Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1046%/8h= −114.5% APRpaid last 24h −0.187%

Price spread now: KuCoin against Deribit−0.139%53s7-day average −0.052% · 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—prices read too far apart to compare

costs, in and out, $10k−$830.834% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.607%−$61 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now −0.139%, 7d avg −0.052%

Together, before fees−0.550%−$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and KuCoin is 0.087% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.052%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	165.03	0.1146	pay 0.0143% / 1h	45m 29s	$281K	$438K	10x
Short	KuCoin MSTRUSDTM	164.80	0.0100	get 0.0100% / 8h	6h 45m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$219.58
Price spread: −0.139% → −0.052%: −$8.7
Slippage, 4 orders: −$64.41
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$311.69
Costs to cover: 0.834%
Break-even: never at this rate

Slippage from Deribit: live order book, 23 min ago; KuCoin: live order book, 6 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	7.19 bp	10.7 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	2.42 bp	30.6 bp −$31	doesn't fit	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	−0.0475%	8h	164.98	−0.030%	$27.2M	$115.6M	25x	as long as short
Gate MSTR_USDT	−0.0317%	8h	164.84	−0.115%	$4.6M	$18.8M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.92	−0.065%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	164.87	−0.097%	$87.1M	$624.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.81	−0.133%	$21.1M	$100.2M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.96	−0.042%	$270K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.99	−0.022%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	165.55	+0.314%	$76K	$809K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.49	+0.279%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.315%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	164.70	−0.200%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.27	+0.145%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.59	−0.267%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.99	−0.024%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−0.151%	$799K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.93	−0.061%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.90	−0.080%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.80	−0.139%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.86	−0.103%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.84	−0.115%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.95	−0.050%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0126%	1h	164.88	−0.091%	$385K	$2.7M	10x	as long as short
Lighter MSTR	+0.0128%	1h	164.75	−0.170%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	164.81	−0.133%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.21	+0.109%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.612%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0357%	1h	164.84	−0.115%	$55.7M	$36.5M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	165.41	+0.231%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0389%	4h	165.28	+0.154%	$47K	$5.5M	10x	as long as short
Nado MSTR-PERP	+0.0409%	1h	164.80	−0.138%	$134K	$129K	3x	as long as short
Bybit MSTRUSDT	+0.0429%	8h	164.92	−0.067%	$17.2M	$41.1M	50x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.1146%	1h	165.03	long leg	$281K	$438K	10x