Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.035%

Price spread now: Ondo Perps against OKX−0.176%7-day average −0.086% · you buy dearer than you sell

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

Long on OKX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.176%, 7d avg −0.086%

Together, before fees+0.043%+ Points / potential airdropOndo Perps: Active · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.090% cheaper against OKX than usual: you would sell low and buy high (spread −0.176% now, against its 7-day average of −0.086%). If the spread goes back, that is −$9 on $10k: about 6.5 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	164.62	0.0004	pay 0.0004% / 8h	4h 22m	$20.6M	$99.6M	50x
Short	Ondo Perps MSTR-USD.P	164.33	0.0050	get 0.0006% / 1h	22m 41s	$858K	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against OKX. 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 OKXbpFee Ondo PerpsbpOrdersPrice spread, now −0.176%Rate

Funding earned: $9.66
Price spread: −0.176% → −0.086%: −$8.99
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$14.33
Costs to cover: 0.150%
Break-even: 17.4 days

Slippage unknown: OKX: 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 OKX live order book, 1 min ago	0.30 bp	5.7 bp −$6	10.0 bp −$100	62.1 bp −$6,213	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
Bitget MSTRUSDT	−0.0934%	8h	164.75	+0.079%	$27.9M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0011%	8h	164.75	+0.079%	$4.6M	$18.6M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.63	+0.007%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.61	−0.006%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0004%	8h	164.62	long leg	$20.6M	$99.6M	50x
Lighter MSTR	+0.0032%	1h	164.51	−0.067%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.41	−0.131%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.867%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.64	+0.014%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.62	0.000%	$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	164.43	−0.115%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	−0.085%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.57	−0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	164.33	−0.176%	$858K	$4.0M	10x
QFEX MSTR-USD	+0.0054%	1h	164.57	−0.030%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0074%	8h	164.54	−0.046%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.54	−0.046%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.52	−0.061%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.40	−0.134%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.58	−0.024%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.59	−0.016%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0135%	8h	164.63	+0.009%	$87.7M	$616.8M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.53	−0.055%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.72	+0.063%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.304%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.50	−0.076%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	164.50	−0.073%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0243%	1h	164.47	−0.090%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0255%	8h	164.66	+0.024%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0361%	8h	164.65	+0.018%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0437%	4h	164.54	−0.048%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.61	−0.006%	$280K	$438K	10x	as long as short