Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0598%/8h= −65.4% APRpaid last 24h −0.168%

Price spread now: Bybit against Deribit+0.025%7-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−$34as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.519%−$52 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.025%, 7d avg −0.021%

Together, before fees−0.588%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.045% dearer against Deribit than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.021%): +$5 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	162.89	0.0979	pay 0.0122% / 1h	30m 13s	$277K	$437K	10x
Short	Bybit MSTRUSDT	162.93	0.0382	get 0.0382% / 8h	1h 30m	$16.8M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$125.51
Price spread: +0.025% → −0.021%: $4.51
Slippage, 4 orders: −$20.65
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$159.65
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Deribit: live order book, 13 min ago; Bybit: live order book, 9 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, 13 min ago	6.44 bp	9.9 bp −$10	11.9 bp −$119	doesn't fit	doesn't fit
Sell Bybit live order book, 9 min ago	0.62 bp	9.3 bp −$9	13.6 bp −$136	115.5 bp −$11.5K	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
Bitget MSTRUSDT	−0.0953%	8h	163.10	+0.129%	$28.7M	$118.7M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.92	+0.018%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.91	+0.012%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0031%	8h	162.92	+0.017%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.69	−0.126%	$508K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.960%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.79	−0.061%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.49	−0.246%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.79	−0.061%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.85	−0.025%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.57	−0.196%	$849K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.85	−0.025%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.85	−0.026%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.80	−0.055%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.59	−0.184%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.87	−0.012%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.88	−0.005%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0149%	8h	162.88	−0.006%	$20.7M	$100.2M	50x	as long as short
Variational Omni MSTR	+0.0151%	8h	162.75	−0.088%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.841%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0160%	1h	162.89	0.000%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0161%	8h	162.82	−0.043%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0230%	8h	162.91	+0.012%	$83.8M	$627.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0243%	8h	162.88	−0.006%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0282%	1h	162.80	−0.055%	$54.0M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.69	−0.125%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0350%	8h	162.76	−0.080%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0351%	1h	162.71	−0.111%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.89	0.000%	$264K	$428K	10x	as long as short
Bybit MSTRUSDTshort	+0.0382%	8h	162.93	+0.025%	$16.8M	$41.8M	50x
edgeX MSTRUSDC	+0.0743%	4h	162.73	−0.099%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0979%	1h	162.89	long leg	$277K	$437K	10x