Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.219%

Price spread now: Deribit against Phemex−0.012%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 Phemex Short on Deribit

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)+0.077%+$8 · spread now −0.012%, 7d avg +0.008%

Together, before fees+0.705%+$70 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	168.85	0	get 0.0000% / 4h	1h 27m	$2.9M	$62K	10x
Short	Deribit MSTR_USDC-PERPETUAL	168.83	0.0580	get 0.0072% / 1h	27m 14s	$287K	$439K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $121.79
Price spread: −0.012% → +0.008%: −$1.98
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $100.81
Costs to cover: 0.190%
Break-even: 1.2 days

Slippage unknown: Phemex: live order book, 1 min ago; Deribit: live order book, 56 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 Phemex live order book, 1 min ago	0.89 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 56 min ago	4.71 bp	12.9 bp −$13	14.3 bp −$143	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	−0.0116%	1h	168.63	−0.133%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	168.81	−0.024%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	−0.065%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.76	−0.053%	$88.2M	$629.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.75	−0.059%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.71	−0.085%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.75	−0.059%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.91	+0.035%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.84	−0.008%	$83K	$935K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	168.85	long leg	$2.9M	$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	168.82	−0.018%	$28.8M	$119.8M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.72	−0.077%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.66	−0.112%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.73	−0.071%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.76	−0.053%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.70	−0.089%	$398K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.73	−0.071%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.77	−0.047%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0053%	8h	168.84	−0.006%	$15.1M	$40.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.113%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0067%	1h	168.71	−0.083%	$56.8M	$38.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0069%	8h	168.68	−0.100%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.68	−0.102%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.72	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.73	−0.071%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.74	−0.065%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.72	−0.077%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	168.69	−0.094%	$56K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	+0.261%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0351%	4h	168.76	−0.056%	$47K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	168.81	−0.024%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0580%	1h	168.83	−0.012%	$287K	$439K	10x