Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0771%/8h= −84.4% APRpaid last 24h −0.211%

Price spread now: Gate against Deribit−0.036%7-day average −0.029% · 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−$60as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.450%−$45 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.036%, 7d avg −0.029%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	166.67	0.0771	pay 0.0096% / 1h	31m 15s	$283K	$189K	10x
Short	Gate MSTR_USDT	166.61	0	get 0.0000% / 8h	4h 31m	$4.9M	$17.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.036%Rate

Funding earned: −$161.91
Price spread: −0.036% → −0.029%: −$0.75
Slippage, 4 orders: −$37.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$222.4
Costs to cover: 0.597%
Break-even: never at this rate

Slippage from Deribit: live order book, 10 min ago; Gate: live order book, 1 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, 10 min ago	1.80 bp	12.5 bp −$12	16.8 bp −$168	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.00 bp	22.8 bp −$23	38.2 bp −$382	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
Gate MSTR_USDTshort	0.0000%	8h	166.61	−0.036%	$4.9M	$17.2M	50x
Phemex MSTRUSDT	0.0000%	4h	166.63	−0.024%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.53	−0.084%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.49	−0.110%	$1.2M	$2.6M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.870%	$7K	$28K	30x	as long as short
Bitget MSTRUSDT	+0.0034%	8h	166.62	−0.030%	$32.3M	$102.6M	25x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.73	+0.036%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.55	−0.072%	$385K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.62	−0.030%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.49	−0.108%	$833K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	166.68	+0.006%	$1.3M	$5.6M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	166.42	−0.150%	$1.4M	$355K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	166.58	−0.054%	$67	—	5x	as long as short
Nado MSTR-PERP	+0.0093%	1h	166.56	−0.065%	$144K	$135K	3x	as long as short
Pacifica MSTR	+0.0100%	1h	166.66	−0.007%	$102K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.55	−0.072%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.63	−0.024%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.64	−0.018%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.67	+0.001%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0166%	8h	166.64	−0.018%	$16.6M	$37.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0187%	1h	166.56	−0.066%	$55.0M	$33.2M	10x	as long as short
edgeX MSTRUSDC	+0.0207%	4h	166.56	−0.066%	$50K	$4.5M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0253%	8h	166.57	−0.060%	$22.1M	$79.5M	50x	as long as short
Aster MSTRUSDT	+0.0266%	8h	166.56	−0.066%	$1.8M	$6.2M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	166.69	+0.013%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0360%	8h	166.51	−0.097%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0420%	8h	166.73	+0.038%	$87K	$980K	10x	as long as short
Binance MSTRUSDT	+0.0445%	8h	166.57	−0.060%	$87.2M	$515.2M	50x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.69	+0.015%	$288K	$346K	10x	as long as short
BloFin MSTR-USDT	+0.0582%	8h	166.66	−0.006%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0771%	1h	166.67	long leg	$283K	$189K	10x
Arcus MSTR-USD	+0.0803%	1h	166.68	+0.006%	$26K	$67K	10x	as long as short