Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.171%

Price spread now: Deribit against Bitget+0.024%48s7-day average +0.015% · you sell dearer than you buy

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−$400.403% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.489%+$49 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.024%, 7d avg +0.015%

Together, before fees+0.479%+$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 48 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	Bitget MSTRUSDT	169.42	0.0064	pay 0.0064% / 8h	2h 02m	$28.9M	$120.1M	25x
Short	Deribit MSTR_USDC-PERPETUAL	169.46	0.0163	get 0.0020% / 1h	2m 27s	$288K	$439K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.024%Rate

Funding earned: $20.84
Price spread: +0.024% → +0.015%: $0.87
Slippage, 4 orders: −$21.28
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$18.57
Costs to cover: 0.403%
Break-even: 13.2 days

Slippage from Bitget: live order book, 2 min ago; Deribit: live order book, 21 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 Bitget live order book, 2 min ago	0.29 bp	9.3 bp −$9	12.7 bp −$127	30.5 bp −$3,053	doesn't fit
Sell Deribit live order book, 21 min ago	4.71 bp	12.9 bp −$13	14.3 bp −$143	doesn't fit	doesn't fit

MSTR on 32 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
Nado MSTR-PERP	−0.0074%	1h	169.29	−0.075%	$139K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0030%	8h	169.45	+0.018%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.34	−0.045%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.45	+0.018%	$88.6M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.35	−0.041%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.44	+0.013%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.38	−0.024%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.39	−0.019%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.40	−0.012%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.46	+0.024%	$2.9M	$59K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.38	−0.024%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.24	−0.109%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.46	+0.024%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.071%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.183%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.36	−0.035%	$406K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.40	−0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	−0.100%	$752K	$5.1M	10x	as long as short
Bitget MSTRUSDTlong	+0.0064%	8h	169.42	long leg	$28.9M	$120.1M	25x
tradeXYZ xyz:MSTR	+0.0066%	1h	169.39	−0.018%	$56.8M	$38.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0082%	8h	169.37	−0.030%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0084%	8h	169.41	−0.006%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	0.000%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.30	−0.071%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.35	−0.041%	$4K	$854K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.41	−0.006%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.40	−0.011%	$141	—	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0163%	1h	169.46	+0.024%	$288K	$439K	10x
Phoenix MSTR	+0.0184%	1h	169.45	+0.015%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.50	+0.047%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.112%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0709%	4h	169.42	+0.001%	$48K	$5.4M	10x	as long as short