MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0800%/8h= −87.6% APRnext payment −$1.00 per $10,000 · paid last 24h −0.198%

Price spread now: Extended against Deribit−0.138%7-day average −0.114% · 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−$36as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Deribit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.473%−$47 on $10k

Price spread, last 4 days (all we have)+0.313%+$31 · spread now −0.138%, 7d avg −0.114%

Together, before fees−0.160%+ Points / potential airdropExtended: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Extended is 0.024% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.114%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	166.58	0.0832	pay 0.0104% / 1h	12m 26s	$283K	$309K	10x
Short	Extended MSTR_24_5-USD	166.35	0.0032	get 0.0004% / 1h	12m 26s	$540K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$167.94
Price spread: −0.138% → −0.114%: −$2.44
Slippage, 4 orders: −$21.16
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$203.54
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Deribit: live order book, 21 min ago; Extended: 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, 21 min ago	6.76 bp	10.3 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	2.11 bp	6.7 bp −$7	21.9 bp −$219	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
Gate MSTR_USDT	0.0000%	8h	166.43	−0.090%	$4.9M	$19.1M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.65	+0.042%	$31.3M	$114.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.73	−0.510%	$2.8M	$83K	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	166.35	−0.138%	$540K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−2.383%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.31	−0.162%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.50	−0.048%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.10	−0.288%	$384K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.05	−0.318%	$917K	$3.6M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	166.23	−0.210%	$1.4M	$6.9M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	166.11	−0.279%	$102K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.04	−0.324%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.60	−0.588%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.45	−0.078%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.48	−0.062%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	166.12	−0.276%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0171%	8h	166.13	−0.270%	$1.8M	$8.6M	50x	as long as short
Lighter MSTR	+0.0176%	1h	166.07	−0.306%	$3.5M	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0178%	1h	166.09	−0.297%	$127K	$143K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0188%	8h	166.14	−0.265%	$66	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0262%	8h	166.57	−0.006%	$21.3M	$93.1M	50x	as long as short
Variational Omni MSTR	+0.0279%	8h	165.48	−0.660%	$1.2M	$1.8M	—	as long as short
Binance MSTRUSDT	+0.0364%	8h	166.45	−0.080%	$86.9M	$594.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0382%	1h	166.43	−0.090%	$54.9M	$36.4M	10x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	166.24	−0.204%	$271K	$387K	10x	as long as short
Phoenix MSTR	+0.0460%	1h	164.61	−1.184%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0484%	8h	165.83	−0.450%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0576%	8h	166.53	−0.030%	$17.6M	$39.6M	50x	as long as short
edgeX MSTRUSDC	+0.0630%	4h	165.48	−0.662%	$47K	$5.4M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0686%	8h	165.75	−0.499%	$82K	$848K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0832%	1h	166.58	long leg	$283K	$309K	10x
SoDEX MSTR-USD	+0.1107%	1h	166.34	−0.144%	$44K	$3K	10x	as long as short