.8% APRnext payment −$0.34 per $10,000 · paid last 24h −0.069%

Price spread now: Polymarket Perps against Phoenix+0.120%59s7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$390.394% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.120%, 7d avg −0.035%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.155% dearer against Phoenix than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of −0.035%): +$16 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 7 days (−0.189% in total) that is about 5.8 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.189% in total (about -9.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSTR	165.93	0.0322	pay 0.0040% / 1h	5m 59s	$55K	$213K	10x
Short	Polymarket Perps MSTR-USD	166.13	0.0050	get 0.0006% / 1h	5m 59s	$392K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$57.08
Price spread: +0.120% → −0.035%: $15.53
Slippage, 4 orders: −$24.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$80.96
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Phoenix: live order book, 35 min ago; Polymarket Perps: 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, 35 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	2.71 bp	8.7 bp −$9	10.5 bp −$105	12.5 bp −$1,246	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.428%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.24	+0.186%	$4.9M	$17.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.21	+0.168%	$32.3M	$103.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.15	+0.132%	$2.8M	$84K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.09	+0.096%	$3.5M	$1.8M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.06	+0.080%	$625K	$2.0M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.19	+0.156%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.08	+0.090%	$1.3M	$5.8M	10x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	166.13	+0.120%	$392K	$2.4M	10x
SoDEX MSTR-USD	+0.0050%	1h	166.14	+0.126%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.65	−0.169%	$859K	$3.2M	10x	as long as short
Nado MSTR-PERP	+0.0069%	1h	166.08	+0.089%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.58	−0.212%	$1.4M	$356K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	166.10	+0.104%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.02	+0.054%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.04	+0.066%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.90	−0.019%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.14	+0.126%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.16	+0.136%	$138	—	10x	as long as short
Bybit MSTRUSDT	+0.0173%	8h	166.22	+0.174%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0223%	1h	166.12	+0.114%	$54.9M	$33.5M	10x	as long as short
Aster MSTRUSDT	+0.0256%	8h	166.05	+0.073%	$1.8M	$6.3M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0259%	8h	166.16	+0.138%	$21.8M	$80.4M	50x	as long as short
Phoenix MSTRlong	+0.0322%	1h	165.93	long leg	$55K	$213K	10x
Variational Omni MSTR	+0.0351%	8h	165.80	−0.077%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0433%	8h	166.02	+0.056%	$85K	$922K	10x	as long as short
Binance MSTRUSDT	+0.0435%	8h	166.16	+0.138%	$87.2M	$519.2M	50x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.17	+0.144%	$274K	$348K	10x	as long as short
BloFin MSTR-USDT	+0.0567%	8h	166.06	+0.078%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0593%	1h	166.19	+0.156%	$283K	$184K	10x	as long as short
edgeX MSTRUSDC	+0.0632%	4h	165.87	−0.040%	$49K	$4.6M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.20	+0.162%	$26K	$63K	10x	as long as short