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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: BloFin against Deribit−0.006%57s7-day average −0.021% · 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−$380.377% of the position
Long on DeribitShort on BloFin
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
LongDeribit MSTR_USDC-PERPETUAL163.440.0914pay 0.0114% / 1h57m 55s$278K$437K10x
ShortBloFin MSTR-USDT163.430.0381get 0.0381% / 8h57m 55s$1.0M$2.1M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

BloFin 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

Funding earned
−$111.98
Price spread: −0.006% → −0.021%
$1.47
Slippage, 4 orders
−$18.72
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee BloFin: 6 bp × 2 orders
−$12
Net
−$148.23
Costs to cover
0.377%
Break-even
never at this rate
Slippage from Deribit: live order book, 46 min ago; BloFin: live order book, 5 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 Deribit live order book, 46 min ago6.44 bp9.9 bp −$1011.9 bp −$119doesn't fitdoesn't fit
Sell BloFin live order book, 5 min ago1.22 bp8.4 bp −$89.7 bp −$9720.9 bp −$2,091doesn'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−0.0576%8h163.56+0.073%$29.1M$119.0M25xas long as short
Gate MSTR_USDT0.0000%8h163.48+0.024%$4.7M$19.3M50xas long as short
Phemex MSTRUSDT0.0000%4h163.39−0.031%$2.7M$80K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.19−0.150%$507K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.610%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.58+0.086%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.23−0.128%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.25−0.116%$378K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.37−0.043%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.37−0.043%$846K$3.8M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster MSTRUSDT+0.0066%8h163.27−0.104%$1.8M$8.7M50xas long as short
QFEX MSTR-USD+0.0067%1h163.35−0.055%$1.3M$7.2M10xas long as short
Pacifica MSTR+0.0100%1h163.39−0.032%$100K$88K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.37−0.043%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.20−0.147%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.38−0.037%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.38−0.036%$136—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0136%1h161.52−1.175%$1.4M$1.1M10xas long as short
Lighter MSTR+0.0152%1h163.33−0.067%$3.5M$2.0M10xas long as short
Paradex MSTR-USD-PERP+0.0173%8h163.31−0.082%$65—5xas long as short
OKX MSTR-USDT-SWAP+0.0185%8h163.41−0.018%$20.8M$100.0M50xas long as short
Variational Omni MSTR+0.0187%8h163.34−0.063%$1.2M$2.1M—as long as short
Binance MSTRUSDT+0.0261%8h163.41−0.018%$84.1M$624.7M50xas long as short
GRVT MSTR_USDT_Perp+0.0274%8h163.40−0.024%$76K$865K10xas long as short
Phoenix MSTR+0.0328%1h163.53+0.054%$56K$223K10xas long as short
BloFin MSTR-USDTshort+0.0381%8h163.43−0.006%$1.0M$2.1M20x
Nado MSTR-PERP+0.0397%1h163.20−0.149%$130K$157K3xas long as short
Bybit MSTRUSDT+0.0408%8h163.440.000%$17.1M$41.8M50xas long as short
edgeX MSTRUSDC+0.0472%4h163.41−0.018%$46K$5.4M10xas long as short
RISEx MSTR/USDC+0.0493%1h163.40−0.023%$266K$425K10xas long as short
tradeXYZ xyz:MSTR+0.0556%1h163.440.000%$54.1M$37.8M10xas long as short
Deribit MSTR_USDC-PERPETUALlong+0.0914%1h163.44long leg$278K$437K10x