Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1141%/8h= +124.9% APRpaid last 24h +0.178%

Price spread now: Deribit against Gate−0.024%51s7-day average +0.035% · 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−$530.531% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.326%+$33 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.024%, 7d avg +0.035%

Together, before fees+0.376%+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.059% cheaper against Gate than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.035%). If the spread goes back, that is −$6 on $10k: about 4 hours of funding at the current rate (+$34 a day). At the pace of the last 5 days (+0.326% in total) that is about 20 hours. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.326% in total (about 25.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSTR_USDT	167.97	−0.0079	get 0.0079% / 8h	7h 14m	$4.7M	$19.1M	50x
Short	Deribit MSTR_USDC-PERPETUAL	167.93	0.1062	get 0.0133% / 1h	14m 22s	$286K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now −0.024%Rate

Funding earned: $239.57
Price spread: −0.024% → +0.035%: −$5.88
Slippage, 4 orders: −$31.06
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $180.63
Costs to cover: 0.531%
Break-even: 1.7 days

Slippage from Gate: live order book, 4 min ago; Deribit: live order book, 59 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 Gate live order book, 4 min ago	2.08 bp	13.7 bp −$14	40.9 bp −$409	doesn't fit	doesn't fit
Sell Deribit live order book, 59 min ago	7.40 bp	11.5 bp −$11	14.6 bp −$146	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_USDTlong	−0.0079%	8h	167.97	long leg	$4.7M	$19.1M	50x
Aster MSTRUSDT	0.0000%	8h	167.97	0.000%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	167.91	−0.036%	$21.6M	$100.1M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	167.98	+0.006%	$27.9M	$113.1M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.08	+0.065%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.94	−0.017%	$85K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.90	−0.042%	$2.8M	$67K	10x	as long as short
Nado MSTR-PERP	0.0000%	1h	167.83	−0.085%	$141K	$113K	3x	as long as short
Binance MSTRUSDT	+0.0011%	8h	167.92	−0.030%	$88.4M	$613.8M	50x	as long as short
Lighter MSTR	+0.0032%	1h	167.89	−0.048%	$3.6M	$2.0M	10x	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	167.79	−0.107%	$577K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	167.97	0.000%	$1.4M	$8.9M	10x	as long as short
BloFin MSTR-USDT	+0.0039%	8h	167.94	−0.018%	$1.1M	$1.9M	20x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.09	+0.071%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.83	−0.083%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	167.96	−0.006%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	167.89	−0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	167.81	−0.095%	$766K	$4.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.06	+0.054%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	167.98	+0.005%	$104K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.90	−0.042%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.82	−0.089%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	167.90	−0.042%	$3K	$7K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0103%	8h	167.96	−0.007%	$67	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	167.86	−0.066%	$139	—	10x	as long as short
Bybit MSTRUSDT	+0.0175%	8h	168.02	+0.030%	$16.0M	$39.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0226%	1h	167.86	−0.065%	$56.7M	$36.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.816%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.22	+0.149%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	167.99	+0.012%	$274K	$433K	10x	as long as short
edgeX MSTRUSDC	+0.0582%	4h	168.03	+0.037%	$46K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.1062%	1h	167.93	−0.024%	$286K	$438K	10x