Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h 0.000%

Price spread now: Aster against Ondo Perps−0.104%7-day average +0.075% · you buy dearer than you sell

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

Long on Ondo Perps Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.414%+$41 · spread now −0.104%, 7d avg +0.075%

Together, before fees+0.323%+ Points / potential airdropOndo Perps: Active · Aster: Stage 5 · farm board+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.180% cheaper against Ondo Perps than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	169.40	0.0050	pay 0.0006% / 1h	54m 22s	$781K	$5.2M	10x
Short	Aster MSTRUSDT	169.22	0	get 0.0000% / 8h	54m 22s	$1.2M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Ondo Perps. 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 Ondo PerpsbpFee AsterbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$10.58
Price spread: −0.104% → +0.075%: −$17.98
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$41.56
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Aster: live order book, 4 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Aster live order book, 4 min ago	0.89 bp	6.1 bp −$6	312.8 bp −$3,128	doesn't fit	doesn't fit

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
BloFin MSTR-USDT	−0.0009%	8h	169.56	+0.094%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	169.22	−0.104%	$1.2M	$6.1M	50x
Binance MSTRUSDT	0.0000%	8h	169.58	+0.106%	$89.5M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.58	+0.106%	$22.1M	$106.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.51	+0.065%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.38	−0.011%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.32	−0.048%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.52	+0.071%	$2.9M	$64K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.57	+0.100%	$276K	$442K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.30	−0.059%	$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
Vest MSTR-USD-PERP	+0.0046%	1h	169.64	+0.142%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0046%	8h	169.54	+0.083%	$28.8M	$120.6M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.55	+0.089%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.46	+0.035%	$393K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	169.40	long leg	$781K	$5.2M	10x
Nado MSTR-PERP	+0.0076%	1h	169.39	−0.008%	$140K	$97K	3x	as long as short
Bybit MSTRUSDT	+0.0083%	8h	169.60	+0.118%	$15.2M	$40.6M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.09	−0.183%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.50	+0.059%	$105K	$104K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.32	−0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.06	−0.201%	$4K	$394K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.49	+0.053%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.189%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.44	+0.024%	$141	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	169.49	+0.055%	$68	—	5x	as long as short
Lighter MSTR	+0.0144%	1h	169.47	+0.041%	$3.6M	$2.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0160%	1h	169.46	+0.035%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.20	−0.118%	$57K	$392K	10x	as long as short
SoDEX MSTR-USD	+0.0270%	1h	169.53	+0.077%	$45K	$3K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.56	+0.094%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0980%	4h	169.29	−0.065%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1049%	1h	169.59	+0.112%	$288K	$439K	10x	as long as short