Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0488%/8h= −53.5% APRpaid last 24h −0.172%

Price spread now: Aster against Deribit−0.049%7-day average −0.053% · 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−$34as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.671%−$67 on $10k

Price spread, last 4 days (all we have)+0.264%+$26 · spread now −0.049%, 7d avg −0.053%

Together, before fees−0.407%+ Points / potential airdropAster: Stage 5 · farm board−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	162.75	0.0611	pay 0.0076% / 1h	24m 43s	$277K	$426K	10x
Short	Aster MSTRUSDT	162.67	0.0123	get 0.0123% / 8h	7h 24m	$1.8M	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$102.56
Price spread: −0.049% → −0.053%: $0.36
Slippage, 4 orders: −$19.08
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$136.28
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Deribit: live order book, 9 min ago; Aster: live order book, 4 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 Deribit live order book, 9 min ago	6.76 bp	10.3 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	1.23 bp	5.7 bp −$6	16.7 bp −$167	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	162.97	+0.135%	$4.7M	$18.7M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	163.08	+0.203%	$30.7M	$117.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.74	−0.006%	$2.7M	$87K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.68	−0.044%	$589K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−0.086%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.06	+0.190%	$26K	$112K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.56	−0.117%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.66	−0.055%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.61	−0.086%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.61	−0.086%	$900K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0061%	1h	163.01	+0.160%	$1.3M	$7.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.93	+0.109%	$100K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.69	−0.037%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.35	−0.246%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.64	−0.068%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.66	−0.054%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.26	−0.301%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDTshort	+0.0123%	8h	162.67	−0.049%	$1.8M	$8.7M	50x
Paradex MSTR-USD-PERP	+0.0172%	8h	162.90	+0.091%	$65	—	5x	as long as short
Lighter MSTR	+0.0176%	1h	162.81	+0.037%	$3.5M	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0179%	1h	162.62	−0.078%	$125K	$143K	3x	as long as short
OKX MSTR-USDT-SWAP	+0.0231%	8h	163.03	+0.172%	$20.8M	$96.5M	50x	as long as short
Variational Omni MSTR	+0.0232%	8h	162.49	−0.158%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0233%	8h	162.45	−0.184%	$84K	$846K	10x	as long as short
Binance MSTRUSDT	+0.0315%	8h	162.93	+0.108%	$84.6M	$614.4M	50x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	162.95	+0.120%	$265K	$392K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0414%	1h	162.78	+0.018%	$53.6M	$36.0M	10x	as long as short
BloFin MSTR-USDT	+0.0434%	8h	162.76	+0.006%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0460%	1h	162.62	−0.082%	$55K	$223K	10x	as long as short
Bybit MSTRUSDT	+0.0534%	8h	163.01	+0.160%	$17.1M	$41.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0611%	1h	162.75	long leg	$277K	$426K	10x
edgeX MSTRUSDC	+0.0880%	4h	162.40	−0.213%	$46K	$5.4M	10x	as long as short