Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0246%/8h= +26.9% APRpaid last 24h +0.032%

Price spread now: OKX against Ondo Perps+0.145%7-day average +0.087% · you sell dearer than you buy

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

Long on Ondo Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.034%+$3 · spread now +0.145%, 7d avg +0.087%

Together, before fees+0.067%+ Points / potential airdropOndo Perps: Active · farm board+$7 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 OKX is 0.058% dearer against Ondo Perps than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.087%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	165.91	0.0050	pay 0.0006% / 1h	44m 57s	$870K	$3.3M	10x
Short	OKX MSTR-USDT-SWAP	166.15	0.0296	get 0.0296% / 8h	5h 44m	$21.6M	$83.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Ondo 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 Ondo PerpsbpFee OKXbpOrdersPrice spread, now +0.145%Rate

Funding earned: $51.56
Price spread: +0.145% → +0.087%: $5.81
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: $42.37
Costs to cover: 0.150%
Break-even: 1.2 days

Slippage unknown: Ondo Perps: no order-book sample; OKX: 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 OKX live order book, 2 min ago	0.30 bp	6.6 bp −$7	10.6 bp −$106	56.7 bp −$5,674	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 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.416%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.21	+0.181%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.21	+0.181%	$32.0M	$105.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.17	+0.157%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.06	+0.090%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.00	+0.054%	$509K	$1.8M	10x	as long as short
Nado MSTR-PERP	+0.0043%	1h	166.04	+0.078%	$127K	$127K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.25	+0.205%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.05	+0.084%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.08	+0.102%	$383K	$2.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	166.11	+0.121%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	165.91	long leg	$870K	$3.3M	10x
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.078%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.06	+0.093%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.09	+0.108%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.01	+0.060%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.13	+0.133%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.14	+0.141%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0115%	8h	166.04	+0.081%	$66	—	5x	as long as short
Bybit MSTRUSDT	+0.0203%	8h	166.16	+0.151%	$17.1M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0204%	1h	166.12	+0.127%	$54.9M	$34.4M	10x	as long as short
Aster MSTRUSDT	+0.0284%	8h	166.17	+0.156%	$1.8M	$7.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0292%	1h	166.07	+0.096%	$282K	$204K	10x	as long as short
OKX MSTR-USDT-SWAPshort	+0.0296%	8h	166.15	+0.145%	$21.6M	$83.2M	50x
Phoenix MSTR	+0.0322%	1h	166.29	+0.228%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0373%	8h	166.18	+0.164%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.13	+0.136%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0468%	8h	166.15	+0.147%	$87.2M	$533.9M	50x	as long as short
BloFin MSTR-USDT	+0.0607%	8h	166.16	+0.151%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0641%	8h	166.25	+0.203%	$79K	$853K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.17	+0.157%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0945%	4h	166.18	+0.164%	$48K	$4.9M	10x	as long as short