Trade Synthetic MSTR
A leveraged bet on bitcoin that only trades when the NASDAQ is open.
24/7
cUSDC
No funding rate
Solana
About MicroStrategy
MicroStrategy holds one of the largest corporate bitcoin positions in existence, and its share price stopped tracking the software business underneath it a long time ago. What it tracks is bitcoin, with leverage on top, which is why it carries the highest realized volatility of anything listed here. The awkward part is the schedule. The asset it follows trades every hour of every day, and the equity does not.
How to trade MSTR here
Mint L/S Tokens
Deposit stablecoins to receive paired MSTR-L and MSTR-S tokens.
Pick a side
Sell the leg you don't want. Keep L to be long, S to be short.
Take it elsewhere
Post it as collateral on a lending market, or trade it on any Solana DEX.
When you can trade it
24/7 on Continuum (vs. NASDAQ 9:30 AM - 4:00 PM ET)
Here the gap is structural rather than occasional. Bitcoin moves all weekend and MSTR's fair value moves with it, but the shares cannot be touched until Monday, so the repricing arrives as a gap rather than as a trade you could have made. Anyone hedging that exposure has spent years waiting for the bell.
What people do with MSTR
The two legs
MSTR-L (Long Token)
Rises when MicroStrategy does. Hold it as long as you like: there is no funding and no carry on the long leg.
MSTR-S (Short Token)
Rises when MicroStrategy falls, which is what makes it a hedge. The short leg carries a volatility decay, so it is not free to hold.
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Trade MSTR
The MSTR book is live. Long and short quotes, at whatever hour suits you.