Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.022%

Price spread now: Gate against Ondo Perps+0.214%7-day average +0.094% · you sell dearer than you buy

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

Long on Ondo Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.190%+$19 on $10k

Price spread, last 7 days+0.252%+$25 · spread now +0.214%, 7d avg +0.094%

Together, before fees+0.442%+ Points / potential airdropOndo Perps: Active · farm board+$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.119% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.214% now, against its 7-day average of +0.094%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.190%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	163.84	0.0050	pay 0.0006% / 1h	42m 04s	$868K	$3.7M	10x
Short	Gate MSTR_USDT	164.19	0	get 0.0000% / 8h	42m 04s	$4.7M	$19.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.214%Rate

Funding earned: −$10.58
Price spread: +0.214% → +0.094%: $11.92
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$18.66
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	3.05 bp	21.6 bp −$22	48.0 bp −$480	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
Bitget MSTRUSDT	−0.0436%	8h	164.29	+0.275%	$29.5M	$118.9M	25x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	164.19	+0.214%	$4.7M	$19.5M	50x
Phemex MSTRUSDT	0.0000%	4h	164.11	+0.165%	$2.8M	$81K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.95	+0.067%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.357%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.07	+0.140%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.06	+0.134%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.07	+0.140%	$380K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	163.84	long leg	$868K	$3.7M	10x
QFEX MSTR-USD	+0.0067%	1h	164.02	+0.110%	$1.3M	$7.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0078%	8h	163.98	+0.086%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.04	+0.125%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.00	+0.098%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.93	+0.055%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	+0.153%	$2K	$13K	10x	as long as short
Lighter MSTR	+0.0104%	1h	164.08	+0.146%	$3.5M	$2.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.11	+0.167%	$136	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.416%	$1.4M	$1.1M	10x	as long as short
SoDEX MSTR-USD	+0.0161%	1h	164.14	+0.183%	$43K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0175%	8h	164.01	+0.103%	$66	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0198%	8h	164.13	+0.177%	$20.9M	$100.2M	50x	as long as short
Variational Omni MSTR	+0.0208%	8h	164.07	+0.142%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0272%	8h	164.13	+0.177%	$84.5M	$621.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0285%	8h	164.08	+0.146%	$85K	$849K	10x	as long as short
Nado MSTR-PERP	+0.0346%	1h	163.84	+0.002%	$125K	$165K	3x	as long as short
Phoenix MSTR	+0.0357%	1h	164.09	+0.153%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	164.04	+0.122%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0420%	8h	164.13	+0.177%	$17.2M	$41.7M	50x	as long as short
edgeX MSTRUSDC	+0.0481%	4h	163.97	+0.080%	$46K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	164.16	+0.197%	$267K	$422K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0513%	1h	164.13	+0.177%	$54.3M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0909%	1h	164.14	+0.183%	$279K	$437K	10x	as long as short