Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0571%/8h= −62.5% APRpaid last 24h −0.182%

Price spread now: KuCoin against Deribit−0.067%53s7-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—prices read too far apart to compare

costs, in and out, $10k−$670.669% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.677%−$68 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.067%, 7d avg −0.053%

Together, before fees−0.692%−$69 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: −$17 a day on $10k at the current rate. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	163.07	0.0671	pay 0.0084% / 1h	7m 28s	$277K	$437K	10x
Short	KuCoin MSTRUSDTM	162.96	0.0100	get 0.0100% / 8h	7m 28s	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$119.85
Price spread: −0.067% → −0.053%: −$1.47
Slippage, 4 orders: −$47.95
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$188.26
Costs to cover: 0.669%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; KuCoin: 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, 31 min ago	6.72 bp	10.2 bp −$10	11.9 bp −$119	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	1.53 bp	20.0 bp −$20	doesn't fit	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
Bitget MSTRUSDT	−0.0438%	8h	163.16	+0.055%	$29.5M	$119.2M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.08	+0.006%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.07	0.000%	$2.7M	$84K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.88	−0.113%	$589K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.845%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.16	+0.055%	$26K	$114K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.84	−0.141%	—	$1.8M	25x	as long as short
Lighter MSTR	+0.0048%	1h	162.92	−0.092%	$3.5M	$2.0M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.98	−0.055%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.03	−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	162.93	−0.086%	$888K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	162.97	−0.061%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0074%	8h	163.04	−0.018%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.99	−0.047%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	162.96	−0.067%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	162.94	−0.080%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.06	−0.006%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.05	−0.013%	$135	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0134%	8h	162.95	−0.074%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.62	−0.276%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0170%	1h	162.96	−0.065%	$125K	$165K	3x	as long as short
Variational Omni MSTR	+0.0197%	8h	163.01	−0.037%	$1.2M	$2.0M	—	as long as short
OKX MSTR-USDT-SWAP	+0.0201%	8h	163.01	−0.037%	$20.8M	$99.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0266%	8h	163.09	+0.010%	$82K	$859K	10x	as long as short
Binance MSTRUSDT	+0.0268%	8h	163.02	−0.031%	$83.8M	$620.3M	50x	as long as short
Phoenix MSTR	+0.0357%	1h	163.28	+0.128%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0389%	8h	163.26	+0.117%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0401%	8h	163.01	−0.037%	$17.1M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0430%	1h	162.98	−0.055%	$53.8M	$37.7M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	163.08	+0.005%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0541%	4h	163.03	−0.026%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0671%	1h	163.07	long leg	$277K	$437K	10x