Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.004%

Price spread now: Deribit against edgeX+0.044%75s7-day average +0.037% · 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−$420.416% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.424%+$42 on $10k

Price spread, last 4 days (all we have)−0.301%−$30 · spread now +0.044%, 7d avg +0.037%

Together, before fees+0.123%+ Points / potential airdropedgeX: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 5 days funding on this pair paid +0.424%, so the current rate has only just turned against you. The two prices were read 75 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	edgeX MSTRUSDC	166.66	0.0978	pay 0.0489% / 4h	3h 08m	$49K	$5.4M	10x
Short	Deribit MSTR_USDC-PERPETUAL	166.73	0.0711	get 0.0089% / 1h	8m 04s	$284K	$306K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$56.27
Price spread: +0.044% → +0.037%: $0.66
Slippage, 4 orders: −$25.6
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$97.21
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; Deribit: live order book, 26 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 edgeX live order book, 1 min ago	3.30 bp	12.8 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit
Sell Deribit live order book, 26 min ago	6.76 bp	10.3 bp −$10	12.3 bp −$123	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
Gate MSTR_USDT	0.0000%	8h	166.85	+0.116%	$4.9M	$19.2M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.82	+0.098%	$31.3M	$114.0M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.70	+0.026%	$2.8M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.55	−0.066%	$544K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−2.428%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.01	+0.212%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.12	+0.278%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.77	+0.068%	$386K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.51	−0.088%	$925K	$3.6M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	166.87	+0.128%	$1.3M	$6.9M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	166.83	+0.103%	$102K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.61	−0.028%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.87	−0.472%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.82	+0.098%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.75	+0.054%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	166.72	+0.038%	$1.4M	$648K	10x	as long as short
Lighter MSTR	+0.0176%	1h	166.71	+0.032%	$3.5M	$1.8M	10x	as long as short
Aster MSTRUSDT	+0.0181%	8h	166.67	+0.007%	$1.8M	$8.6M	50x	as long as short
Nado MSTR-PERP	+0.0183%	1h	166.78	+0.072%	$128K	$143K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0195%	8h	166.89	+0.142%	$67	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0272%	8h	166.94	+0.170%	$21.3M	$92.8M	50x	as long as short
Variational Omni MSTR	+0.0291%	8h	167.19	+0.318%	$1.3M	$1.8M	—	as long as short
Binance MSTRUSDT	+0.0375%	8h	166.89	+0.141%	$87.1M	$592.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0383%	1h	166.77	+0.068%	$55.0M	$35.9M	10x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	166.96	+0.184%	$272K	$387K	10x	as long as short
Phoenix MSTR	+0.0460%	1h	166.67	+0.010%	$57K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0493%	8h	166.91	+0.152%	$1.0M	$2.2M	20x	as long as short
Bybit MSTRUSDT	+0.0630%	8h	166.97	+0.188%	$17.5M	$40.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0711%	1h	166.73	+0.044%	$284K	$306K	10x
GRVT MSTR_USDT_Perp	+0.0719%	8h	167.14	+0.287%	$82K	$848K	10x	as long as short
edgeX MSTRUSDClong	+0.0978%	4h	166.66	long leg	$49K	$5.4M	10x
SoDEX MSTR-USD	+0.1363%	1h	166.71	+0.032%	$44K	$3K	10x	as long as short