MSTR Funding Rate — Strategy (MicroStrategy) tokenized stock perpetuals across 18 venues
Tokenized stock (xStock) perpetual · compared across 18 venues · net of estimated fees · updated every few minutes
MSTR represents tokenized exposure to Strategy (MicroStrategy) shares (a Backed.fi xStock) traded as a perpetual. The perp, its funding and the underlying share are three different things — read the rate with liquidity and the backtest below.
Live annualized MSTR perpetual funding across all 18 venues Perpia tracks. Right now MSTR funding is positive on 8 and negative on 7, ranging from +56.7% on Gate.io to -67.2% on Risex — a spread of 123.9%. The widest delta-neutral trade is long Risex / short Gate.io at 120.6% net APR.
MSTR funding trend & liquidity
42h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
MSTR funding rate by venue
121 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Gate.io↗ | +56.7% | 8h |
| GMTrade↗ | +23.0% | 1h |
| Pacifica↗ | +10.9% | 1h |
| Ondo Perps | +5.5% | 1h |
| Sodex↗ | +5.5% | 1h |
| Vest↗ | +5.0% | 1h |
| Lighter↗ | +3.5% | 8h |
| trade.xyz↗ | +0.9% | 1h |
| OKX↗ | +0.0% | 8h |
| Bitget↗ | +0.0% | 8h |
| Ostium↗ | +0.0% | 1h |
| Bybit↗ | -13.6% | 8h |
| Hyperliquid↗ | -17.3% | 1h |
| Variational↗ | -26.7% | 8h |
| Nado↗ | -32.5% | 24h |
| Aster↗ | -44.7% | 8h |
| KuCoin↗ | -58.1% | 8h |
| Risex↗ | -67.2% | 1h |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Risex vs Gate.io page.
Loading MSTR backtest…
MSTR funding — FAQ
Is MSTR funding positive right now?
MSTR perpetual funding is positive on 8 of 18 venues Perpia tracks and negative on 7. The highest is +56.7% on Gate.io; the lowest is -67.2% on Risex.
What is the best MSTR funding arbitrage right now?
Go long Risex and short Gate.io for about 120.6% net APR after fees — the widest delta-neutral MSTR spread Perpia currently sees.
Which exchange has the highest MSTR funding rate?
Gate.io, at +56.7% annualized. Funding shifts continuously, so check the live table above before trading.
How MSTR funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Related tokenized stocks
See the full list on the tokenized stocks hub.