Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: Polymarket Perps against Ondo Perps+0.065%7-day average +0.014% · you sell dearer than you buy

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

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days+0.225%+$23 · spread now +0.065%, 7d avg +0.014%

Together, before fees+0.273%+ Points / potential airdropOndo Perps: Active · farm board+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.051% dearer against Ondo Perps than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSTR-USD.P	169.30	0.0050	pay 0.0006% / 1h	42m 08s	$781K	$5.2M	10x
Short	Polymarket Perps MSTR-USD	169.41	0.0050	get 0.0006% / 1h	42m 08s	$390K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$0.08
Price spread: +0.065% → +0.014%: $5.09
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$8
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: 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 Polymarket Perps live order book, 2 min ago	2.36 bp	9.9 bp −$10	11.0 bp −$110	12.3 bp −$1,230	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	169.45	+0.089%	$1.3M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.36	+0.035%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.63	+0.197%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.55	+0.148%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.47	+0.097%	$276K	$442K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0024%	8h	169.37	+0.041%	$22.1M	$106.6M	50x	as long as short
BloFin MSTR-USDT	+0.0027%	8h	169.38	+0.047%	$1.1M	$1.8M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0035%	8h	169.60	+0.179%	$77K	$879K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.62	+0.189%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.48	+0.106%	$1.5M	$10.2M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USDshort	+0.0050%	1h	169.41	+0.065%	$390K	$2.8M	10x
SoDEX MSTR-USD	+0.0050%	1h	169.33	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Plong	+0.0050%	1h	169.30	long leg	$781K	$5.2M	10x
Binance MSTRUSDT	+0.0058%	8h	169.40	+0.059%	$89.3M	$628.9M	50x	as long as short
Bitget MSTRUSDT	+0.0063%	8h	169.36	+0.035%	$28.7M	$120.0M	25x	as long as short
Nado MSTR-PERP	+0.0064%	1h	169.35	+0.030%	$140K	$97K	3x	as long as short
Extended MSTR_24_5-USD	+0.0072%	1h	169.25	−0.028%	$583K	$1.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.32	+0.012%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.42	+0.073%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.38	+0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.22	−0.047%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	+0.035%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.130%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.36	+0.036%	$141	—	10x	as long as short
Bybit MSTRUSDT	+0.0109%	8h	169.39	+0.053%	$15.2M	$40.5M	50x	as long as short
Lighter MSTR	+0.0120%	1h	169.32	+0.012%	$3.6M	$2.4M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	169.45	+0.087%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0202%	1h	169.32	+0.012%	$57.1M	$37.5M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.52	+0.132%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0636%	1h	169.41	+0.065%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.53	+0.136%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0778%	4h	169.65	+0.207%	$47K	$5.5M	10x	as long as short