Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0650%/8h= +71.2% APRpaid last 24h +0.165%

Price spread now: Deribit against OKX+0.078%46s7-day average +0.024% · 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−$370.370% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.535%+$54 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now +0.078%, 7d avg +0.024%

Together, before fees+0.500%+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Deribit is 0.054% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.024%. The two prices were read 46 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	OKX MSTR-USDT-SWAP	166.71	0	get 0.0000% / 8h	7h 06m	$21.5M	$99.4M	50x
Short	Deribit MSTR_USDC-PERPETUAL	166.84	0.0650	get 0.0081% / 1h	6m 33s	$284K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.078%Rate

Funding earned: $136.47
Price spread: +0.078% → +0.024%: $5.43
Slippage, 4 orders: −$19.98
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $104.92
Costs to cover: 0.370%
Break-even: 1.6 days

Slippage from OKX: live order book, 2 min ago; Deribit: live order book, 2 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 OKX live order book, 2 min ago	0.30 bp	6.0 bp −$6	10.8 bp −$108	70.1 bp −$7,010	doesn't fit
Sell Deribit live order book, 2 min ago	7.19 bp	10.7 bp −$11	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	−0.0188%	8h	166.74	+0.018%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	166.79	+0.048%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.85	+0.083%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.75	+0.027%	$87.6M	$614.0M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	166.71	long leg	$21.5M	$99.4M	50x
Bitget MSTRUSDT	0.0000%	8h	166.80	+0.054%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	167.37	+0.394%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.345%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.13	+0.252%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.73	+0.012%	$3.5M	$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	166.57	−0.081%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.71	0.000%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.16	+0.270%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.66	−0.030%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.64	−0.041%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.69	−0.012%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.79	+0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.72	+0.006%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	167.01	+0.180%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.76	+0.030%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.82	+0.066%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.252%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.84	+0.078%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.81	+0.059%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.70	−0.008%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.578%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0237%	8h	166.78	+0.042%	$15.9M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	166.75	+0.024%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.426%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.403%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.77	+0.034%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0650%	1h	166.84	+0.078%	$284K	$438K	10x