MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0989%/8h= −108.3% APRnext payment −$1.24 per $10,000 · paid last 24h −0.190%

Price spread now: Coinbase International against Deribit+0.404%7-day average −0.107% · 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+$9as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Deribit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.391%−$39 on $10k

Price spread, last 3 days (all we have)−0.443%−$44 · spread now +0.404%, 7d avg −0.107%

Together, before fees−0.834%−$83 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.511% dearer against Deribit than usual: you sell high and buy low (spread +0.404% now, against its 7-day average of −0.107%): +$51 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 41 hours. At the pace of the last 5 days (−0.391% in total) that is about 6.1 days.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.391% in total (about -30.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	166.02	0.1077	pay 0.0135% / 1h	2m 22s	$282K	$438K	10x
Short	Coinbase International MSTR-PERP-INTX	166.69	0.0088	get 0.0011% / 1h	2m 22s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +0.404%Rate

Funding earned: −$207.67
Price spread: +0.404% → −0.107%: $51.09
Slippage, 4 orders: −$25.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$198.77
Costs to cover: 0.422%
Break-even: from the start

Slippage from Deribit: live order book, 6 min ago; Coinbase International: live order book, 1 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, 6 min ago	7.19 bp	10.7 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	5.41 bp	10.4 bp −$10	15.4 bp −$154	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	−0.0253%	8h	166.28	+0.157%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0028%	8h	166.50	+0.289%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.19	+0.100%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.23	+0.126%	$87.3M	$614.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.21	+0.114%	$21.4M	$99.3M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.26	+0.145%	$27.4M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	+0.460%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.512%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.64	+0.373%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.27	+0.151%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.85	−0.099%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.20	+0.108%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.81	+0.476%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.01	−0.006%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.16	+0.084%	$390K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.10	+0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.38	+0.217%	$773K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0064%	1h	166.05	+0.017%	$135K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0088%	1h	166.69	+0.404%	$1.4M	$1.1M	10x
Pacifica MSTR	+0.0100%	1h	166.34	+0.195%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.18	+0.096%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.82	+0.482%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.18	+0.096%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.11	+0.053%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.17	+0.091%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+2.000%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0244%	1h	166.17	+0.090%	$56.2M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.74	+0.432%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0280%	8h	166.33	+0.187%	$16.7M	$40.3M	50x	as long as short
edgeX MSTRUSDC	+0.0334%	4h	166.79	+0.466%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.22	+0.120%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.1077%	1h	166.02	long leg	$282K	$438K	10x