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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 05:00 UTC−0.0274%/8h= −30.0% APRnext payment −$0.34 per $10,000 · paid last 24h +0.023%
Price spread now: RISEx against Phoenix−0.135%50s7-day average +0.009% · 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−$290.294% of the position
Long on PhoenixShort on RISEx
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.181%+$18 on $10k
Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.135%, 7d avg +0.009%
Together, before fees+0.063%+$6 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 RISEx is 0.144% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.181%, so the current rate has only just turned against you. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix MSTR163.800.0362pay 0.0045% / 1h44m 44s$56K$226K10x
ShortRISEx MSTR/USDC163.580.0088get 0.0011% / 1h44m 44s$265K$446K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

RISEx 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

Funding earned
−$57.56
Price spread: −0.135% → +0.009%
−$14.44
Slippage, 4 orders
−$16.37
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee RISEx: 3 bp × 2 orders
−$6
Net
−$101.36
Costs to cover
0.294%
Break-even
never at this rate
Slippage from Phoenix: live order book, 65 min ago; RISEx: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 65 min ago3.65 bp11.4 bp −$1123.7 bp −$237doesn't fitdoesn't fit
Sell RISEx live order book, 4 min ago0.31 bp3.3 bp −$35.4 bp −$54doesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0968%8h163.73−0.042%$27.1M$117.1M25xas long as short
Aster MSTRUSDT0.0000%8h163.54−0.157%$1.8M$8.6M50xas long as short
Gate MSTR_USDT0.0000%8h163.65−0.091%$4.6M$19.2M50xas long as short
Phemex MSTRUSDT0.0000%4h163.86+0.037%$2.8M$77K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.34−0.277%$596K$1.9M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.383%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.71−0.054%$26K$109K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.24−0.341%—$1.7M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.46−0.207%$377K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.47−0.201%$43K$3K10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Ondo Perps MSTR-USD.P+0.0050%1h163.35−0.274%$829K$3.9M10xas long as short
QFEX MSTR-USD+0.0054%1h163.54−0.158%$1.4M$7.2M10xas long as short
edgeX MSTRUSDC+0.0054%4h163.77−0.017%$49K$5.4M10xas long as short
OKX MSTR-USDT-SWAP+0.0076%8h163.57−0.140%$20.8M$99.7M50xas long as short
RISEx MSTR/USDCshort+0.0088%1h163.58−0.135%$265K$446K10x
Pacifica MSTR+0.0100%1h163.56−0.145%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.46−0.207%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.54−0.158%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.52−0.170%$4K$8K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.51−0.178%$136—10xas long as short
Variational Omni MSTR+0.0108%8h163.54−0.160%$1.2M$2.1M—as long as short
Paradex MSTR-USD-PERP+0.0123%8h163.51−0.178%$65—5xas long as short
Coinbase International MSTR-PERP-INTX+0.0168%1h163.57−0.140%$1.4M$1.1M10xas long as short
GRVT MSTR_USDT_Perp+0.0174%8h163.74−0.034%$79K$838K10xas long as short
Binance MSTRUSDT+0.0178%8h163.55−0.150%$85.7M$619.7M50xas long as short
Lighter MSTR+0.0208%1h163.50−0.183%$3.5M$1.9M10xas long as short
BloFin MSTR-USDT+0.0297%8h163.56−0.146%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0345%8h163.61−0.115%$16.7M$41.2M50xas long as short
tradeXYZ xyz:MSTR+0.0350%1h163.50−0.183%$54.4M$37.1M10xas long as short
Nado MSTR-PERP+0.0359%1h163.38−0.255%$121K$148K3xas long as short
Phoenix MSTRlong+0.0362%1h163.80long leg$56K$226K10x
Deribit MSTR_USDC-PERPETUAL+0.0913%1h163.61−0.115%$278K$438K10xas long as short