MSTR perps: where to trade MicroStrategy perpetual futures
13 tracked venues list MSTR perps.
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The cheapest place to trade MSTR perps right now is Lighter (MSTR): 2.20 bps all-in for a $10,000 market buy at the standard taker fee, measured 11:09 UTC on 2026-10-03.
The next two venues are Aster 3.72 bps and Extended 4.44 bps. 9 of 13 MSTR markets gave a measured cost.
Promo rate for eligible accounts: MEXC (MSTRSTOCK_USDT) shows 0.31 bps at a 0.000% taker fee that only some accounts get (MEXC: stock futures listing notice, checked 2026-09-25). MEXC does not state the MSTR fee for other accounts, so this cost is not ranked.
MSTR perps list on 13 tracked venues: 6 centralized exchanges, 1 Hyperliquid HIP-3 deployment, 6 other decentralized venues. Avantis (MSTR/USD), Gains Network (MSTR/USD) and Ostium (MSTR/USD) fill at an oracle price, with no public MSTR book to measure.
Maximum MSTR leverage runs from 2x on Gains Network (MSTR/USD) to 100x on MEXC (MSTRSTOCK_USDT).
Measured MSTR cost for a $10,000 buy
- Lighter2.20
- Aster3.72
- Extended4.44
- Binance5.81
- Bybit6.00
- OKX6.84
- Bitget8.73
- trade.xyz9.31
- Gate12.36
MSTR funding and open interest
Funding now runs from 0.0% a year on Aster to 5.5% on trade.xyz, across 10 MSTR markets. A positive rate means that longs pay shorts.
10 MSTR markets report open interest, $244.9 million in total. Binance holds 37% of it ($90.6 million).
Where to trade MicroStrategy perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Lighter | MSTR | 10x | +0.0004% / 1 h | +3.5% | — | $3.4M | 2.20 | 0.000% (API) | 2.20 | — |
| Aster | MSTRUSDT | 50x | 0.0000% / 8 h | 0.0% | +8.8% | $745K | 2.47 | 0.013% (docs) | 3.72 | — |
| Extended | MSTR_24_5-USD | 10x | +0.0004% / 1 h | +3.5% | — | $325K | 3.44 | 0.010% (docs) | 4.44 | — |
| Binance | MSTRUSDT | 50x | 0.0000% / 8 h | 0.0% | +9.9% | $90.6M | 1.81 | 0.040% (docs, promotion for all accounts) | 5.81 | — |
| Bybit | MSTRUSDT | 50x | 0.0000% / 8 h | 0.0% | +20.0% | $20.4M | 3.25 | 0.028% (docs, promotion for all accounts) | 6.00 | — |
| OKX | MSTR-USDT-SWAP | 50x | 0.0000% / 8 h | 0.0% | +10.4% | $23.5M | 1.84 | 0.050% (docs) | 6.84 | — |
| Bitget | MSTRUSDT | 25x | 0.0000% / 8 h | 0.0% | +21.6% | $25.7M | 2.73 | 0.060% (API) | 8.73 | — |
| trade.xyz | xyz:MSTR | 10x | +0.0006% / 1 h | +5.5% | +13.1% | $47.8M | 0.31 | 0.090% (API, live) | 9.31 | — |
| Gate | MSTR_USDT | 50x | 0.0000% / 8 h | 0.0% | +18.0% | $10.6M | 4.86 | 0.075% (API) | 12.36 | — |
| MEXC | MSTRSTOCK_USDT | 100x | 0.0000% / 8 h | 0.0% | +9.8% | $21.8M | 0.31 | Not stated for all accounts | — | 0.000% = 0.31 bps (eligible accounts, source, 2026-09-25) |
| Avantis | MSTR/USD | 10x | — | — | — | — | No MSTR book | Oracle model | — | — |
| Gains Network | MSTR/USD | 2x | — | — | — | — | No MSTR book | Oracle model | — | — |
| Ostium | MSTR/USD | — | — | — | — | — | No MSTR book | Oracle model | — | — |
Method: a $10,000 MSTR market buy fills against each public MSTR book.
The MSTR book cost is that fill price against the mid, in bps. The MSTR all-in cost adds the standard taker fee that every new account gets.
A MSTR promo rate that only eligible accounts get is shown in its own column and is never ranked.
A MSTR book price does not prove that the venue accepts MSTR orders at that time, so check the MSTR hours table.
Annual MSTR funding is the rate per hour times 8,760, with no compounding. The MSTR markets come from venue APIs read on 2026-09-25.
MSTR trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | MSTRUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Avantis | MSTR/USD | 23/5 or 9:30–16:00 ET | Pyth Pro, Chainlink |
| Binance | MSTRUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | MSTRUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | MSTRUSDT | 24/7 | Index with Pyth |
| Extended | MSTR_24_5-USD | Per market in API | Stork, Blue Ocean ATS |
| Gains Network | MSTR/USD | Mon–Fri 9:35–16:00 ET | Chainlink |
| Gate | MSTR_USDT | Index holds last close | Paid feeds, crypto venues |
| Lighter | MSTR | 24/7 | Pyth Pro (NVDA, TSLA) |
| MEXC | MSTRSTOCK_USDT | Varies, no trades closed | Not named in docs |
| OKX | MSTR-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
| Ostium | MSTR/USD | Mon–Fri 9:30–16:00 ET | Own feed, Stork nodes |
| trade.xyz | xyz:MSTR | 24/7, bounded off-hours | Relayer, Blue Ocean ATS |
Find your liquidation price with the liquidation price calculator for MSTR. Compare all tickers on the stock perps hub. Read how trade.xyz lists MSTR on Hyperliquid.
Where to Trade MicroStrategy (MSTR) Perpetual Futures
Fees and leverage limits apply venue-wide; check MSTR terms with the venue.
MicroStrategy (MSTR) market overview
MicroStrategy is the world's largest corporate holder of Bitcoin, having converted its treasury strategy to aggressive BTC accumulation through equity and debt issuance.
MSTR stock perps are among the most important equity derivatives for crypto traders — MSTR effectively functions as a leveraged BTC proxy with a premium, making its perps useful for complex basis trades between equity and crypto markets.
Frequently Asked Questions — MicroStrategy (MSTR)
What open interest data is available for MSTR?
2 venues report positive MSTR open interest in this read.
The MSTR total leaves out venues outside the read.
How does a MicroStrategy perpetual futures contract differ from the underlying asset?
A MicroStrategy perpetual tracks the MicroStrategy price, with no expiry date and no ownership of MicroStrategy.
Check each venue for MicroStrategy trading hours and the price source.
Category: Stock