Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against KuCoin−0.171%7-day average −0.059% · you buy dearer than you sell

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

Long on KuCoin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 7 days−0.153%−$15 · spread now −0.171%, 7d avg −0.059%

Together, before fees−0.046%+ Points / potential airdropOndo Perps: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Ondo Perps is 0.111% cheaper against KuCoin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.059%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.107%, 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	KuCoin MSTRUSDTM	164.13	0.0100	pay 0.0100% / 8h	6h 37m	$2.4M	$2.7M	20x
Short	Ondo Perps MSTR-USD.P	163.85	0.0050	get 0.0006% / 1h	37m 02s	$884K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against KuCoin. 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 KuCoinbpFee Ondo PerpsbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$10.42
Price spread: −0.171% → −0.059%: −$11.15
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$38.56
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	2.43 bp	36.0 bp −$36	doesn't fit	doesn't fit	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
Bitget MSTRUSDT	−0.0800%	8h	164.34	+0.128%	$27.1M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0239%	8h	164.19	+0.037%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.20	+0.043%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.20	+0.043%	$20.8M	$100.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.24	+0.066%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.134%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.19	+0.040%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.30	+0.104%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.865%	$1.1M	$1.9M	20x	as long as short
edgeX MSTRUSDC	+0.0016%	4h	163.85	−0.172%	$48K	$5.5M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MSTRUSDT	+0.0018%	8h	164.22	+0.055%	$87.2M	$626.8M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.04	−0.052%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.23	+0.061%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.02	−0.067%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.09	−0.024%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	163.85	−0.171%	$884K	$4.8M	10x
QFEX MSTR-USD	+0.0064%	1h	164.34	+0.128%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.22	+0.054%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	164.13	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	163.80	−0.201%	$4K	$203K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.12	−0.006%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.13	+0.002%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0122%	1h	164.25	+0.073%	$381K	$2.7M	10x	as long as short
Lighter MSTR	+0.0128%	1h	164.12	−0.006%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	164.17	+0.026%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.04	−0.055%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.174%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0348%	1h	164.18	+0.030%	$55.3M	$36.3M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.13	0.000%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0403%	1h	164.06	−0.044%	$111K	$143K	3x	as long as short
Bybit MSTRUSDT	+0.0440%	8h	164.29	+0.097%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0786%	1h	164.22	+0.055%	$279K	$438K	10x	as long as short