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: KuCoin against Ondo Perps+0.085%7-day average +0.060% · you sell dearer than you buy

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

Long on Ondo Perps Short on KuCoin

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.025% dearer against Ondo Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.060%. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	165.12	0.0050	pay 0.0006% / 1h	56m 08s	$773K	$4.7M	10x
Short	KuCoin MSTRUSDTM	165.26	0.0100	get 0.0100% / 8h	6h 56m	$2.5M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.085%Rate

Funding earned: $10.42
Price spread: +0.085% → +0.060%: $2.48
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4.11
Costs to cover: 0.170%
Break-even: 9.8 days

Slippage unknown: Ondo Perps: no order-book sample; KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	1.81 bp	19.6 bp −$20	doesn't fit	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
Gate MSTR_USDT	−0.0275%	8h	165.24	+0.073%	$4.6M	$18.6M	50x	as long as short
Bitget MSTRUSDT	−0.0063%	8h	165.25	+0.079%	$27.1M	$114.5M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.32	+0.122%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.20	+0.048%	$87.0M	$618.8M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.20	+0.048%	$21.1M	$100.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.28	+0.098%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.19	+0.042%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.23	+0.672%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.00	+0.533%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0016%	8h	165.40	+0.170%	$1.0M	$1.9M	20x	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	165.00	−0.070%	$570K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.86	+0.448%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.11	−0.006%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.18	+0.036%	$388K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.21	+0.055%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	165.12	long leg	$773K	$4.7M	10x
QFEX MSTR-USD	+0.0064%	1h	165.22	+0.061%	$1.4M	$8.5M	10x	as long as short
Lighter MSTR	+0.0096%	1h	165.15	+0.018%	$3.5M	$1.9M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.31	+0.115%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	165.26	+0.085%	$2.5M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.10	+0.594%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.32	+0.121%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.28	+0.096%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0115%	8h	165.20	+0.049%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.17	+0.030%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0218%	1h	165.14	+0.012%	$55.6M	$36.1M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.801%	$56K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0316%	8h	165.30	+0.109%	$17.1M	$40.9M	50x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.556%	$8K	$26K	30x	as long as short
Nado MSTR-PERP	+0.0357%	1h	165.10	−0.013%	$134K	$129K	3x	as long as short
edgeX MSTRUSDC	+0.0459%	4h	166.09	+0.589%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0780%	1h	165.22	+0.061%	$281K	$438K	10x	as long as short