Funding you earn now, next payment 02:00 UTC−0.0277%/8h= −30.3% APRnext payment −$0.35 per $10,000 · paid last 24h −0.017%
Price spread now: tradeXYZ against Phoenix−0.096%7-day average −0.058% · you buy dearer than you sell
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$440.437% of the position
Funding, last 7 days−0.136%−$14 on $10k
+Price spread, last 4 days (all we have)−1.086%−$109 · spread now −0.096%, 7d avg −0.058%
=Together, before fees−1.222%+ Points / potential airdroptradeXYZ: Active · farm board−$122 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 tradeXYZ is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.058%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 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 | 164.28 | 0.0336 | pay 0.0042% / 1h | 48m 54s | $55K | $227K | 10x |
| Short | tradeXYZ xyz:MSTR | 164.12 | 0.0059 | get 0.0007% / 1h | 48m 54s | $55.0M | $36.6M | 10x |
Phoenix MSTR
tradeXYZ xyz:MSTRFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$58.1
- Price spread: −0.096% → −0.058%
- −$3.78
- Slippage, 4 orders
- −$18.71
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$105.59
- Costs to cover
- 0.437%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 11 min ago; tradeXYZ: live order book, 11 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, 11 min ago | 3.89 bp | 11.9 bp −$12 | 25.2 bp −$252 | doesn't fit | doesn't fit |
| Sell tradeXYZ live order book, 11 min ago | 0.61 bp | 10.2 bp −$10 | 12.3 bp −$123 | doesn't fit | doesn't fit |
MSTR on 31 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 | −0.1234% | 8h | 164.33 | +0.032% | $27.5M | $114.4M | 25x | as long as short |
| Gate MSTR_USDT | −0.0026% | 8h | 164.17 | −0.065% | $4.6M | $18.4M | 50x | as long as short |
| Aster MSTRUSDT | 0.0000% | 8h | 164.10 | −0.108% | $1.4M | $8.0M | 50x | as long as short |
| OKX MSTR-USDT-SWAP | 0.0000% | 8h | 164.11 | −0.102% | $20.8M | $98.9M | 50x | as long as short |
| Phemex MSTRUSDT | 0.0000% | 4h | 164.30 | +0.014% | $2.8M | $70K | 10x | as long as short |
| Variational Omni MSTR | +0.0011% | 8h | 164.49 | +0.131% | $1.2M | $2.0M | — | as long as short |
| Lighter MSTR | +0.0032% | 1h | 164.10 | −0.108% | $3.5M | $1.9M | 10x | as long as short |
| Extended MSTR_24_5-USD | +0.0032% | 1h | 164.08 | −0.120% | $594K | $1.9M | 10x | as long as short |
| Injective MSTR/USDC PERP | +0.0033% | 1h | 169.34 | +3.082% | $8K | $26K | 30x | as long as short |
| Arcus MSTR-USD | +0.0040% | 1h | 164.39 | +0.069% | $26K | $112K | 10x | as long as short |
Bitget MSTRUSDT
Gate MSTR_USDT
Aster MSTRUSDT
OKX MSTR-USDT-SWAP
Phemex MSTRUSDT
Variational Omni MSTR
Lighter MSTR
Extended MSTR_24_5-USD
Injective MSTR/USDC PERP
Arcus MSTR-USDShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Vest MSTR-USD-PERP | +0.0046% | 1h | 164.13 | −0.089% | — | $1.8M | 25x | as long as short |
| Polymarket Perps MSTR-USD | +0.0050% | 1h | 164.16 | −0.071% | $383K | $2.7M | 10x | as long as short |
| SoDEX MSTR-USD | +0.0050% | 1h | 164.14 | −0.083% | $43K | $3K | 10x | as long as short |
| Ondo Perps MSTR-USD.P | +0.0050% | 1h | 164.16 | −0.071% | $880K | $4.3M | 10x | as long as short |
| tradeXYZ xyz:MSTRshort | +0.0059% | 1h | 164.12 | −0.096% | $55.0M | $36.6M | 10x | |
| QFEX MSTR-USD | +0.0060% | 1h | 164.24 | −0.023% | $1.4M | $7.8M | 10x | as long as short |
| Binance MSTRUSDT | +0.0080% | 8h | 164.14 | −0.083% | $87.7M | $618.3M | 50x | as long as short |
| Pacifica MSTR | +0.0100% | 1h | 164.22 | −0.032% | $100K | $84K | 10x | as long as short |
| KuCoin MSTRUSDTM | +0.0100% | 8h | 164.13 | −0.089% | $2.4M | $2.7M | 20x | as long as short |
| ApeX Omni MSTRUSDT | +0.0100% | 1h | 164.33 | +0.032% | $4K | $184K | 50x | as long as short |
| Orderly PERP_MSTR_USDC_mythos | +0.0100% | 8h | 164.16 | −0.071% | $3K | $8K | 10x | as long as short |
| Aevo MSTR-PERP | +0.0104% | 1h | 164.13 | −0.090% | $136 | — | 10x | as long as short |
| edgeX MSTRUSDC | +0.0137% | 4h | 164.24 | −0.024% | $50K | $5.4M | 10x | as long as short |
| Paradex MSTR-USD-PERP | +0.0140% | 8h | 164.22 | −0.032% | $66 | — | 5x | as long as short |
| GRVT MSTR_USDT_Perp | +0.0154% | 8h | 164.57 | +0.177% | $77K | $772K | 10x | as long as short |
| Coinbase International MSTR-PERP-INTX | +0.0200% | 1h | 164.09 | −0.114% | $1.4M | $1.1M | 10x | as long as short |
| Nado MSTR-PERP | +0.0205% | 1h | 164.14 | −0.081% | $122K | $149K | 3x | as long as short |
| RISEx MSTR/USDC | +0.0291% | 1h | 164.24 | −0.026% | $269K | $447K | 10x | as long as short |
| Bybit MSTRUSDT | +0.0336% | 8h | 164.20 | −0.047% | $17.0M | $40.7M | 50x | as long as short |
| Phoenix MSTRlong | +0.0336% | 1h | 164.28 | long leg | $55K | $227K | 10x | |
| Deribit MSTR_USDC-PERPETUAL | +0.0603% | 1h | 164.17 | −0.065% | $279K | $438K | 10x | as long as short |
Vest MSTR-USD-PERP
Polymarket Perps MSTR-USD
SoDEX MSTR-USD
Ondo Perps MSTR-USD.P
QFEX MSTR-USD
Binance MSTRUSDT
Pacifica MSTR
KuCoin MSTRUSDTM
ApeX Omni MSTRUSDT
Orderly PERP_MSTR_USDC_mythos
Aevo MSTR-PERP
edgeX MSTRUSDC
Paradex MSTR-USD-PERP
GRVT MSTR_USDT_Perp
Coinbase International MSTR-PERP-INTX
Nado MSTR-PERP
RISEx MSTR/USDC
Bybit MSTRUSDT
Deribit MSTR_USDC-PERPETUAL