Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.183%

Price spread now: Deribit against KuCoin−0.030%7-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−$77as in the Price arb table

costs, in and out, $10k−$680.685% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.700%+$70 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.030%, 7d avg +0.053%

Together, before fees+0.769%+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.083% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.053%). If the spread goes back, that is −$8 on $10k: about 35 hours of funding at the current rate (+$6 a day). At the pace of the last 5 days (+0.700% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	166.12	0.0100	pay 0.0100% / 8h	5h 44m	$2.4M	$2.7M	20x
Short	Deribit MSTR_USDC-PERPETUAL	166.07	0.0292	get 0.0037% / 1h	44m 54s	$282K	$204K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.030%Rate

Funding earned: $40.37
Price spread: −0.030% → +0.053%: −$8.3
Slippage, 4 orders: −$49.49
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.42
Costs to cover: 0.685%
Break-even: 13.3 days

Slippage from KuCoin: live order book, 5 min ago; Deribit: live order book, 2 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 KuCoin live order book, 5 min ago	2.41 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	7.22 bp	10.7 bp −$11	12.2 bp −$122	doesn't fit	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.542%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.20	+0.048%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.18	+0.036%	$32.0M	$105.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.17	+0.030%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.06	−0.036%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.00	−0.072%	$509K	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0043%	1h	166.04	−0.049%	$127K	$127K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.25	+0.078%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.05	−0.042%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.08	−0.024%	$383K	$2.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	166.11	−0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.91	−0.126%	$870K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.205%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.06	−0.034%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	166.12	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.01	−0.066%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.13	+0.006%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.14	+0.014%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0115%	8h	166.04	−0.046%	$66	—	5x	as long as short
Bybit MSTRUSDT	+0.0203%	8h	166.14	+0.012%	$17.1M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0204%	1h	166.12	0.000%	$54.9M	$34.4M	10x	as long as short
Aster MSTRUSDT	+0.0284%	8h	166.14	+0.011%	$1.8M	$7.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0292%	1h	166.07	−0.030%	$282K	$204K	10x
OKX MSTR-USDT-SWAP	+0.0296%	8h	166.10	−0.012%	$21.6M	$83.2M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.29	+0.101%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0373%	8h	166.18	+0.038%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.13	+0.009%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0468%	8h	166.12	0.000%	$87.1M	$533.9M	50x	as long as short
BloFin MSTR-USDT	+0.0607%	8h	166.16	+0.024%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0641%	8h	166.25	+0.077%	$79K	$853K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.17	+0.030%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0945%	4h	166.18	+0.037%	$48K	$4.9M	10x	as long as short