MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1209%/8h= −132.3% APRnext payment −$1.51 per $10,000 · paid last 24h −0.200%

Price spread now: Polymarket Perps against Deribit+0.012%7-day average −0.067% · 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−$28as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Deribit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.419%−$42 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.012%, 7d avg −0.067%

Together, before fees−0.507%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.079% dearer against Deribit than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.067%): +$8 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 5 days (−0.419% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.419% in total (about -32.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.51 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	165.97	0.1259	pay 0.0157% / 1h	1m 07s	$282K	$438K	10x
Short	Polymarket Perps MSTR-USD	165.99	0.0050	get 0.0006% / 1h	1m 07s	$389K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$253.8
Price spread: +0.012% → −0.067%: $7.9
Slippage, 4 orders: −$21.08
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$281.99
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; Polymarket Perps: live order book, 3 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, 8 min ago	7.19 bp	10.7 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	2.10 bp	6.1 bp −$6	7.8 bp −$78	11.3 bp −$1,133	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	−0.0265%	8h	166.05	+0.048%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDT	−0.0029%	8h	166.03	+0.036%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.93	−0.024%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.11	+0.084%	$87.6M	$616.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.10	+0.078%	$21.4M	$99.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.08	+0.066%	$27.3M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	+0.022%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.542%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.38	+0.247%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.94	−0.018%	$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	165.77	−0.121%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.03	+0.036%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.62	+0.392%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.72	−0.151%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	165.99	+0.012%	$389K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	166.06	+0.054%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.75	−0.133%	$768K	$4.7M	10x	as long as short
Nado MSTR-PERP	+0.0070%	1h	165.79	−0.109%	$134K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	−0.012%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	+0.081%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.93	−0.024%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	+0.193%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.93	−0.024%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.85	−0.069%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0108%	8h	165.97	+0.003%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+2.030%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	165.95	−0.012%	$56.1M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.285%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0287%	8h	166.15	+0.108%	$16.7M	$40.3M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	+0.062%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.367%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.1259%	1h	165.97	long leg	$282K	$438K	10x