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 +0.058%

Price spread now: Gate against Ondo Perps−0.053%7-day average +0.104% · you buy dearer than you sell

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

Long on Ondo Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 7 days+0.294%+$29 · spread now −0.053%, 7d avg +0.104%

Together, before fees+0.485%+ Points / potential airdropOndo Perps: Active · farm board+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.157% cheaper against Ondo Perps than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.104%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.191%, 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	Ondo Perps MSTR-USD.P	169.09	0.0050	pay 0.0006% / 1h	50m 08s	$753K	$5.1M	10x
Short	Gate MSTR_USDT	169.00	0	get 0.0000% / 8h	1h 50m	$4.8M	$19.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.053%Rate

Funding earned: −$10.58
Price spread: −0.053% → +0.104%: −$15.71
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$46.29
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	2.66 bp	21.5 bp −$21	43.2 bp −$432	doesn't fit	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
Nado MSTR-PERP	−0.0054%	1h	168.98	−0.064%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0006%	8h	169.29	+0.118%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.08	−0.007%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.06	−0.017%	$88.3M	$629.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.02	−0.041%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.15	+0.035%	$275K	$446K	10x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	169.00	−0.053%	$4.8M	$19.3M	50x
Variational Omni MSTR	0.0000%	8h	169.20	+0.065%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.45	+0.210%	$83K	$927K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.01	−0.047%	$2.9M	$60K	10x	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	169.02	−0.041%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.93	−0.095%	$585K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.15	+0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.16	+0.041%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.99	−0.059%	$410K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.01	−0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	169.09	long leg	$753K	$5.1M	10x
Bitget MSTRUSDT	+0.0056%	8h	168.99	−0.059%	$28.8M	$119.8M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	169.22	+0.077%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0081%	8h	169.07	−0.013%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0085%	8h	169.03	−0.035%	$15.2M	$40.9M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.05	−0.025%	$103K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.99	−0.059%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	+0.118%	$4K	$721K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.08	−0.006%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.06	−0.020%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0113%	1h	169.00	−0.053%	$56.8M	$37.9M	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.41	+0.186%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.095%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.16	+0.041%	$27K	$134K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0460%	1h	169.06	−0.018%	$287K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0644%	4h	169.37	+0.167%	$48K	$5.4M	10x	as long as short