Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.103%

Price spread now: Paradex against Deribit−0.040%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Paradex is 0.040% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	169.03	0.0342	pay 0.0043% / 1h	27m 03s	$287K	$438K	10x
Short	Paradex MSTR-USD-PERP	168.96	0.0122	get 0.0122% / 8h	27m 03s	$68	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$46.23
Price spread: −0.040% → 0.000%: −$4
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$61.23
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 52 min ago; Paradex: no order-book sample. Net counts fees only.

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, 52 min ago	6.49 bp	10.0 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Nado MSTR-PERP	−0.0008%	1h	168.94	−0.052%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.99	−0.022%	$1.2M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.04	+0.006%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.00	−0.020%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.08	+0.030%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.00	−0.018%	$275K	$441K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0015%	8h	169.10	+0.041%	$22.0M	$106.2M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.98	−0.030%	$3.6M	$2.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.91	−0.069%	$583K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.09	+0.035%	—	$2.1M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSTR_USDT_Perp	+0.0049%	8h	168.99	−0.024%	$77K	$879K	10x	as long as short
QFEX MSTR-USD	+0.0049%	1h	168.95	−0.047%	$1.5M	$10.2M	10x	as long as short
Bitget MSTRUSDT	+0.0050%	8h	169.08	+0.030%	$28.7M	$119.9M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.98	−0.030%	$395K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.02	−0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.80	−0.136%	$779K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	169.03	+0.003%	$89.0M	$628.4M	50x	as long as short
BloFin MSTR-USDT	+0.0067%	8h	169.10	+0.041%	$1.1M	$1.9M	20x	as long as short
Bybit MSTRUSDT	+0.0091%	8h	169.03	0.000%	$15.1M	$40.4M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.166%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.95	−0.050%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.93	−0.059%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.94	−0.053%	$4K	$354K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.98	−0.030%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.21	+0.106%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.00	−0.016%	$140	—	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0122%	8h	168.96	−0.040%	$68	—	5x
tradeXYZ xyz:MSTR	+0.0183%	1h	169.02	−0.006%	$57.1M	$37.2M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.11	+0.045%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0342%	1h	169.03	long leg	$287K	$438K	10x
edgeX MSTRUSDC	+0.0539%	4h	168.98	−0.027%	$47K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.08	+0.030%	$27K	$129K	10x	as long as short