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

Net, funding: paid 7d − costs−$21as 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 Polymarket Perps Short on Phoenix

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

Funding pays, the price is against you. Phoenix is 0.155% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.120% now, against its 7-day average of +0.035%). If the spread goes back, that is −$16 on $10k: about 46 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.189% in total) that is about 5.7 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	Polymarket Perps MSTR-USD	166.13	0.0050	pay 0.0006% / 1h	6m 24s	$392K	$2.4M	10x
Short	Phoenix MSTR	165.93	0.0322	get 0.0040% / 1h	6m 24s	$55K	$213K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now −0.120%Rate

Funding earned: $57.08
Price spread: −0.120% → +0.035%: −$15.51
Slippage, 4 orders: −$24.42
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.16
Costs to cover: 0.394%
Break-even: 6.7 days

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 35 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 Polymarket Perps live order book, 5 min ago	2.11 bp	6.4 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	3.91 bp	12.0 bp −$12	25.3 bp −$253	doesn't fit	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	−0.548%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.23	+0.060%	$4.9M	$17.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.22	+0.054%	$32.3M	$103.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.09	−0.024%	$2.8M	$83K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.06	−0.042%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.03	−0.059%	$616K	$2.0M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.19	+0.036%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.08	−0.030%	$1.3M	$5.8M	10x	as long as short
Polymarket Perps MSTR-USDlong	+0.0050%	1h	166.13	long leg	$392K	$2.4M	10x
SoDEX MSTR-USD	+0.0050%	1h	166.03	−0.060%	$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	−0.289%	$859K	$3.2M	10x	as long as short
Nado MSTR-PERP	+0.0069%	1h	166.08	−0.031%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.58	−0.331%	$1.4M	$356K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	166.10	−0.016%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.02	−0.066%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.00	−0.078%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.90	−0.138%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.14	+0.006%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.16	+0.016%	$138	—	10x	as long as short
Bybit MSTRUSDT	+0.0173%	8h	166.24	+0.066%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0223%	1h	166.11	−0.012%	$54.9M	$33.5M	10x	as long as short
Aster MSTRUSDT	+0.0256%	8h	166.04	−0.054%	$1.8M	$6.3M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0259%	8h	166.20	+0.042%	$21.8M	$80.5M	50x	as long as short
Phoenix MSTRshort	+0.0322%	1h	165.93	−0.120%	$55K	$213K	10x
Variational Omni MSTR	+0.0351%	8h	165.80	−0.197%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0433%	8h	166.02	−0.064%	$85K	$922K	10x	as long as short
Binance MSTRUSDT	+0.0435%	8h	166.16	+0.018%	$87.2M	$519.2M	50x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.17	+0.024%	$274K	$348K	10x	as long as short
BloFin MSTR-USDT	+0.0567%	8h	166.06	−0.042%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0593%	1h	166.19	+0.036%	$283K	$184K	10x	as long as short
edgeX MSTRUSDC	+0.0632%	4h	165.87	−0.159%	$49K	$4.6M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.20	+0.042%	$26K	$63K	10x	as long as short