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 −0.067%

Price spread now: QFEX against Phoenix−0.180%52s7-day average −0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$370.369% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.168%−$17 on $10k

Price spread, last 4 days (all we have)−0.175%−$17 · spread now −0.180%, 7d avg −0.020%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and QFEX is 0.159% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 52 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	166.49	0.0322	pay 0.0040% / 1h	48m 10s	$56K	$213K	10x
Short	QFEX MSTR-USD	166.19	0.0050	get 0.0006% / 1h	48m 10s	$1.3M	$6.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.180%Rate

Funding earned: −$57.18
Price spread: −0.180% → −0.020%: −$15.92
Slippage, 4 orders: −$19.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$110
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; QFEX: live order book, 4 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	3.92 bp	11.9 bp −$12	25.1 bp −$251	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.50 bp	6.5 bp −$7	7.9 bp −$79	13.9 bp −$1,394	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	−0.762%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.34	−0.089%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.35	−0.083%	$32.0M	$105.4M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.29	−0.120%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.23	−0.156%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.13	−0.216%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.40	−0.053%	—	$1.7M	25x	as long as short
QFEX MSTR-USDshort	+0.0050%	1h	166.19	−0.180%	$1.3M	$6.1M	10x
Polymarket Perps MSTR-USD	+0.0050%	1h	166.22	−0.162%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.27	−0.132%	$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	166.12	−0.222%	$875K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0057%	1h	166.18	−0.188%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.426%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.19	−0.183%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.25	−0.144%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.198%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.27	−0.132%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.32	−0.099%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0117%	8h	166.22	−0.163%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0208%	1h	166.26	−0.138%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0213%	8h	166.31	−0.108%	$17.1M	$37.9M	50x	as long as short
Aster MSTRUSDT	+0.0277%	8h	166.29	−0.121%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0297%	8h	166.28	−0.126%	$21.6M	$83.5M	50x	as long as short
Phoenix MSTRlong	+0.0322%	1h	166.49	long leg	$56K	$213K	10x
Variational Omni MSTR	+0.0364%	8h	166.38	−0.064%	$1.2M	$1.7M	—	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0412%	1h	166.27	−0.132%	$283K	$209K	10x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.23	−0.156%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0462%	8h	166.27	−0.132%	$87.2M	$535.8M	50x	as long as short
BloFin MSTR-USDT	+0.0591%	8h	166.32	−0.102%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0608%	8h	166.43	−0.034%	$87K	$855K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	−0.124%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.34	−0.089%	$26K	$71K	10x	as long as short