Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.168%

Price spread now: Bybit against Deribit+0.183%7-day average −0.024% · 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−$17as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.476%−$48 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.183%, 7d avg −0.024%

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

The price spread pays, funding is against you. Bybit is 0.207% dearer against Deribit than usual: you sell high and buy low (spread +0.183% now, against its 7-day average of −0.024%): +$21 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	164.08	0.0604	pay 0.0075% / 1h	40m 46s	$279K	$438K	10x
Short	Bybit MSTRUSDT	164.38	0.0343	get 0.0343% / 8h	5h 40m	$17.1M	$40.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.183%Rate

Funding earned: −$54.82
Price spread: +0.183% → −0.024%: $20.65
Slippage, 4 orders: −$19.88
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$72.05
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Deribit: live order book, 23 min ago; Bybit: live order book, 3 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, 23 min ago	5.77 bp	9.3 bp −$9	11.1 bp −$111	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.30 bp	8.0 bp −$8	14.4 bp −$144	127.8 bp −$12.8K	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
Bitget MSTRUSDT	−0.1278%	8h	164.43	+0.213%	$27.6M	$114.5M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.25	+0.103%	$1.7M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.28	+0.122%	$20.8M	$99.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.30	+0.134%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.17	+0.055%	$2.8M	$70K	10x	as long as short
Variational Omni MSTR	+0.0021%	8h	164.09	+0.008%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.21	+0.079%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.13	+0.030%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.206%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.30	+0.134%	$26K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.05	−0.018%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	−0.018%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.09	+0.006%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.99	−0.055%	$880K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.15	+0.043%	$1.4M	$7.7M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0082%	1h	164.15	+0.043%	$54.9M	$36.6M	10x	as long as short
Binance MSTRUSDT	+0.0089%	8h	164.30	+0.134%	$88.1M	$619.3M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.28	+0.123%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.14	+0.037%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.32	+0.146%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.10	+0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.04	−0.027%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	164.29	+0.128%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0157%	8h	164.40	+0.195%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	+0.006%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0208%	8h	164.17	+0.055%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0216%	1h	164.08	+0.002%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.34	+0.157%	$269K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.35	+0.162%	$55K	$227K	10x	as long as short
Bybit MSTRUSDTshort	+0.0343%	8h	164.38	+0.183%	$17.1M	$40.7M	50x
Deribit MSTR_USDC-PERPETUALlong	+0.0604%	1h	164.08	long leg	$279K	$438K	10x
edgeX MSTRUSDC	+0.0772%	4h	164.34	+0.161%	$49K	$5.4M	10x	as long as short