Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.003%

Price spread now: Ondo Perps against Bitget−0.089%7-day average −0.108% · you buy dearer than you sell

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

Long on Bitget Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 7 days−0.372%−$37 · spread now −0.089%, 7d avg −0.108%

Together, before fees−0.300%+ Points / potential airdropOndo Perps: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.108%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.072%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	169.40	0.0064	pay 0.0064% / 8h	2h 02m	$28.8M	$120.1M	25x
Short	Ondo Perps MSTR-USD.P	169.25	0.0050	get 0.0006% / 1h	2m 06s	$752K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bitget. 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 BitgetbpFee Ondo PerpsbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$2.86
Price spread: −0.089% → −0.108%: $1.98
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$17.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	0.29 bp	9.3 bp −$9	12.7 bp −$127	30.5 bp −$3,053	doesn't fit
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
Nado MSTR-PERP	−0.0074%	1h	169.29	−0.063%	$139K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0030%	8h	169.45	+0.030%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.35	−0.028%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.39	−0.006%	$88.5M	$630.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.35	−0.030%	$22.1M	$107.4M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.44	+0.025%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.32	−0.047%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.39	−0.007%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.40	0.000%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.40	0.000%	$2.9M	$59K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.38	−0.012%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.24	−0.097%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.46	+0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.083%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.171%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.36	−0.024%	$406K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.40	0.000%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	169.25	−0.089%	$752K	$5.1M	10x
Bitget MSTRUSDTlong	+0.0064%	8h	169.40	long leg	$28.8M	$120.1M	25x
tradeXYZ xyz:MSTR	+0.0067%	1h	169.39	−0.006%	$56.8M	$38.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0082%	8h	169.37	−0.018%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0084%	8h	169.41	+0.006%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	+0.012%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.29	−0.065%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.35	−0.030%	$4K	$854K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.38	−0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.37	−0.020%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.45	+0.027%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.50	+0.059%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.124%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0459%	1h	169.45	+0.030%	$288K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0709%	4h	169.42	+0.013%	$48K	$5.4M	10x	as long as short