Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0569%/8h= +62.3% APRpaid last 24h +0.134%

Price spread now: Deribit against BloFin+0.043%7-day average +0.021% · 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−$36as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.427%+$43 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now +0.043%, 7d avg +0.021%

Together, before fees+0.462%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Deribit is 0.022% dearer against BloFin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	164.44	0.0277	pay 0.0277% / 8h	3h 51m	$1.0M	$2.0M	20x
Short	Deribit MSTR_USDC-PERPETUAL	164.51	0.0845	get 0.0106% / 1h	51m 08s	$280K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now +0.043%Rate

Funding earned: $119.39
Price spread: +0.043% → +0.021%: $2.2
Slippage, 4 orders: −$19.2
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $83.39
Costs to cover: 0.382%
Break-even: 2.1 days

Slippage from BloFin: live order book, 2 min ago; Deribit: live order book, 3 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 BloFin live order book, 2 min ago	0.91 bp	8.6 bp −$9	11.2 bp −$112	21.1 bp −$2,109	doesn't fit
Sell Deribit live order book, 3 min ago	5.77 bp	12.3 bp −$12	13.5 bp −$135	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
Bitget MSTRUSDT	−0.0884%	8h	164.57	+0.079%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.39	−0.028%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	+0.024%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.50	+0.036%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0028%	8h	164.41	−0.018%	$20.7M	$99.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.32	−0.073%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.26	−0.109%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.980%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.66	+0.134%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.36	−0.049%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.41	−0.018%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.42	−0.012%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	+0.018%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.41	−0.018%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.131%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.43	−0.004%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.37	−0.043%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.55	+0.067%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.43	−0.006%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	+0.006%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.38	−0.035%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.40	−0.024%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.195%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.74	+0.182%	$82K	$792K	10x	as long as short
edgeX MSTRUSDC	+0.0179%	4h	164.56	+0.073%	$49K	$5.3M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0212%	1h	164.41	−0.018%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.42	−0.011%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0232%	1h	164.37	−0.045%	$121K	$148K	3x	as long as short
BloFin MSTR-USDTlong	+0.0277%	8h	164.44	long leg	$1.0M	$2.0M	20x
Phoenix MSTR	+0.0340%	1h	164.59	+0.090%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.44	0.000%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0845%	1h	164.51	+0.043%	$280K	$438K	10x