Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0682%/8h= −74.7% APRpaid last 24h −0.183%

Price spread now: GRVT against Deribit+0.046%7-day average −0.020% · 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−$410.405% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.622%−$62 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.046%, 7d avg −0.020%

Together, before fees−0.704%+ Points / potential airdropGRVT: Active · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.067% dearer against Deribit than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.020%): +$7 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	162.55	0.0920	pay 0.0115% / 1h	34m 55s	$276K	$437K	10x
Short	GRVT MSTR_USDT_Perp	162.63	0.0238	get 0.0238% / 8h	1h 34m	$83K	$878K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$143.27
Price spread: +0.046% → −0.020%: $6.65
Slippage, 4 orders: −$24.53
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$177.15
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Deribit: live order book, 9 min ago; GRVT: live order book, 8 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, 9 min ago	6.44 bp	9.9 bp −$10	11.9 bp −$119	doesn't fit	doesn't fit
Sell GRVT live order book, 8 min ago	1.54 bp	10.0 bp −$10	15.4 bp −$154	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	−0.0942%	8h	162.81	+0.160%	$28.6M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.65	+0.062%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.08	+0.326%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0029%	8h	162.53	−0.015%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.36	−0.117%	$509K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.177%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.73	+0.111%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.18	−0.228%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.49	−0.037%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.55	0.000%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.45	−0.062%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.54	−0.006%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.59	+0.024%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.50	−0.031%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.41	−0.086%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.53	−0.012%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.53	−0.014%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0142%	8h	162.61	+0.037%	$20.7M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	+0.004%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0152%	1h	162.52	−0.018%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.634%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0158%	8h	162.55	−0.001%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0228%	8h	162.54	−0.006%	$83.6M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perpshort	+0.0238%	8h	162.63	+0.046%	$83K	$878K	10x
tradeXYZ xyz:MSTR	+0.0275%	1h	162.57	+0.012%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.62	+0.040%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0348%	8h	162.56	+0.006%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0349%	1h	162.44	−0.068%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.56	+0.006%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0383%	8h	162.59	+0.025%	$16.8M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0711%	4h	162.63	+0.048%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0920%	1h	162.55	long leg	$276K	$437K	10x