Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.027%

Price spread now: Ondo Perps against Bybit−0.090%7-day average −0.087% · you buy dearer than you sell

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 7 days−0.311%−$31 · spread now −0.090%, 7d avg −0.087%

Together, before fees−0.343%+ Points / potential airdropOndo Perps: Active · farm board−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.087%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSTRUSDT	166.87	0.0238	pay 0.0238% / 8h	7h 07m	$15.9M	$39.5M	50x
Short	Ondo Perps MSTR-USD.P	166.72	0.0050	get 0.0006% / 1h	7m 41s	$763K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. 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 BybitbpFee Ondo PerpsbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$39.47
Price spread: −0.090% → −0.087%: −$0.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$55.77
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.30 bp	8.2 bp −$8	15.0 bp −$150	131.2 bp −$13.1K	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
Gate MSTR_USDT	−0.0174%	8h	166.83	−0.024%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0021%	8h	167.25	+0.228%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.90	+0.016%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.81	−0.036%	$21.5M	$99.5M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.87	0.000%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	167.37	+0.298%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.52	+0.390%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.15	+0.168%	$2.8M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0004%	8h	166.83	−0.023%	$87.7M	$614.0M	50x	as long as short
Lighter MSTR	+0.0032%	1h	166.80	−0.042%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.68	−0.117%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.79	−0.048%	$1.4M	$8.6M	10x	as long as short
Nado MSTR-PERP	+0.0040%	1h	166.76	−0.064%	$135K	$128K	3x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.31	+0.264%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.87	0.000%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.85	−0.012%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.93	+0.036%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	166.72	−0.090%	$763K	$4.8M	10x
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	167.01	+0.084%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.83	−0.026%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.85	−0.012%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.30	+0.258%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.96	+0.054%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.91	+0.025%	$139	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0107%	8h	166.75	−0.074%	$67	—	5x	as long as short
edgeX MSTRUSDC	+0.0115%	4h	167.38	+0.304%	$44K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.480%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0238%	1h	166.85	−0.012%	$56.4M	$35.8M	10x	as long as short
Bybit MSTRUSDTlong	+0.0238%	8h	166.87	long leg	$15.9M	$39.5M	50x
Phoenix MSTR	+0.0259%	1h	167.42	+0.330%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.83	−0.026%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0769%	1h	166.95	+0.048%	$284K	$438K	10x	as long as short