Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0098%/8h= +10.8% APRpaid last 24h +0.149%

Price spread now: Deribit against Binance−0.024%7-day average +0.036% · 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−$41as in the Price arb table

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.609%+$61 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now −0.024%, 7d avg +0.036%

Together, before fees+0.788%+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.059% cheaper against Binance than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.036%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day). At the pace of the last 5 days (+0.609% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	166.08	0.0435	pay 0.0435% / 8h	5h 07m	$87.1M	$519.6M	50x
Short	Deribit MSTR_USDC-PERPETUAL	166.04	0.0534	get 0.0067% / 1h	7m 02s	$282K	$184K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.024%Rate

Funding earned: $20.65
Price spread: −0.024% → +0.036%: −$5.92
Slippage, 4 orders: −$18.26
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.54
Costs to cover: 0.353%
Break-even: 14.0 days

Slippage from Binance: live order book, 15 min ago; Deribit: live order book, 40 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 Binance live order book, 15 min ago	0.30 bp	6.4 bp −$6	12.0 bp −$120	33.9 bp −$3,387	doesn't fit
Sell Deribit live order book, 40 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	−0.517%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.16	+0.049%	$4.9M	$17.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.13	+0.031%	$32.3M	$103.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.09	+0.007%	$2.8M	$83K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.03	−0.030%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.91	−0.102%	$563K	$1.9M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.07	−0.006%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	165.97	−0.066%	$1.3M	$5.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.00	−0.048%	$391K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.03	−0.030%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.65	−0.258%	$858K	$3.2M	10x	as long as short
Nado MSTR-PERP	+0.0068%	1h	165.93	−0.090%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.58	−0.301%	$1.4M	$356K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	166.02	−0.035%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.94	−0.082%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.87	−0.126%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.90	−0.108%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.00	−0.048%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.02	−0.034%	$138	—	10x	as long as short
Bybit MSTRUSDT	+0.0171%	8h	166.13	+0.031%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0222%	1h	166.00	−0.048%	$54.8M	$33.5M	10x	as long as short
Aster MSTRUSDT	+0.0257%	8h	166.02	−0.038%	$1.8M	$6.3M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0259%	8h	166.08	+0.001%	$21.8M	$80.5M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	165.93	−0.089%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0351%	8h	165.80	−0.166%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0433%	8h	166.02	−0.034%	$85K	$922K	10x	as long as short
Binance MSTRUSDTlong	+0.0435%	8h	166.08	long leg	$87.1M	$519.6M	50x
RISEx MSTR/USDC	+0.0436%	1h	166.04	−0.021%	$274K	$348K	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0534%	1h	166.04	−0.024%	$282K	$184K	10x
BloFin MSTR-USDT	+0.0567%	8h	166.06	−0.012%	$1.1M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0632%	4h	165.87	−0.129%	$49K	$4.6M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.10	+0.013%	$26K	$63K	10x	as long as short