Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Orderly−0.059%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.059% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	168.99	0.0100	pay 0.0100% / 8h	1h 47m	$3K	$12K	10x
Short	Polymarket Perps MSTR-USD	168.89	0.0050	get 0.0006% / 1h	47m 50s	$410K	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$10.5
Price spread: −0.059% → 0.000%: −$5.92
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$30.42
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 1 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 1 min ago	1.18 bp	6.9 bp −$7	9.4 bp −$94	11.2 bp −$1,122	doesn't fit

Orderly: 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	−0.0074%	1h	168.92	−0.041%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.03	+0.023%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.06	+0.043%	$88.3M	$629.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.04	+0.030%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.98	−0.006%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.98	−0.006%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.20	+0.125%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.23	+0.143%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.99	0.000%	$2.9M	$60K	10x	as long as short
BloFin MSTR-USDT	+0.0006%	8h	169.08	+0.053%	$1.1M	$1.8M	20x	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	168.95	−0.024%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.90	−0.053%	$585K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.96	−0.018%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.04	+0.030%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USDshort	+0.0050%	1h	168.89	−0.059%	$410K	$2.5M	10x
SoDEX MSTR-USD	+0.0050%	1h	168.95	−0.024%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.09	+0.059%	$753K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0052%	8h	169.11	+0.071%	$28.8M	$119.8M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.036%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0079%	8h	168.98	−0.007%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0082%	8h	169.03	+0.024%	$15.2M	$40.9M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	168.95	−0.025%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.95	−0.024%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.29	+0.178%	$4K	$721K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	168.99	long leg	$3K	$12K	10x
Aevo MSTR-PERP	+0.0104%	1h	168.96	−0.018%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0115%	1h	168.87	−0.071%	$56.9M	$38.0M	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.12	+0.075%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.154%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0342%	1h	168.92	−0.041%	$287K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.05	+0.036%	$27K	$134K	10x	as long as short
edgeX MSTRUSDC	+0.0654%	4h	169.21	+0.132%	$48K	$5.4M	10x	as long as short