Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1209%/8h= −132.3% APRpaid last 24h −0.173%

Price spread now: Gate against Deribit+0.103%7-day average −0.034% · 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−$34as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.366%−$37 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.103%, 7d avg −0.034%

Together, before fees−0.440%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.137% dearer against Deribit than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of −0.034%): +$14 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 5 days (−0.366% in total) that is about 43 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.366% in total (about -27.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	164.78	0.1209	pay 0.0151% / 1h	59m 49s	$280K	$438K	10x
Short	Gate MSTR_USDT	164.95	0	get 0.0000% / 8h	3h 59m	$4.6M	$18.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now +0.103%Rate

Funding earned: −$253.81
Price spread: +0.103% → −0.034%: $13.73
Slippage, 4 orders: −$25.61
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$287.69
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from Deribit: live order book, 59 min ago; Gate: 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, 59 min ago	6.66 bp	10.2 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.52 bp	13.9 bp −$14	29.7 bp −$297	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
Bitget MSTRUSDT	−0.0926%	8h	164.85	+0.042%	$27.9M	$115.2M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.60	−0.108%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	164.95	+0.103%	$4.6M	$18.9M	50x
Phemex MSTRUSDT	0.0000%	4h	164.72	−0.036%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0023%	8h	164.78	0.000%	$20.7M	$99.8M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.66	−0.073%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.63	−0.088%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.767%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.73	−0.032%	$267K	$445K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.61	−0.103%	$26K	$109K	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	164.58	−0.121%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.68	−0.061%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.72	−0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	−0.188%	$859K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.67	−0.067%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0097%	8h	164.61	−0.105%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.66	−0.076%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.62	−0.097%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.39	−0.237%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.72	−0.036%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.74	−0.025%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	164.67	−0.066%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0155%	8h	164.78	0.000%	$87.0M	$615.7M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.401%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0172%	8h	164.57	−0.128%	$82K	$792K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0184%	1h	164.69	−0.055%	$54.9M	$37.0M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.55	−0.142%	$56K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0246%	1h	164.50	−0.167%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0273%	8h	164.67	−0.067%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.83	+0.030%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0478%	4h	164.50	−0.169%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.1209%	1h	164.78	long leg	$280K	$438K	10x