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Demonstration data — not live and not venue-verified. Equity perpetuals are derivatives, not shares.

Why this label
EPIC

stock · Nasdaq

MSTR · Strategy Inc.

Listed software company often discussed alongside bitcoin exposure. EPIC does not treat that exposure as the contract specification.

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Snapshot session: after-hours transitionNo scenario earnings dateScenario corporate action

Demonstration · Snapshot 25 Sep 2026, 20:00 UTC · Not a live feed, venue quotation, or verified term.

Cross-venue dispersion · Screen this name · Calendar

Reference anchor

US$336.50

EPIC aggregate mark

US$335.98

Equal-weight of venue marks. Not a tradable price.

Aggregate basis

-0.15%

Median funding

-0.0032%

Tracked 24h notional

489.94m USD

Tracked open interest

217.38m USD

Active venues in the book

3

Reference confidence

65Limited reference quality

Illustrative path

Pinned to the snapshot. Not a historical tape. Session shading is described on AfterClose rather than drawn as a false time axis.

Venue comparison

VenueSymbolMarkReferenceBasisFundingNext fundingIntervalLeverageCollateralSettlementSpreadVolumeOpen interestConfidencePolicyVerified
NorthlineNL-MSTR-PERPUS$336.21US$336.50-0.08%-0.0032%Shorts pay longs26 Sep 2026 00:00 UTC8h20×USDCUSDC2.8 bps221.74m109.85m67Limited reference qualityDisclosedUnverified
HarborHMSTRPERPUS$334.83US$336.50-0.50%-0.0157%Shorts pay longs25 Sep 2026 21:00 UTC1h50×USDTUSDT9.7 bps163.58m49.71m62Limited reference qualityNot disclosedUnverified
MeridianmMSTR-PERPUS$336.91US$336.500.12%0.0028%Longs pay shorts26 Sep 2026 00:00 UTC8h10×USDCUSDC20.2 bps104.62m57.82m66Limited reference qualityPartially disclosedUnverified

Funding

  • Northline-0.0032%Shorts pay longs
  • Harbor-0.0157%Shorts pay longs
  • Meridian0.0028%Longs pay shorts

Basis

A basis gap is not automatically an arbitrage. Fees, funding, spread, slippage, collateral and access still apply.

  • Northline-0.08%
  • Harbor-0.50%
  • Meridian0.12%

Liquidity

Northline

Spread 2.8 bps · depth 10 bps 1.7m · 25 bps 4.44m

Volume / open interest 2.02. Illustrative book, not a live ladder.

Harbor

Spread 9.7 bps · depth 10 bps 722.17k · 25 bps 2.07m

Volume / open interest 3.29. Illustrative book, not a live ladder.

Meridian

Spread 20.2 bps · depth 10 bps 200.1k · 25 bps 597.54k

Volume / open interest 1.81. Illustrative book, not a live ladder.

Specification differences

  • Northline calls the mark “fair price” and the interval “eight-hour funding window”. Normalised: mark price, 8h funding, isolated or cross margin.
  • Harbor calls the mark “markPx” and the interval “1H”. Normalised: mark price, 1h funding, isolated or cross margin.
  • Meridian calls the mark “oracleMark” and the interval “fundingPeriod=8”. Normalised: mark price, 8h funding, isolated margin.

After the cash close

The snapshot was taken at 20:00 UTC on 25 Sep 2026, the US cash close. Marks in the book are not updated when the live session clock changes.

Open AfterClose

Risk disclosure status

Northline

1 categories not disclosed in the sample file. None of these venues is labelled safe.

Venue profile

Harbor

3 categories not disclosed in the sample file. None of these venues is labelled safe.

Venue profile

Meridian

2 categories not disclosed in the sample file. None of these venues is labelled safe.

Venue profile

Corporate-action scenarios

  • Scenario

    Special cash dividend

    Scenario special dividend with incomplete venue coverage, so several cells stay not disclosed.

    Compare venue treatments

Eligibility

EPIC does not determine legal eligibility. Open the explorer for the sample access phrases.

Eligibility explorer

Why the median score is 65

Component contributions use the weights shown. This is anchor quality, not a valuation.

  • Primary cash-market status20%22
  • Reference-source freshness15%75
  • Independent source count10%59
  • Order-book depth10%94
  • Spread quality10%94
  • Mark versus last trade10%83
  • Related-instrument agreement10%71
  • Volatility regime5%57
  • Event-risk flag5%86
  • Price-band or stale-index condition5%90

The breakdown above is the first venue in the table, not a blended score.

Sources

Source type: EPIC demonstration dataset. Captured with the snapshot. Not an official API.

Score methodology