Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Ondo Perps against Polymarket Perps+0.018%50s7-day average −0.016% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 7 days−0.407%−$41 · spread now +0.018%, 7d avg −0.016%

Together, before fees−0.455%+ Points / potential airdropOndo Perps: Active · farm board−$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.034% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.016%. The two prices were read 50 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	Polymarket Perps MSTR-USD	166.69	0.0050	pay 0.0006% / 1h	6m 31s	$391K	$2.7M	10x
Short	Ondo Perps MSTR-USD.P	166.72	0.0050	get 0.0006% / 1h	6m 31s	$773K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Polymarket 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 Polymarket PerpsbpFee Ondo PerpsbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0.08
Price spread: +0.018% → −0.016%: $3.35
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$9.56
Costs to cover: 0.130%
Break-even: 803.8 days

Slippage unknown: Polymarket Perps: live order book, 2 min ago; 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 Polymarket Perps live order book, 2 min ago	0.90 bp	9.1 bp −$9	10.2 bp −$102	12.6 bp −$1,264	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

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
Gate MSTR_USDT	−0.0188%	8h	166.74	+0.030%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	166.79	+0.060%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.85	+0.095%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.75	+0.039%	$87.6M	$614.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.71	+0.012%	$21.5M	$99.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.80	+0.066%	$27.7M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	167.37	+0.406%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.357%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.13	+0.264%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.73	+0.024%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.57	−0.069%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.71	+0.012%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.16	+0.282%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.66	−0.018%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.64	−0.029%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USDlong	+0.0050%	1h	166.69	long leg	$391K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	166.79	+0.060%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	166.72	+0.018%	$773K	$4.8M	10x
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	167.01	+0.192%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.76	+0.042%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.82	+0.078%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.264%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.84	+0.090%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.81	+0.071%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.70	+0.004%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.590%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0237%	8h	166.78	+0.054%	$15.9M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	166.75	+0.036%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.438%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.415%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.77	+0.046%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0650%	1h	166.84	+0.090%	$284K	$438K	10x	as long as short