Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0469%/8h= +51.3% APRpaid last 24h +0.177%

Price spread now: Deribit against Paradex−0.009%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Deribit

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: +$14 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSTR-USD-PERP	164.48	0.0133	pay 0.0133% / 8h	4h 13m	$66	—	5x
Short	Deribit MSTR_USDC-PERPETUAL	164.46	0.0602	get 0.0075% / 1h	13m 55s	$280K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.009%Rate

Funding earned: $98.44
Price spread: −0.009% → 0.000%: −$0.94
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $86.5
Costs to cover: 0.110%
Break-even: 0.8 days

Slippage unknown: Paradex: no order-book sample; Deribit: live order book, 45 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit live order book, 45 min ago	6.66 bp	11.4 bp −$11	12.7 bp −$127	doesn't fit	doesn't fit

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
Bitget MSTRUSDT	−0.0944%	8h	164.58	+0.064%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.45	−0.014%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	+0.003%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.45	−0.015%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.41	−0.040%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.37	−0.064%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.27	−0.125%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.958%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.50	+0.015%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	+0.027%	$26K	$109K	10x	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	164.33	−0.088%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.41	−0.040%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.43	−0.028%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.28	−0.119%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.48	+0.003%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0077%	8h	164.39	−0.054%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.45	−0.017%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.36	−0.070%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	−0.058%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.44	−0.022%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	−0.017%	$136	—	10x	as long as short
Paradex MSTR-USD-PERPlong	+0.0133%	8h	164.48	long leg	$66	—	5x
Binance MSTRUSDT	+0.0140%	8h	164.44	−0.022%	$87.3M	$616.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.59	+0.069%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.216%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.124%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0227%	1h	164.38	−0.058%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0241%	1h	164.39	−0.051%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0260%	8h	164.48	+0.003%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.46	−0.009%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUALshort	+0.0602%	1h	164.46	−0.009%	$280K	$438K	10x
edgeX MSTRUSDC	+0.0731%	4h	164.47	−0.002%	$49K	$5.4M	10x	as long as short