Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.067%

Price spread now: BloFin against Ondo Perps+0.037%7-day average +0.127% · you sell dearer than you buy

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.037%, 7d avg +0.127%

Together, before fees+0.141%+ Points / potential airdropOndo Perps: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.089% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.037% now, against its 7-day average of +0.127%). If the spread goes back, that is −$9 on $10k: about 27 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.214% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	161.62	0.0050	pay 0.0006% / 1h	26m 10s	$863K	$3.9M	10x
Short	BloFin MSTR-USDT	161.68	0.0316	get 0.0316% / 8h	2h 26m	$1.0M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. 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 Ondo PerpsbpFee BloFinbpOrdersPrice spread, now +0.037%Rate

Funding earned: $55.7
Price spread: +0.037% → +0.127%: −$8.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $29.75
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: Ondo Perps: no order-book sample; BloFin: 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 BloFin live order book, 2 min ago	0.62 bp	7.3 bp −$7	10.5 bp −$105	24.7 bp −$2,468	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 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
Bitget MSTRUSDT	−0.1221%	8h	161.92	+0.186%	$26.7M	$117.8M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	161.68	+0.036%	$1.7M	$8.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	161.78	+0.099%	$4.6M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.30	+0.421%	$2.7M	$77K	10x	as long as short
Vest MSTR-USD-PERP	+0.0030%	1h	161.29	−0.204%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	161.47	−0.093%	$495K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.777%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	162.10	+0.297%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	161.67	+0.031%	$373K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	161.64	+0.012%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	161.62	long leg	$863K	$3.9M	10x
QFEX MSTR-USD	+0.0054%	1h	161.74	+0.074%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	161.75	+0.080%	$262K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	161.72	+0.062%	$20.4M	$99.5M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	161.72	+0.062%	$99K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	161.62	0.000%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.11	+0.303%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	161.71	+0.056%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	161.71	+0.058%	$134	—	10x	as long as short
Variational Omni MSTR	+0.0121%	8h	161.70	+0.052%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0144%	1h	161.65	+0.019%	$3.4M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	161.68	+0.039%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−0.062%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0195%	8h	161.70	+0.049%	$83.5M	$627.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0209%	8h	162.29	+0.416%	$77K	$849K	10x	as long as short
BloFin MSTR-USDTshort	+0.0316%	8h	161.68	+0.037%	$1.0M	$2.1M	20x
tradeXYZ xyz:MSTR	+0.0336%	1h	161.64	+0.012%	$53.7M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	162.41	+0.489%	$55K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0369%	1h	161.64	+0.009%	$129K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0369%	8h	161.76	+0.087%	$16.7M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	162.30	+0.419%	$48K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0555%	1h	161.70	+0.049%	$275K	$438K	10x	as long as short