Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Ondo Perps against Polymarket Perps−0.079%7-day average −0.005% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Ondo 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+0.146%+$15 · spread now −0.079%, 7d avg −0.005%

Together, before fees+0.099%+ Points / potential airdropOndo Perps: Active · farm board+$10 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: Ondo Perps is 0.074% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MSTR-USD	164.41	0.0050	pay 0.0006% / 1h	13m 55s	$380K	$2.7M	10x
Short	Ondo Perps MSTR-USD.P	164.28	0.0050	get 0.0006% / 1h	13m 55s	$856K	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Polymarket PerpsbpFee Ondo PerpsbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0.08
Price spread: −0.079% → −0.005%: −$7.43
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$20.35
Costs to cover: 0.130%
Break-even: 1702.5 days

Slippage unknown: Polymarket Perps: live order book, 5 min ago; Ondo Perps: no order-book sample. 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 Polymarket Perps live order book, 5 min ago	1.22 bp	8.6 bp −$9	9.0 bp −$90	11.4 bp −$1,137	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

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
Bitget MSTRUSDT	−0.0944%	8h	164.58	+0.103%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.45	+0.026%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	+0.043%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.45	+0.024%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.41	0.000%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.37	−0.024%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.27	−0.085%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.999%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.50	+0.055%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	+0.067%	$26K	$109K	10x	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	164.33	−0.049%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USDlong	+0.0050%	1h	164.41	long leg	$380K	$2.7M	10x
SoDEX MSTR-USD	+0.0050%	1h	164.43	+0.012%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.Pshort	+0.0050%	1h	164.28	−0.079%	$856K	$3.9M	10x
QFEX MSTR-USD	+0.0054%	1h	164.48	+0.043%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0077%	8h	164.39	−0.014%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.45	+0.023%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.36	−0.030%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	−0.018%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.44	+0.018%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	+0.023%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0133%	8h	164.48	+0.040%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0140%	8h	164.44	+0.018%	$87.3M	$616.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.59	+0.109%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.176%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.084%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0227%	1h	164.38	−0.018%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0241%	1h	164.39	−0.011%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0260%	8h	164.48	+0.043%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.46	+0.030%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.46	+0.030%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0731%	4h	164.47	+0.038%	$49K	$5.4M	10x	as long as short