Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1737%/8h= +190.2% APRpaid last 24h +0.175%

Price spread now: Deribit against Bitget−0.036%7-day average +0.014% · 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−$42as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.538%+$54 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.036%, 7d avg +0.014%

Together, before fees+0.522%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.050% cheaper against Bitget than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.014%). If the spread goes back, that is −$5 on $10k: about 2 hours of funding at the current rate (+$52 a day). At the pace of the last 5 days (+0.538% in total) that is about 11 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.538% in total (about 41.0% 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	Bitget MSTRUSDT	165.87	−0.0900	get 0.0900% / 8h	5h 10m	$27.8M	$114.7M	25x
Short	Deribit MSTR_USDC-PERPETUAL	165.81	0.0837	get 0.0105% / 1h	10m 08s	$282K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.036%Rate

Funding earned: $364.72
Price spread: −0.036% → +0.014%: −$5.01
Slippage, 4 orders: −$18.09
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $322.62
Costs to cover: 0.371%
Break-even: 0.8 days

Slippage from Bitget: live order book, 4 min ago; Deribit: live order book, 54 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 Bitget live order book, 4 min ago	0.30 bp	7.9 bp −$8	14.6 bp −$146	24.3 bp −$2,434	doesn't fit
Sell Deribit live order book, 54 min ago	5.77 bp	11.1 bp −$11	13.2 bp −$132	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 MSTRUSDTlong	−0.0900%	8h	165.87	long leg	$27.8M	$114.7M	25x
Aster MSTRUSDT	0.0000%	8h	165.66	−0.129%	$1.9M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.82	−0.030%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.81	−0.036%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0001%	8h	165.77	−0.060%	$20.8M	$100.3M	50x	as long as short
Lighter MSTR	+0.0032%	1h	165.71	−0.096%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.64	−0.136%	$598K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.092%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.65	−0.133%	$27K	$110K	10x	as long as short
Variational Omni MSTR	+0.0040%	8h	165.63	−0.143%	$1.2M	$2.1M	—	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.95	+0.048%	—	$1.7M	25x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	165.69	−0.109%	$55.1M	$36.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.75	−0.072%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.55	−0.193%	$882K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.83	−0.024%	$1.4M	$7.5M	10x	as long as short
SoDEX MSTR-USD	+0.0088%	1h	165.80	−0.042%	$44K	$3K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.75	−0.075%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.69	−0.109%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.39	−0.289%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.80	−0.042%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.74	−0.077%	$138	—	10x	as long as short
Binance MSTRUSDT	+0.0110%	8h	165.80	−0.042%	$88.4M	$616.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	165.84	−0.019%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0163%	8h	165.50	−0.221%	$75K	$749K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	165.51	−0.217%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0216%	1h	165.72	−0.089%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0229%	8h	165.79	−0.048%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.88	+0.006%	$272K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.57	−0.183%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0352%	8h	165.86	−0.006%	$17.3M	$40.6M	50x	as long as short
edgeX MSTRUSDC	+0.0721%	4h	165.59	−0.168%	$51K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0837%	1h	165.81	−0.036%	$282K	$438K	10x