Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.026%

Price spread now: Bybit against Ondo Perps+0.225%7-day average +0.085% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 7 days+0.042%+$4 · spread now +0.225%, 7d avg +0.085%

Together, before fees+0.068%+ Points / potential airdropOndo Perps: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.140% dearer against Ondo Perps than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	169.24	0.0050	pay 0.0006% / 1h	46m 24s	$781K	$5.2M	10x
Short	Bybit MSTRUSDT	169.62	0.0100	get 0.0100% / 8h	46m 24s	$15.2M	$40.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.225%Rate

Funding earned: $10.49
Price spread: +0.225% → +0.085%: $13.97
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $8.46
Costs to cover: 0.160%
Break-even: 1.4 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	0.88 bp	9.1 bp −$9	14.0 bp −$140	115.1 bp −$11.5K	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
Aster MSTRUSDT	0.0000%	8h	169.49	+0.147%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.59	+0.207%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	+0.150%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.54	+0.177%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.60	+0.210%	$276K	$442K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0004%	8h	169.42	+0.108%	$83K	$875K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0011%	8h	169.69	+0.266%	$22.1M	$106.8M	50x	as long as short
BloFin MSTR-USDT	+0.0032%	8h	169.61	+0.219%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.29	+0.028%	$583K	$1.8M	10x	as long as short
Binance MSTRUSDT	+0.0033%	8h	169.63	+0.231%	$89.5M	$628.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	169.65	+0.242%	—	$2.1M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	169.39	+0.089%	$140K	$97K	3x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.52	+0.165%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.50	+0.154%	$394K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.49	+0.148%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	169.24	long leg	$781K	$5.2M	10x
Bitget MSTRUSDT	+0.0057%	8h	169.59	+0.207%	$28.7M	$120.3M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	+0.047%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.55	+0.181%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.37	+0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.018%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.52	+0.165%	$3K	$11K	10x	as long as short
Bybit MSTRUSDTshort	+0.0100%	8h	169.62	+0.225%	$15.2M	$40.5M	50x
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.095%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.51	+0.157%	$141	—	10x	as long as short
Lighter MSTR	+0.0120%	1h	169.50	+0.154%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0126%	8h	169.52	+0.165%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0178%	1h	169.54	+0.177%	$57.2M	$37.5M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	+0.156%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0491%	4h	169.40	+0.093%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.61	+0.219%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0754%	1h	169.54	+0.177%	$288K	$438K	10x	as long as short