Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0699%/8h= −76.5% APRpaid last 24h −0.219%

Price spread now: Phemex against Deribit−0.036%7-day average −0.008% · you buy dearer than you sell

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.628%−$63 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now −0.036%, 7d avg −0.008%

Together, before fees−0.657%−$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phemex is 0.028% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	168.78	0.0699	pay 0.0087% / 1h	27m 43s	$287K	$439K	10x
Short	Phemex MSTRUSDT	168.72	0	get 0.0000% / 4h	1h 27m	$2.8M	$62K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$146.76
Price spread: −0.036% → −0.008%: −$2.76
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$168.53
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 56 min ago; Phemex: live order book, 6 min ago. 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, 56 min ago	4.71 bp	8.2 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.77 bp	doesn't fit	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
Nado MSTR-PERP	−0.0115%	1h	168.67	−0.064%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	168.83	+0.030%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.68	−0.058%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.70	−0.047%	$88.2M	$629.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.72	−0.036%	$22.0M	$106.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.71	−0.043%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.69	−0.053%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.91	+0.076%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.72	−0.037%	$83K	$935K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	168.72	−0.036%	$2.8M	$62K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0026%	8h	168.75	−0.018%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.69	−0.053%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.50	−0.164%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.81	+0.018%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.76	−0.012%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.73	−0.030%	$402K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.64	−0.083%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.77	−0.006%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0053%	8h	168.69	−0.053%	$15.1M	$40.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.071%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0066%	1h	168.69	−0.053%	$56.8M	$38.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0069%	8h	168.68	−0.058%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.68	−0.060%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.65	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.03	+0.148%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.68	−0.059%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.66	−0.069%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.01	+0.138%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0278%	4h	169.05	+0.159%	$47K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.302%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	168.81	+0.018%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0699%	1h	168.78	long leg	$287K	$439K	10x