Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.025%

Price spread now: Ondo Perps against edgeX−0.093%7-day average −0.076% · you buy dearer than you sell

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

Long on edgeX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 7 days−0.168%−$17 · spread now −0.093%, 7d avg −0.076%

Together, before fees+0.035%+ Points / potential airdropedgeX: Active · Ondo Perps: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.076%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.202%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.202% in total (about 10.6% 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	edgeX MSTRUSDC	169.40	0.0491	pay 0.0245% / 4h	47m 21s	$47K	$5.5M	10x
Short	Ondo Perps MSTR-USD.P	169.24	0.0050	get 0.0006% / 1h	47m 21s	$782K	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against edgeX. 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 edgeXbpFee Ondo PerpsbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$92.51
Price spread: −0.093% → −0.076%: −$1.68
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$108.18
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: edgeX: 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 edgeX live order book, 2 min ago	10.03 bp	14.9 bp −$15	21.6 bp −$216	doesn't fit	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
Aster MSTRUSDT	0.0000%	8h	169.48	+0.046%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.48	+0.049%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	+0.057%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.54	+0.084%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.49	+0.055%	$276K	$442K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0004%	8h	169.42	+0.015%	$83K	$875K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0005%	8h	169.49	+0.055%	$22.1M	$106.7M	50x	as long as short
Binance MSTRUSDT	+0.0027%	8h	169.48	+0.049%	$89.4M	$628.9M	50x	as long as short
BloFin MSTR-USDT	+0.0032%	8h	169.61	+0.125%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.25	−0.090%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0040%	1h	169.38	−0.010%	$140K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.61	+0.125%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.51	+0.066%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.41	+0.007%	$393K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.49	+0.055%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	169.24	−0.093%	$782K	$5.2M	10x
Bitget MSTRUSDT	+0.0055%	8h	169.47	+0.043%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0095%	8h	169.51	+0.066%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	−0.046%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.50	+0.059%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	−0.028%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.111%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.49	+0.055%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.187%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.49	+0.053%	$141	—	10x	as long as short
Lighter MSTR	+0.0120%	1h	169.50	+0.061%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0123%	8h	169.45	+0.029%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0163%	1h	169.43	+0.019%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	+0.063%	$57K	$392K	10x	as long as short
edgeX MSTRUSDClong	+0.0491%	4h	169.40	long leg	$47K	$5.5M	10x
Arcus MSTR-USD	+0.0738%	1h	169.54	+0.084%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0754%	1h	169.54	+0.084%	$288K	$438K	10x	as long as short