Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h +0.012%

Price spread now: GRVT against Ondo Perps+0.177%53s7-day average +0.134% · you sell dearer than you buy

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

Long on Ondo Perps Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 4 days (all we have)+0.640%+$64 · spread now +0.177%, 7d avg +0.134%

Together, before fees+0.562%+ Points / potential airdropOndo Perps: Active · GRVT: Active · farm board+$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GRVT is 0.043% dearer against Ondo Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.134%. Mind the row above: over the last 7 days funding on this pair cost −0.078%, so the current rate has only just turned in your favour. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.078% in total (about -4.1% 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	Ondo Perps MSTR-USD.P	163.79	0.0050	pay 0.0006% / 1h	40m 38s	$868K	$3.7M	10x
Short	GRVT MSTR_USDT_Perp	164.08	0.0285	get 0.0285% / 8h	40m 38s	$85K	$849K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.177%Rate

Funding earned: $49.27
Price spread: +0.177% → +0.134%: $4.3
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $39.57
Costs to cover: 0.140%
Break-even: 1.4 days

Slippage unknown: Ondo Perps: no order-book sample; GRVT: live order book, 62 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 GRVT live order book, 62 min ago	1.54 bp	10.0 bp −$10	15.4 bp −$154	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	−0.0403%	8h	164.09	+0.183%	$29.5M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.10	+0.189%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.05	+0.159%	$2.8M	$82K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.85	+0.037%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.388%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.14	+0.214%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.07	+0.171%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.96	+0.104%	$379K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	163.79	long leg	$868K	$3.7M	10x
QFEX MSTR-USD	+0.0067%	1h	164.05	+0.159%	$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	+0.0079%	8h	163.93	+0.083%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.00	+0.130%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.94	+0.092%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.93	+0.085%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.00	+0.128%	$2K	$13K	10x	as long as short
Lighter MSTR	+0.0104%	1h	163.97	+0.110%	$3.5M	$2.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.04	+0.153%	$136	—	10x	as long as short
SoDEX MSTR-USD	+0.0134%	1h	164.07	+0.171%	$43K	$3K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.386%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0173%	8h	164.01	+0.137%	$66	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0199%	8h	164.00	+0.128%	$20.9M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0202%	8h	164.04	+0.154%	$1.2M	$2.0M	—	as long as short
edgeX MSTRUSDC	+0.0258%	4h	164.02	+0.143%	$46K	$5.4M	10x	as long as short
Binance MSTRUSDT	+0.0273%	8h	164.07	+0.172%	$84.5M	$621.1M	50x	as long as short
GRVT MSTR_USDT_Perpshort	+0.0285%	8h	164.08	+0.177%	$85K	$849K	10x
Nado MSTR-PERP	+0.0337%	1h	164.00	+0.130%	$126K	$165K	3x	as long as short
Phoenix MSTR	+0.0357%	1h	164.20	+0.250%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	164.11	+0.195%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0418%	8h	164.01	+0.134%	$17.1M	$41.7M	50x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	164.01	+0.137%	$267K	$422K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0511%	1h	164.08	+0.177%	$54.2M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0849%	1h	164.02	+0.140%	$279K	$437K	10x	as long as short