Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1062%/8h= −116.3% APRpaid last 24h −0.180%

Price spread now: Bitget against Deribit0.000%7-day average −0.014% · 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−$37as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.510%−$51 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now 0.000%, 7d avg −0.014%

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

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$32 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	167.93	0.1062	pay 0.0133% / 1h	15m 18s	$286K	$438K	10x
Short	Bitget MSTRUSDT	167.93	0	get 0.0000% / 8h	7h 15m	$27.9M	$113.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$222.98
Price spread: 0.000% → −0.014%: $1.39
Slippage, 4 orders: −$18.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$259.56
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Deribit: live order book, 58 min ago; Bitget: live order book, 4 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, 58 min ago	7.40 bp	10.9 bp −$11	14.8 bp −$148	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.30 bp	8.5 bp −$8	14.7 bp −$147	21.4 bp −$2,143	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
Gate MSTR_USDT	−0.0085%	8h	167.90	−0.018%	$4.7M	$19.1M	50x	as long as short
Nado MSTR-PERP	−0.0006%	1h	167.70	−0.136%	$128K	$106K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	167.87	−0.036%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	167.89	−0.024%	$21.6M	$100.2M	50x	as long as short
Bitget MSTRUSDTshort	0.0000%	8h	167.93	0.000%	$27.9M	$113.2M	25x
Variational Omni MSTR	0.0000%	8h	168.08	+0.089%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.94	+0.007%	$85K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.90	−0.018%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0006%	8h	167.85	−0.048%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0011%	8h	167.90	−0.018%	$88.4M	$614.1M	50x	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	167.87	−0.036%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	167.64	−0.173%	$577K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	167.81	−0.071%	$1.4M	$8.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.16	+0.137%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.75	−0.107%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	167.79	−0.083%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	167.89	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	167.81	−0.071%	$766K	$4.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.06	+0.077%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	167.90	−0.020%	$104K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.81	−0.071%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.82	−0.066%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	167.87	−0.036%	$3K	$8K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0100%	8h	167.83	−0.059%	$67	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	167.86	−0.042%	$139	—	10x	as long as short
Bybit MSTRUSDT	+0.0147%	8h	167.98	+0.030%	$16.0M	$39.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0222%	1h	167.79	−0.083%	$56.7M	$36.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.840%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.22	+0.173%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	167.84	−0.054%	$273K	$433K	10x	as long as short
edgeX MSTRUSDC	+0.0582%	4h	168.03	+0.061%	$46K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.1062%	1h	167.93	long leg	$286K	$438K	10x