Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0671%/8h= −73.4% APRpaid last 24h −0.150%

Price spread now: OKX against Deribit−0.065%7-day average −0.025% · 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−$40as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.528%−$53 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.065%, 7d avg −0.025%

Together, before fees−0.504%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and OKX is 0.040% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	169.31	0.0696	pay 0.0087% / 1h	39m 47s	$288K	$438K	10x
Short	OKX MSTR-USDT-SWAP	169.20	0.0025	get 0.0025% / 8h	39m 47s	$22.1M	$106.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$140.81
Price spread: −0.065% → −0.025%: −$3.97
Slippage, 4 orders: −$19.15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$180.93
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Deribit: live order book, 39 min ago; OKX: live order book, 4 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, 39 min ago	6.49 bp	10.0 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.29 bp	6.6 bp −$7	11.5 bp −$115	64.3 bp −$6,426	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
Aster MSTRUSDT	0.0000%	8h	169.30	−0.005%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.20	−0.065%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.42	+0.067%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.42	+0.065%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.28	−0.018%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAPshort	+0.0025%	8h	169.20	−0.065%	$22.1M	$106.5M	50x
Vest MSTR-USD-PERP	+0.0046%	1h	169.41	+0.059%	—	$2.1M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0046%	8h	169.45	+0.083%	$77K	$879K	10x	as long as short
BloFin MSTR-USDT	+0.0046%	8h	169.37	+0.035%	$1.1M	$1.8M	20x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.28	−0.018%	$1.5M	$10.2M	10x	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	169.22	−0.053%	$389K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.19	−0.071%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.19	−0.071%	$782K	$5.2M	10x	as long as short
Extended MSTR_24_5-USD	+0.0056%	1h	169.13	−0.103%	$583K	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0061%	1h	169.19	−0.073%	$139K	$97K	3x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.22	−0.053%	$28.7M	$120.0M	25x	as long as short
Binance MSTRUSDT	+0.0066%	8h	169.23	−0.047%	$89.2M	$629.0M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	+0.006%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.27	−0.024%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.19	−0.071%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.22	−0.053%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.19	−0.071%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.136%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.21	−0.056%	$140	—	10x	as long as short
Bybit MSTRUSDT	+0.0110%	8h	169.26	−0.030%	$15.2M	$40.5M	50x	as long as short
Lighter MSTR	+0.0120%	1h	169.18	−0.077%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	169.26	−0.028%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0212%	1h	169.23	−0.047%	$57.1M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.52	+0.126%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0696%	1h	169.31	long leg	$288K	$438K	10x
Arcus MSTR-USD	+0.0738%	1h	169.37	+0.035%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0778%	4h	169.65	+0.201%	$47K	$5.5M	10x	as long as short