Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against Binance−0.035%46s7-day average −0.136% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 2 days (all we have)−0.033%−$3 · spread now −0.035%, 7d avg −0.136%

Together, before fees−0.022%+ Points / potential airdropOndo Perps: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.100% dearer against Binance than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.136%. The two prices were read 46 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	Binance MSTRUSDT	169.15	0	get 0.0000% / 8h	1h 45m	$88.4M	$629.2M	50x
Short	Ondo Perps MSTR-USD.P	169.09	0.0050	get 0.0006% / 1h	45m 49s	$752K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Binance. 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 BinancebpFee Ondo PerpsbpOrdersPrice spread, now −0.035%Rate

Funding earned: $10.58
Price spread: −0.035% → −0.136%: $10.01
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $5.6
Costs to cover: 0.150%
Break-even: 3.3 days

Slippage unknown: Binance: live order book, 13 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 Binance live order book, 13 min ago	0.29 bp	5.8 bp −$6	9.4 bp −$94	26.5 bp −$2,647	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
Nado MSTR-PERP	−0.0094%	1h	168.96	−0.114%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.07	−0.045%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDTlong	0.0000%	8h	169.15	long leg	$88.4M	$629.2M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	169.18	+0.018%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.02	−0.078%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.10	−0.030%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.20	+0.030%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.23	+0.048%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.10	−0.030%	$2.9M	$60K	10x	as long as short
BloFin MSTR-USDT	+0.0007%	8h	169.02	−0.077%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.08	−0.041%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.02	−0.077%	$585K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.02	−0.077%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.09	−0.035%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0049%	8h	169.13	−0.012%	$28.8M	$119.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	−0.112%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.03	−0.071%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	169.09	−0.035%	$752K	$5.1M	10x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.130%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0078%	8h	168.98	−0.099%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0079%	8h	169.15	0.000%	$15.2M	$40.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0093%	1h	169.04	−0.065%	$56.9M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.01	−0.085%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.04	−0.065%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.02	−0.077%	$4K	$661K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.07	−0.047%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.05	−0.059%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.12	−0.020%	$57K	$394K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0282%	1h	169.15	0.000%	$287K	$439K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.059%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.09	−0.035%	$27K	$134K	10x	as long as short
edgeX MSTRUSDC	+0.0654%	4h	169.21	+0.037%	$48K	$5.4M	10x	as long as short