Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.046%

Price spread now: Ondo Perps against Binance−0.128%7-day average −0.114% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 7 days−0.097%−$10 · spread now −0.128%, 7d avg −0.114%

Together, before fees−0.093%+ Points / potential airdropOndo Perps: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.114%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	164.55	0.0095	pay 0.0095% / 8h	5h 35m	$88.2M	$618.8M	50x
Short	Ondo Perps MSTR-USD.P	164.34	0.0050	get 0.0006% / 1h	35m 33s	$855K	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpFee Ondo PerpsbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$9.46
Price spread: −0.128% → −0.114%: −$1.33
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$25.79
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 8 min ago; Ondo Perps: 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 Binance live order book, 8 min ago	0.30 bp	5.8 bp −$6	8.7 bp −$87	25.8 bp −$2,575	116.6 bp −$58.3K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.1276%	8h	164.65	+0.061%	$27.7M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.43	−0.070%	$1.8M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.51	−0.024%	$20.8M	$99.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.49	−0.036%	$4.6M	$18.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.57	+0.012%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0029%	8h	164.54	−0.004%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.48	−0.043%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.37	−0.109%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.911%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.42	−0.079%	$26K	$112K	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	164.39	−0.097%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	−0.043%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.46	−0.055%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	164.34	−0.128%	$855K	$4.2M	10x
QFEX MSTR-USD	+0.0060%	1h	164.53	−0.012%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0082%	1h	164.40	−0.091%	$54.9M	$36.6M	10x	as long as short
Binance MSTRUSDTlong	+0.0095%	8h	164.55	long leg	$88.2M	$618.8M	50x
Pacifica MSTR	+0.0100%	1h	164.47	−0.047%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.44	−0.067%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.28	−0.164%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.51	−0.024%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.50	−0.033%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	164.52	−0.017%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.48	−0.042%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.280%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0210%	8h	164.49	−0.036%	$1.0M	$1.9M	20x	as long as short
Nado MSTR-PERP	+0.0219%	1h	164.43	−0.076%	$122K	$149K	3x	as long as short
edgeX MSTRUSDC	+0.0283%	4h	164.31	−0.149%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.54	−0.006%	$269K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	164.24	−0.189%	$55K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.62	+0.043%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1089%	1h	164.54	−0.006%	$280K	$438K	10x	as long as short