Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0374%/8h= −41.0% APRpaid last 24h −0.103%

Price spread now: Paradex against Deribit−0.010%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$11 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	169.22	0.0519	pay 0.0065% / 1h	39m 03s	$288K	$438K	10x
Short	Paradex MSTR-USD-PERP	169.20	0.0144	get 0.0144% / 8h	39m 03s	$68	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$78.61
Price spread: −0.010% → 0.000%: −$0.95
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$90.56
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 40 min ago; Paradex: no order-book sample. Net counts fees only.

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, 40 min ago	6.49 bp	10.0 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	169.27	+0.029%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.15	−0.041%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.42	+0.120%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.42	+0.118%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.21	−0.006%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	169.13	−0.053%	$22.1M	$106.4M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.35	+0.077%	—	$2.1M	25x	as long as short
Extended MSTR_24_5-USD	+0.0048%	1h	169.15	−0.041%	$583K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.23	+0.006%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.18	−0.024%	$389K	$2.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	169.15	−0.041%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.19	−0.018%	$782K	$5.2M	10x	as long as short
Nado MSTR-PERP	+0.0053%	1h	169.12	−0.056%	$139K	$97K	3x	as long as short
GRVT MSTR_USDT_Perp	+0.0053%	8h	169.43	+0.124%	$77K	$879K	10x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.14	−0.047%	$28.7M	$120.0M	25x	as long as short
Binance MSTRUSDT	+0.0066%	8h	169.17	−0.030%	$89.2M	$628.9M	50x	as long as short
BloFin MSTR-USDT	+0.0080%	8h	169.20	−0.012%	$1.1M	$1.8M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	+0.059%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.12	−0.058%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.18	−0.024%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.16	−0.035%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.17	−0.030%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.083%	$13K	$21K	30x	as long as short
Lighter MSTR	+0.0104%	1h	169.13	−0.053%	$3.6M	$2.4M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.18	−0.021%	$140	—	10x	as long as short
Bybit MSTRUSDT	+0.0110%	8h	169.22	0.000%	$15.2M	$40.5M	50x	as long as short
Paradex MSTR-USD-PERPshort	+0.0144%	8h	169.20	−0.010%	$68	—	5x
tradeXYZ xyz:MSTR	+0.0210%	1h	169.16	−0.035%	$57.1M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.36	+0.085%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0519%	1h	169.22	long leg	$288K	$438K	10x
Arcus MSTR-USD	+0.0738%	1h	169.32	+0.059%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0874%	4h	169.41	+0.111%	$47K	$5.5M	10x	as long as short