Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1274%/8h= +139.6% APRpaid last 24h +0.167%

Price spread now: Deribit against OKX+0.043%7-day average +0.025% · 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−$34as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.550%+$55 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.043%, 7d avg +0.025%

Together, before fees+0.563%+$56 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$38 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.550% in total (about 42.5% a year). A funding rate is set anew for every payment. 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	OKX MSTR-USDT-SWAP	164.17	0	get 0.0000% / 8h	6h 39m	$20.8M	$100.9M	50x
Short	Deribit MSTR_USDC-PERPETUAL	164.24	0.1274	get 0.0159% / 1h	39m 08s	$279K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.043%Rate

Funding earned: $267.64
Price spread: +0.043% → +0.025%: $1.75
Slippage, 4 orders: −$18.29
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $234.11
Costs to cover: 0.353%
Break-even: 0.9 days

Slippage from OKX: live order book, 5 min ago; Deribit: live order book, 30 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 OKX live order book, 5 min ago	0.30 bp	6.4 bp −$6	10.4 bp −$104	61.0 bp −$6,104	doesn't fit
Sell Deribit live order book, 30 min ago	7.19 bp	10.7 bp −$11	12.3 bp −$123	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	−0.0715%	8h	164.28	+0.067%	$27.0M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0284%	8h	164.11	−0.037%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.99	−0.111%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	164.17	long leg	$20.8M	$100.9M	50x
RISEx MSTR/USDC	0.0000%	1h	163.79	−0.228%	$268K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.109%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.41	+0.147%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.22	+0.030%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.841%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0013%	8h	164.20	+0.018%	$86.8M	$626.7M	50x	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	163.94	−0.143%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.41	+0.146%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.71	−0.280%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.81	−0.219%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.69	−0.292%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	+0.529%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	163.86	−0.189%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.82	−0.212%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	−0.067%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	+0.286%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	−0.049%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.08	−0.054%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0127%	1h	163.82	−0.213%	$382K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.11	−0.037%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	163.81	−0.221%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	+0.305%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.149%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0366%	1h	164.09	−0.049%	$55.2M	$36.3M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	+0.251%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0415%	1h	163.68	−0.300%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0425%	8h	164.23	+0.037%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.1274%	1h	164.24	+0.043%	$279K	$438K	10x