Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0921%/8h= −100.8% APRpaid last 24h −0.133%

Price spread now: BloFin against Deribit+0.024%7-day average −0.017% · 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−$33as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.386%−$39 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.024%, 7d avg −0.017%

Together, before fees−0.479%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.041% dearer against Deribit than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.017%): +$4 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 5 days (−0.386% in total) that is about 12 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.386% in total (about -29.9% 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	Deribit MSTR_USDC-PERPETUAL	166.46	0.0893	pay 0.0112% / 1h	2m 57s	$283K	$438K	10x
Short	BloFin MSTR-USDT	166.50	−0.0028	pay 0.0028% / 8h	7h 02m	$1.1M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$193.37
Price spread: +0.024% → −0.017%: $4.13
Slippage, 4 orders: −$17.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$226.08
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Deribit: live order book, 6 min ago; BloFin: live order book, 5 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 Deribit live order book, 6 min ago	7.19 bp	10.7 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.60 bp	7.8 bp −$8	10.3 bp −$103	17.1 bp −$1,711	58.4 bp −$29.2K

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
Gate MSTR_USDT	−0.0235%	8h	166.50	+0.024%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDTshort	−0.0028%	8h	166.50	+0.024%	$1.1M	$1.9M	20x
Aster MSTRUSDT	0.0000%	8h	166.43	−0.015%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.30	−0.094%	$87.4M	$614.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.44	−0.012%	$21.4M	$99.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.48	+0.012%	$27.5M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	+0.195%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.246%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.92	+0.276%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.37	−0.054%	$3.5M	$2.0M	10x	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	166.19	−0.162%	$574K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.45	−0.006%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.95	+0.294%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.28	−0.108%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.36	−0.060%	$390K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.50	+0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.45	−0.006%	$773K	$4.8M	10x	as long as short
Nado MSTR-PERP	+0.0057%	1h	166.16	−0.179%	$135K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.69	+0.138%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.58	+0.070%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.42	−0.024%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.82	+0.216%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.44	−0.012%	$3K	$7K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0104%	8h	166.41	−0.032%	$67	—	5x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.40	−0.034%	$138	—	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.730%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	166.41	−0.030%	$56.3M	$35.9M	10x	as long as short
Bybit MSTRUSDT	+0.0258%	8h	166.43	−0.018%	$16.8M	$40.2M	50x	as long as short
Phoenix MSTR	+0.0259%	1h	166.74	+0.167%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0334%	4h	166.79	+0.201%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.53	+0.045%	$271K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0893%	1h	166.46	long leg	$283K	$438K	10x