Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.018%

Price spread now: Ondo Perps against Paradex+0.089%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Ondo Perps: Active · farm boardneeds both histories

The price spread pays, funding is against you. Ondo Perps is 0.089% dearer against Paradex than usual: you sell high and buy low (spread +0.089% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSTR-USD-PERP	163.34	0.0141	pay 0.0141% / 8h	1h 54m	$65	—	5x
Short	Ondo Perps MSTR-USD.P	163.48	0.0050	get 0.0006% / 1h	54m 55s	$843K	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Paradex. 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 ParadexbpFee Ondo PerpsbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$19.01
Price spread: +0.089% → 0.000%: $8.86
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$19.15
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Paradex and 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	−0.0903%	8h	163.49	+0.095%	$28.7M	$119.2M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.33	−0.003%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.40	+0.040%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0016%	8h	163.23	−0.062%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.09	−0.150%	$509K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.676%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.58	+0.150%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0045%	1h	163.21	−0.077%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.28	−0.034%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.30	−0.022%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	163.48	+0.089%	$843K	$3.9M	10x
QFEX MSTR-USD	+0.0057%	1h	163.36	+0.015%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.34	+0.001%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.31	−0.015%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.33	−0.003%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.30	−0.022%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.32	−0.010%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0120%	8h	163.24	−0.058%	$20.7M	$100.6M	50x	as long as short
Paradex MSTR-USD-PERPlong	+0.0141%	8h	163.34	long leg	$65	—	5x
Variational Omni MSTR	+0.0143%	8h	163.37	+0.019%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−1.111%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0159%	1h	163.24	−0.058%	$54.1M	$37.5M	10x	as long as short
Binance MSTRUSDT	+0.0216%	8h	163.25	−0.052%	$83.8M	$629.2M	50x	as long as short
Lighter MSTR	+0.0216%	1h	163.34	+0.003%	$3.5M	$2.0M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0229%	8h	163.55	+0.131%	$83K	$865K	10x	as long as short
Nado MSTR-PERP	+0.0326%	1h	163.24	−0.058%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0336%	8h	163.41	+0.046%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.67	+0.207%	$56K	$223K	10x	as long as short
Bybit MSTRUSDT	+0.0375%	8h	163.31	−0.015%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	163.37	+0.021%	$263K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0458%	4h	163.50	+0.103%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0669%	1h	163.37	+0.021%	$278K	$437K	10x	as long as short