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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 09:00 UTC−0.0748%/8h= −81.9% APRpaid last 24h −0.164%
Price spread now: OKX against Deribit+0.031%56s7-day average −0.022% · 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—prices read too far apart to compare
costs, in and out, $10k−$330.332% of the position
Long on DeribitShort on OKX
What this pair did over the last
the charts below follow
Funding, last 5 days (all we have)−0.611%−$61 on $10k
Price spread, last 4 days (all we have)+0.015%+$1 · spread now +0.031%, 7d avg −0.022%
Together, before fees−0.596%−$60 on $10k · with fees, hour by hour
The price spread pays, funding is against you. OKX is 0.053% dearer against Deribit than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of −0.022%): +$5 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 6 hours. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit MSTR_USDC-PERPETUAL163.330.0976pay 0.0122% / 1h46m 23s$278K$432K10x
ShortOKX MSTR-USDT-SWAP163.380.0228get 0.0228% / 8h7h 46m$20.9M$99.3M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

OKX 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

Funding earned
−$157.14
Price spread: +0.031% → −0.022%
$5.27
Slippage, 4 orders
−$16.24
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee OKX: 5 bp × 2 orders
−$10
Net
−$185.11
Costs to cover
0.332%
Break-even
never at this rate
Slippage from Deribit: live order book, 52 min ago; OKX: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 52 min ago6.72 bp10.2 bp −$1011.9 bp −$119doesn't fitdoesn't fit
Sell OKX live order book, 2 min ago0.31 bp6.1 bp −$611.0 bp −$11050.7 bp −$5,071doesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0211%8h163.48+0.092%$30.1M$118.5M25xas long as short
Phemex MSTRUSDT0.0000%4h163.36+0.018%$2.7M$85K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.15−0.112%$592K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.680%$8K$25K30xas long as short
Arcus MSTR-USD+0.0040%1h163.55+0.135%$26K$114K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.32−0.006%—$1.7M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.20−0.080%$377K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.37+0.024%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.39+0.037%$892K$3.7M10xas long as short
QFEX MSTR-USD+0.0061%1h163.44+0.067%$1.3M$7.0M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Pacifica MSTR+0.0100%1h163.48+0.094%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.44+0.067%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.36+0.018%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.43+0.061%$3K$13K10xas long as short
Lighter MSTR+0.0104%1h163.43+0.061%$3.5M$1.7M10xas long as short
Aevo MSTR-PERP+0.0104%1h163.39+0.040%$136—10xas long as short
Aster MSTRUSDT+0.0120%8h163.48+0.089%$1.8M$8.7M50xas long as short
Coinbase International MSTR-PERP-INTX+0.0120%1h162.62−0.435%$1.4M$1.1M10xas long as short
Gate MSTR_USDT+0.0124%8h163.48+0.092%$4.7M$18.4M50xas long as short
Paradex MSTR-USD-PERP+0.0162%8h163.42+0.054%$65—5xas long as short
Nado MSTR-PERP+0.0169%1h163.24−0.054%$125K$165K3xas long as short
Variational Omni MSTR+0.0218%8h163.95+0.378%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAPshort+0.0228%8h163.38+0.031%$20.9M$99.3M50x
Binance MSTRUSDT+0.0315%8h163.38+0.031%$84.2M$619.0M50xas long as short
RISEx MSTR/USDC+0.0400%1h163.42+0.055%$268K$417K10xas long as short
tradeXYZ xyz:MSTR+0.0424%1h163.35+0.012%$53.9M$37.6M10xas long as short
BloFin MSTR-USDT+0.0435%8h163.41+0.049%$1.0M$2.1M20xas long as short
Phoenix MSTR+0.0460%1h163.65+0.194%$56K$223K10xas long as short
edgeX MSTRUSDC+0.0570%4h163.65+0.196%$47K$5.4M10xas long as short
Bybit MSTRUSDT+0.0674%8h163.41+0.049%$17.1M$41.3M50xas long as short
Deribit MSTR_USDC-PERPETUALlong+0.0976%1h163.33long leg$278K$432K10x
GRVT MSTR_USDT_Perp+0.1038%8h163.62+0.179%$80K$848K10xas long as short