Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0661%/8h= +72.4% APRpaid last 24h +0.139%

Price spread now: Deribit against Bybit−0.012%45s7-day average +0.025% · you buy dearer than you sell

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−$400.402% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.431%+$43 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now −0.012%, 7d avg +0.025%

Together, before fees+0.436%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.037% cheaper against Bybit than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.025%). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$20 a day). At the pace of the last 5 days (+0.431% in total) that is about 9 hours. The two prices were read 45 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	Bybit MSTRUSDT	169.66	0.0092	pay 0.0092% / 8h	2h 24m	$15.2M	$41.1M	50x
Short	Deribit MSTR_USDC-PERPETUAL	169.64	0.0753	get 0.0094% / 1h	24m 28s	$288K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $138.86
Price spread: −0.012% → +0.025%: −$3.66
Slippage, 4 orders: −$22.21
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $94.99
Costs to cover: 0.402%
Break-even: 2.2 days

Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 64 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 Bybit live order book, 4 min ago	0.59 bp	8.5 bp −$9	15.2 bp −$152	118.6 bp −$11.9K	doesn't fit
Sell Deribit live order book, 64 min ago	6.19 bp	9.7 bp −$10	12.0 bp −$120	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	−0.0079%	1h	169.46	−0.115%	$140K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0015%	8h	169.65	−0.006%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.52	−0.083%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.67	+0.009%	$88.9M	$629.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.65	−0.006%	$22.1M	$107.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.67	+0.008%	$297K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.59	−0.041%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.58	−0.048%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	−0.129%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.54	−0.071%	$2.9M	$57K	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	169.57	−0.053%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.41	−0.150%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.58	−0.047%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.68	+0.012%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.324%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.54	−0.071%	$56.7M	$38.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.59	−0.041%	$413K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.60	−0.035%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.27	−0.230%	$763K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0071%	8h	169.64	−0.012%	$28.9M	$119.8M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0073%	8h	169.59	−0.039%	$68	—	5x	as long as short
Bybit MSTRUSDTlong	+0.0092%	8h	169.66	long leg	$15.2M	$41.1M	50x
Pacifica MSTR	+0.0100%	1h	169.58	−0.048%	$104K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.44	−0.130%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.37	−0.171%	$4K	$934K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.52	−0.083%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.51	−0.087%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.44	−0.131%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0387%	4h	169.35	−0.181%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.66	0.000%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.330%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0753%	1h	169.64	−0.012%	$288K	$438K	10x