Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.125%

Price spread now: BloFin against Deribit+0.054%7-day average −0.019% · 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−$31as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.464%−$46 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.054%, 7d avg −0.019%

Together, before fees−0.594%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.073% dearer against Deribit than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.019%): +$7 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 5 days (−0.464% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	165.88	0.0595	pay 0.0074% / 1h	50m 36s	$282K	$184K	10x
Short	BloFin MSTR-USDT	165.97	0.0582	get 0.0582% / 8h	4h 50m	$1.1M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$2.57
Price spread: +0.054% → −0.019%: $7.33
Slippage, 4 orders: −$19.59
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$33.83
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Deribit: live order book, 56 min ago; BloFin: live order book, 5 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, 56 min ago	7.22 bp	11.3 bp −$11	12.8 bp −$128	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.90 bp	7.6 bp −$8	10.0 bp −$100	23.3 bp −$2,328	doesn't fit

MSTR on 32 exchanges

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	0.0000%	8h	165.99	+0.066%	$4.9M	$17.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.01	+0.078%	$32.2M	$102.5M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.95	+0.042%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.79	−0.054%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.72	−0.096%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.398%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.99	+0.066%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.90	+0.012%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.90	+0.012%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.93	+0.030%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	165.90	+0.012%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.89	+0.006%	$1.4M	$354K	10x	as long as short
Nado MSTR-PERP	+0.0068%	1h	165.85	−0.021%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.85	−0.016%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.83	−0.033%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.85	−0.018%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.22	+0.205%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.91	+0.018%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.96	+0.049%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0156%	8h	166.04	+0.096%	$16.6M	$37.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0213%	1h	165.85	−0.018%	$54.8M	$33.4M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0261%	8h	166.12	+0.145%	$21.9M	$79.7M	50x	as long as short
Aster MSTRUSDT	+0.0267%	8h	165.99	+0.065%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	166.28	+0.239%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0352%	8h	165.97	+0.055%	$1.2M	$1.6M	—	as long as short
Binance MSTRUSDT	+0.0446%	8h	166.03	+0.090%	$86.7M	$516.1M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0450%	8h	166.43	+0.330%	$87K	$941K	10x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.01	+0.080%	$274K	$349K	10x	as long as short
edgeX MSTRUSDC	+0.0579%	4h	166.39	+0.307%	$51K	$4.5M	10x	as long as short
BloFin MSTR-USDTshort	+0.0582%	8h	165.97	+0.054%	$1.1M	$2.0M	20x
Deribit MSTR_USDC-PERPETUALlong	+0.0595%	1h	165.88	long leg	$282K	$184K	10x
Arcus MSTR-USD	+0.0803%	1h	166.03	+0.090%	$26K	$63K	10x	as long as short