Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0726%/8h= +79.5% APRpaid last 24h +0.216%

Price spread now: Deribit against Phemex−0.030%7-day average +0.008% · you buy dearer than you sell

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.703%+$70 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.030%, 7d avg +0.008%

Together, before fees+0.798%+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.039% cheaper against Phemex than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.008%). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$22 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	164.17	0	get 0.0000% / 4h	3h 17m	$2.8M	$77K	10x
Short	Deribit MSTR_USDC-PERPETUAL	164.12	0.0726	get 0.0091% / 1h	17m 53s	$279K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.030%Rate

Funding earned: $152.43
Price spread: −0.030% → +0.008%: −$3.87
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $129.55
Costs to cover: 0.190%
Break-even: 1.1 days

Slippage unknown: Phemex: live order book, 6 min ago; Deribit: live order book, 36 min ago. 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 Phemex live order book, 6 min ago	0.61 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 36 min ago	5.77 bp	12.3 bp −$12	13.5 bp −$135	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	−0.0946%	8h	164.22	+0.030%	$27.2M	$116.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.10	−0.042%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.16	−0.006%	$4.6M	$19.2M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.17	long leg	$2.8M	$77K	10x
Lighter MSTR	+0.0032%	1h	164.06	−0.067%	$3.5M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.95	−0.134%	$601K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.149%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.07	−0.061%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.80	−0.225%	—	$1.7M	25x	as long as short
OKX MSTR-USDT-SWAP	+0.0047%	8h	164.14	−0.018%	$20.8M	$99.1M	50x	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	163.96	−0.128%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.06	−0.067%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.80	−0.225%	$846K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.93	−0.146%	$1.4M	$7.3M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0068%	8h	163.97	−0.123%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	163.94	−0.138%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.97	−0.122%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.89	−0.171%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.04	−0.079%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0102%	8h	164.03	−0.088%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.05	−0.071%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0165%	8h	164.16	−0.008%	$86.5M	$618.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0166%	8h	164.07	−0.064%	$76K	$826K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.177%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	163.99	−0.113%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0252%	1h	163.88	−0.174%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0264%	1h	164.08	−0.055%	$54.7M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0284%	8h	164.04	−0.079%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0323%	8h	164.20	+0.018%	$16.6M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.02	−0.094%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	163.93	−0.149%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0726%	1h	164.12	−0.030%	$279K	$438K	10x