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−0.085%7-day average −0.060% · 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−0.294%−$29 · spread now −0.085%, 7d avg −0.060%

Together, before fees−0.187%+ Points / potential airdropOndo Perps: Active · farm board−$19 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 0.025% cheaper against KuCoin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.060%). 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	165.49	0.0100	pay 0.0100% / 8h	6h 57m	$2.5M	$2.7M	20x
Short	Ondo Perps MSTR-USD.P	165.35	0.0050	get 0.0006% / 1h	57m 26s	$768K	$4.7M	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 −0.085%Rate

Funding earned: −$10.42
Price spread: −0.085% → −0.060%: −$2.46
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: −$29.88
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	1.81 bp	33.8 bp −$34	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
Gate MSTR_USDT	−0.0269%	8h	165.57	+0.048%	$4.6M	$18.6M	50x	as long as short
BloFin MSTR-USDT	−0.0020%	8h	166.27	+0.471%	$1.1M	$1.9M	20x	as long as short
Bitget MSTRUSDT	−0.0011%	8h	165.56	+0.042%	$27.2M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.57	+0.049%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.51	+0.011%	$87.2M	$618.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.47	−0.012%	$21.1M	$100.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.52	+0.018%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	+0.312%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.23	+0.447%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.22	+0.441%	$2.8M	$67K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.27	−0.133%	$570K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.09	+0.363%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.38	−0.066%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.42	−0.042%	$388K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.64	+0.091%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	165.35	−0.085%	$768K	$4.7M	10x
Lighter MSTR	+0.0064%	1h	165.47	−0.012%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.46	−0.018%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.50	+0.009%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	165.49	long leg	$2.5M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.10	+0.369%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.65	+0.097%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.62	+0.077%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	165.39	−0.057%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.71	+0.133%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0194%	1h	165.40	−0.054%	$55.7M	$36.1M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.576%	$56K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0314%	8h	165.58	+0.054%	$17.2M	$40.8M	50x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.326%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0367%	1h	165.36	−0.078%	$134K	$129K	3x	as long as short
edgeX MSTRUSDC	+0.0459%	4h	166.09	+0.364%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1080%	1h	165.68	+0.115%	$282K	$438K	10x	as long as short