Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.020%

Price spread now: Ondo Perps against Bitget−0.278%7-day average −0.102% · you buy dearer than you sell

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

Long on Bitget Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.278%, 7d avg −0.102%

Together, before fees+0.111%+ Points / potential airdropOndo Perps: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.176% cheaper against Bitget than usual: you would sell low and buy high (spread −0.278% now, against its 7-day average of −0.102%). If the spread goes back, that is −$18 on $10k: about 36 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.072% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	169.10	0.0034	pay 0.0034% / 8h	1h 06m	$28.8M	$119.5M	25x
Short	Ondo Perps MSTR-USD.P	168.63	0.0050	get 0.0006% / 1h	6m 34s	$780K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee Ondo PerpsbpOrdersPrice spread, now −0.278%Rate

Funding earned: $3.44
Price spread: −0.278% → −0.102%: −$17.58
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$31.13
Costs to cover: 0.170%
Break-even: 70.3 days

Slippage unknown: Bitget: live order book, 8 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 Bitget live order book, 8 min ago	0.30 bp	9.6 bp −$10	15.0 bp −$150	34.8 bp −$3,478	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	−0.0062%	1h	168.96	−0.083%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.04	−0.037%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.12	+0.012%	$89.3M	$628.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.09	−0.006%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.13	+0.018%	$275K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.04	−0.035%	$4.8M	$19.5M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.92	−0.108%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.06	−0.025%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.05	−0.030%	$2.9M	$63K	10x	as long as short
BloFin MSTR-USDT	+0.0004%	8h	169.07	−0.018%	$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	168.97	−0.077%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.94	−0.098%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDTlong	+0.0034%	8h	169.10	long leg	$28.8M	$119.5M	25x
QFEX MSTR-USD	+0.0042%	1h	169.09	−0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.05	−0.030%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.00	−0.059%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.98	−0.071%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	168.63	−0.278%	$780K	$5.1M	10x
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.101%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0065%	8h	169.09	−0.006%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0083%	8h	169.03	−0.044%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0097%	1h	169.02	−0.047%	$57.0M	$37.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.03	−0.044%	$104K	$103K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.97	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.91	−0.112%	$4K	$398K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.96	−0.083%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.96	−0.082%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.062%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.130%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.12	+0.012%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0466%	4h	168.94	−0.092%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0697%	1h	169.05	−0.030%	$287K	$439K	10x	as long as short