Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.140%

Price spread now: Binance against Deribit−0.018%7-day average −0.023% · 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−$33as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.519%−$52 on $10k

Price spread, last 2 days (all we have)−0.049%−$5 · spread now −0.018%, 7d avg −0.023%

Together, before fees−0.568%−$57 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$15 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	169.61	0.0576	pay 0.0072% / 1h	0m 14s	$288K	$438K	10x
Short	Binance MSTRUSDT	169.58	0.0062	get 0.0062% / 8h	0m 14s	$89.4M	$628.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.018%Rate

Funding earned: −$107.94
Price spread: −0.018% → −0.023%: $0.55
Slippage, 4 orders: −$16.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$141.13
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Deribit: live order book, 13 min ago; Binance: live order book, 14 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, 13 min ago	7.40 bp	10.9 bp −$11	14.8 bp −$148	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.30 bp	5.6 bp −$6	8.8 bp −$88	24.6 bp −$2,457	113.8 bp −$56.9K

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	−0.0044%	1h	169.42	−0.113%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.27	−0.201%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.55	−0.035%	$21.9M	$106.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.48	−0.077%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.44	−0.099%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.31	−0.177%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.53	−0.047%	$276K	$441K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0030%	8h	169.13	−0.283%	$77K	$871K	10x	as long as short
Bitget MSTRUSDT	+0.0031%	8h	169.58	−0.018%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	169.53	−0.047%	$3.6M	$2.4M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.44	−0.101%	$581K	$1.8M	10x	as long as short
BloFin MSTR-USDT	+0.0037%	8h	169.60	−0.006%	$1.1M	$1.9M	20x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.69	+0.047%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.50	−0.065%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.47	−0.083%	$400K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.54	−0.041%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.23	−0.224%	$764K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.59	−0.012%	$15.2M	$40.3M	50x	as long as short
Binance MSTRUSDTshort	+0.0062%	8h	169.58	−0.018%	$89.4M	$628.5M	50x
Paradex MSTR-USD-PERP	+0.0094%	8h	169.47	−0.085%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.507%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.53	−0.049%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.36	−0.147%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.271%	$4K	$224K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.51	−0.059%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.430%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.52	−0.055%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0123%	1h	169.50	−0.065%	$57.3M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.45	−0.095%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0576%	1h	169.61	long leg	$288K	$438K	10x
edgeX MSTRUSDC	+0.0628%	4h	169.42	−0.112%	$48K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.57	−0.024%	$27K	$129K	10x	as long as short