Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0202%/8h= +22.1% APRpaid last 24h +0.067%

Price spread now: BloFin against Ondo Perps+0.146%95s7-day average +0.127% · you sell dearer than you buy

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 4 days (all we have)−0.276%−$28 · spread now +0.146%, 7d avg +0.127%

Together, before fees−0.062%+ Points / potential airdropOndo Perps: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.127%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	164.33	0.0050	pay 0.0006% / 1h	23m 24s	$858K	$4.0M	10x
Short	BloFin MSTR-USDT	164.57	0.0252	get 0.0252% / 8h	4h 23m	$1.0M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.146%Rate

Funding earned: $42.35
Price spread: +0.146% → +0.127%: $1.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $27.3
Costs to cover: 0.170%
Break-even: 2.5 days

Slippage unknown: Ondo Perps: no order-book sample; BloFin: live order book, 9 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 BloFin live order book, 9 min ago	0.30 bp	10.0 bp −$10	12.7 bp −$127	26.2 bp −$2,622	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
Bitget MSTRUSDT	−0.0934%	8h	164.71	+0.231%	$27.8M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0008%	8h	164.73	+0.243%	$4.6M	$18.6M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.58	+0.150%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.59	+0.158%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0003%	8h	164.63	+0.183%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.49	+0.097%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.41	+0.049%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.049%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.56	+0.140%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.61	+0.170%	$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	+0.061%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	+0.091%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.57	+0.146%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	164.33	long leg	$858K	$4.0M	10x
QFEX MSTR-USD	+0.0054%	1h	164.50	+0.103%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0074%	8h	164.54	+0.131%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.52	+0.114%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.49	+0.097%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.40	+0.043%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.58	+0.152%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.59	+0.160%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0135%	8h	164.59	+0.158%	$88.0M	$617.0M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.54	+0.127%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.72	+0.239%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.128%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.50	+0.100%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	164.52	+0.116%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0243%	1h	164.47	+0.087%	$121K	$148K	3x	as long as short
BloFin MSTR-USDTshort	+0.0252%	8h	164.57	+0.146%	$1.0M	$2.0M	20x
Bybit MSTRUSDT	+0.0363%	8h	164.65	+0.195%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0437%	4h	164.54	+0.128%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.61	+0.170%	$280K	$438K	10x	as long as short