Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0578%/8h= −63.3% APRpaid last 24h −0.167%

Price spread now: Aster against Deribit−0.035%7-day average −0.046% · 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−$37as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.561%−$56 on $10k

Price spread, last 3 days (all we have)+0.045%+$5 · spread now −0.035%, 7d avg −0.046%

Together, before fees−0.516%+ Points / potential airdropAster: Stage 5 · farm board−$52 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	169.27	0.0578	pay 0.0072% / 1h	42m 28s	$288K	$439K	10x
Short	Aster MSTRUSDT	169.21	0	get 0.0000% / 8h	1h 42m	$1.3M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$121.33
Price spread: −0.035% → −0.046%: $1.11
Slippage, 4 orders: −$22.61
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$157.84
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Deribit: live order book, 41 min ago; Aster: live order book, 1 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 Deribit live order book, 41 min ago	4.71 bp	8.2 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	1.18 bp	6.7 bp −$7	315.4 bp −$3,154	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	−0.0086%	1h	169.21	−0.033%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0023%	8h	169.28	+0.006%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	169.21	−0.035%	$1.3M	$6.2M	50x
Binance MSTRUSDT	0.0000%	8h	169.31	+0.026%	$88.4M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.34	+0.041%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.31	+0.024%	$276K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.28	+0.006%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.03	−0.142%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.18	−0.051%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.26	−0.006%	$2.9M	$61K	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	169.27	0.000%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.17	−0.062%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.29	+0.012%	$1.5M	$10.2M	10x	as long as short
Bitget MSTRUSDT	+0.0045%	8h	169.33	+0.035%	$28.9M	$119.6M	25x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.35	+0.047%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.24	−0.018%	$400K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.20	−0.041%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.201%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.201%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0075%	8h	169.25	−0.012%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0077%	8h	169.34	+0.041%	$15.2M	$40.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0085%	1h	169.24	−0.018%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.28	+0.007%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.16	−0.065%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.18	−0.053%	$4K	$619K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.23	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.21	−0.037%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.160%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	−0.012%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	169.14	−0.074%	$48K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.34	+0.041%	$27K	$134K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0578%	1h	169.27	long leg	$288K	$439K	10x