Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.017%

Price spread now: Paradex against Ondo Perps+0.020%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Paradex

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 airdropOndo Perps: Active · Paradex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.020% dearer against Ondo Perps than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	165.97	0.0050	pay 0.0006% / 1h	14m 04s	$882K	$3.3M	10x
Short	Paradex MSTR-USD-PERP	166.00	0.0103	get 0.0103% / 8h	6h 14m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.020%Rate

Funding earned: $11.07
Price spread: +0.020% → 0.000%: $2.04
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Paradex: 2 bp × 2 orders: −$4
Net: $4.11
Costs to cover: 0.090%
Break-even: 4.4 days

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

Ondo Perps and Paradex: 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
Gate MSTR_USDT	0.0000%	8h	166.02	+0.030%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.97	0.000%	$32.0M	$107.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.99	+0.012%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.78	−0.117%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.18	+0.127%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	165.82	−0.090%	$3.5M	$1.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.94	−0.018%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.00	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	165.97	long leg	$882K	$3.3M	10x
QFEX MSTR-USD	+0.0076%	1h	165.93	−0.024%	$1.3M	$6.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	165.87	−0.062%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.93	−0.024%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.01	+0.024%	$6K	$162K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.03	+0.036%	$3K	$10K	10x	as long as short
Paradex MSTR-USD-PERPshort	+0.0103%	8h	166.00	+0.020%	$66	—	5x
Aevo MSTR-PERP	+0.0104%	1h	165.99	+0.012%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0106%	1h	165.81	−0.098%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.114%	$1.4M	$394K	10x	as long as short
Aster MSTRUSDT	+0.0207%	8h	166.03	+0.036%	$1.8M	$7.0M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0273%	1h	165.92	−0.030%	$54.8M	$34.8M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0275%	8h	165.94	−0.018%	$21.6M	$85.8M	50x	as long as short
Bybit MSTRUSDT	+0.0280%	8h	165.95	−0.012%	$17.1M	$38.7M	50x	as long as short
Variational Omni MSTR	+0.0300%	8h	166.06	+0.054%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	166.34	+0.220%	$56K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0392%	8h	165.97	−0.001%	$86.9M	$549.1M	50x	as long as short
edgeX MSTRUSDC	+0.0414%	4h	166.27	+0.180%	$50K	$5.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.452%	$7K	$28K	30x	as long as short
GRVT MSTR_USDT_Perp	+0.0452%	8h	166.25	+0.168%	$78K	$842K	10x	as long as short
BloFin MSTR-USDT	+0.0509%	8h	166.06	+0.054%	$1.1M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.04	+0.042%	$274K	$353K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0655%	1h	165.87	−0.060%	$282K	$209K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.13	+0.096%	$26K	$71K	10x	as long as short