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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0533%/8h= +58.4% APRpaid last 24h +0.128%
Price spread now: Deribit against BloFin+0.006%57s7-day average +0.021% · 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−$380.377% of the position
Long on BloFinShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 5 days (all we have)+0.457%+$46 on $10k
Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.006%, 7d avg +0.021%
Together, before fees+0.520%+$52 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBloFin MSTR-USDT163.430.0381pay 0.0381% / 8h57m 38s$1.0M$2.1M20x
ShortDeribit MSTR_USDC-PERPETUAL163.440.0914get 0.0114% / 1h57m 38s$278K$437K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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

Funding earned
$111.98
Price spread: +0.006% → +0.021%
−$1.47
Slippage, 4 orders
−$18.72
Fee BloFin: 6 bp × 2 orders
−$12
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$72.79
Costs to cover
0.377%
Break-even
2.4 days
Slippage from BloFin: live order book, 5 min ago; Deribit: live order book, 46 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy BloFin live order book, 5 min ago1.22 bp8.2 bp −$810.9 bp −$10927.5 bp −$2,745doesn't fit
Sell Deribit live order book, 46 min ago6.44 bp11.2 bp −$1112.7 bp −$127doesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0572%8h163.53+0.061%$29.1M$118.9M25xas long as short
Gate MSTR_USDT0.0000%8h163.430.000%$4.7M$19.4M50xas long as short
Phemex MSTRUSDT0.0000%4h163.39−0.024%$2.7M$80K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.16−0.162%$507K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.616%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.55+0.073%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.23−0.122%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.25−0.110%$378K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.37−0.037%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.37−0.037%$846K$3.8M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster MSTRUSDT+0.0066%8h163.25−0.111%$1.8M$8.7M50xas long as short
QFEX MSTR-USD+0.0067%1h163.35−0.049%$1.3M$7.2M10xas long as short
Pacifica MSTR+0.0100%1h163.36−0.041%$100K$88K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.27−0.098%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.20−0.141%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.38−0.031%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.38−0.030%$136—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0136%1h161.52−1.169%$1.4M$1.1M10xas long as short
Lighter MSTR+0.0152%1h163.24−0.116%$3.5M$2.0M10xas long as short
Paradex MSTR-USD-PERP+0.0173%8h163.32−0.065%$65—5xas long as short
OKX MSTR-USDT-SWAP+0.0185%8h163.35−0.049%$20.8M$99.9M50xas long as short
Variational Omni MSTR+0.0187%8h163.34−0.057%$1.2M$2.1M—as long as short
Binance MSTRUSDT+0.0262%8h163.36−0.043%$84.1M$624.5M50xas long as short
GRVT MSTR_USDT_Perp+0.0274%8h163.40−0.018%$76K$865K10xas long as short
Phoenix MSTR+0.0328%1h163.53+0.060%$56K$223K10xas long as short
BloFin MSTR-USDTlong+0.0381%8h163.43long leg$1.0M$2.1M20x
Nado MSTR-PERP+0.0397%1h163.20−0.143%$130K$157K3xas long as short
Bybit MSTRUSDT+0.0410%8h163.39−0.024%$17.1M$41.8M50xas long as short
RISEx MSTR/USDC+0.0493%1h163.40−0.017%$266K$425K10xas long as short
tradeXYZ xyz:MSTR+0.0560%1h163.36−0.043%$54.0M$37.8M10xas long as short
edgeX MSTRUSDC+0.0637%4h163.44+0.008%$46K$5.4M10xas long as short
Deribit MSTR_USDC-PERPETUALshort+0.0914%1h163.44+0.006%$278K$437K10x