Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0770%/8h= −84.3% APRpaid last 24h −0.183%

Price spread now: Paradex against Deribit−0.114%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Paradex is 0.114% cheaper against Deribit than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	164.40	0.0907	pay 0.0113% / 1h	44m 37s	$280K	$438K	10x
Short	Paradex MSTR-USD-PERP	164.21	0.0137	get 0.0137% / 8h	3h 44m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$161.66
Price spread: −0.114% → 0.000%: −$11.41
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$184.06
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 9 min ago; Paradex: no order-book sample. Net counts fees only.

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	5.77 bp	9.3 bp −$9	11.3 bp −$113	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0882%	8h	164.42	+0.012%	$27.8M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.33	−0.045%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.34	−0.036%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.42	+0.012%	$2.8M	$76K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.14	−0.155%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.005%	$8K	$26K	30x	as long as short
OKX MSTR-USDT-SWAP	+0.0034%	8h	164.28	−0.073%	$20.7M	$99.5M	50x	as long as short
edgeX MSTRUSDC	+0.0038%	4h	164.50	+0.058%	$49K	$5.3M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.48	+0.049%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.25	−0.091%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.30	−0.061%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.37	−0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.27	−0.079%	$855K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.27	−0.079%	$1.4M	$7.3M	10x	as long as short
Lighter MSTR	+0.0072%	1h	164.22	−0.109%	$3.5M	$1.9M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.22	−0.112%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.25	−0.091%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.39	−0.006%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.38	−0.012%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0101%	8h	164.45	+0.028%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.40	+0.003%	$136	—	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0137%	8h	164.21	−0.114%	$66	—	5x
Binance MSTRUSDT	+0.0160%	8h	164.27	−0.079%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.21	−0.116%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0172%	8h	164.40	0.000%	$75K	$803K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.32	−0.046%	$266K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0244%	1h	164.22	−0.109%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0251%	1h	164.26	−0.088%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0281%	8h	164.36	−0.024%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0335%	8h	164.31	−0.055%	$16.8M	$40.8M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.53	+0.080%	$56K	$226K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0907%	1h	164.40	long leg	$280K	$438K	10x