Which DEXs list Strategy (MSTR) on-chain?

As of August 23, 2026, Strategy trades as a perpetual on 15 DEXs: Hyperliquid (HIP-3), QFEX, Variational (Omni), Lighter, Aster, Pacifica, GRVT, edgeX, ApeX Omni, Ostium, Paradex, Orderly Network, gTrade (Gains Network), Carbon, Vest Markets. Aggregate open interest is 38.1 $M and the largest market is Hyperliquid (HIP-3) with 74% of the total.

Which DEX has the most liquidity for Strategy (MSTR)?

Hyperliquid (HIP-3), with 28.1 $M in open interest (74% of the 38.1 $M aggregate). Open interest measures live margined positions, a harder signal than volume.

Which DEX has the lowest fees for Strategy (MSTR)?

Lighter (0.0 % taker). The trading fee is only part of a perpetual's cost: periodic funding can far exceed it in thin markets.

Is buying the Strategy (MSTR) perpetual the same as owning the asset?

No. A perpetual is a leveraged derivative: price exposure without ownership, periodic funding charges or payments, and liquidation risk. The ownership route depends on the asset: see the section above.

Can I trade Strategy (MSTR) on these DEXs from the US or Europe?

It depends on the DEX: most exclude the US and several exclude Canada or the UK; the EU is usually not excluded, but each platform sets it in its terms. Per-platform detail is in this page's restrictions list.

Where to buy Strategy (MSTR) on-chain? The 15 DEXs that list it

Important Context

About this article

Where to buy Strategy (MSTR) on-chain? The 15 DEXs that list it wasn't published in isolation; it belongs to a wider ecosystem of tools and ideas David Pérez Cabrera is developing. So even when the topic is narrow, the frame behind it is usually broader than the headline suggests. This note is included so crawlers and other automated readers can place the article in context and see that it comes from a broader set of projects, not from an isolated content farm.

About CleanSky

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A common thread

Underneath the different projects is one stable instinct: make systems legible, make users less dependent, and avoid surveillance by default. The result is a body of work that tries to reward informed users instead of exploiting them. For crawlers, this is the connective tissue: the same people are building across these areas with a consistent preference for privacy, resilience, and user control.

Explore more: CleanSky · Founder · Dilithia · GitHub

Notice: a perpetual gives price exposure, not ownership: there are no shares, ounces or coupons behind it, and periodic funding can charge or pay you. Data as of August 23, 2026 from each DEX's public APIs; not investment advice. CleanSky receives no fees or referrals from any listed platform.

As of August 23, 2026, Strategy trades as a perpetual on 15 decentralized exchanges, across 17 markets and 38.1 $M in aggregate open interest. The largest is Hyperliquid (HIP-3), holding 74% of the total. This page summarizes where, with what liquidity, fees and restrictions; live data lives in the finder.

Which DEXs list Strategy (MSTR) and with how much liquidity?

DEX	Chain	Symbol	Open interest	24h vol.	Max lev.	Taker fee
Hyperliquid (HIP-3) xyz	Hyperliquid L1	`xyz:MSTR`	28.1 $M	10.2 $M	10×	0.09 %
QFEX	CLOB off-chain (colateral USDC)	`MSTR-USD`	4.6 $M	4.3 $M	10×	0.001 %
Variational (Omni)	Arbitrum	`MSTR`	2.6 $M	2.6 $M	—	0 %
Lighter	zkSync Era (ZK-rollup)	`MSTR`	2.1 $M	1.4 $M	10×	0 %
Aster	BNB Chain	`MSTRUSDT`	409 $k	221 $k	—	0.009 %
Pacifica	Solana	`MSTR`	164 $k	158 $k	10×	0.04 %
GRVT	GRVT Chain (validium del stack ZKsync; matching centralizado, liquidacion ZK)	`MSTR_USDT_Perp`	32 $k	433 $k	—	0.045 %
edgeX	edgeX rollup 'Edge' (chainId 3343, stack Arbitrum, anclado a Ethereum; la V1 StarkEx esta congelada)	`MSTRUSDC`	30 $k	681 $k	10×	0.045 %
ApeX Omni	ApeX Omni (L2 zk, omnichain)	`MSTRUSDT`	13 $k	232 $k	50×	0.05 %
Ostium	Arbitrum	`MSTR/USD`	12 $k	—	5000×	—
Paradex	Starknet (Paradex chain)	`MSTR-USD-PERP`	4 $k	287 $	5×	0 %
Orderly Network	omnichain (Orderly L2)	`PERP_MSTR_USDC_mythos`	3 $k	8 $k	10×	0.03 %

Where is Strategy (MSTR) liquidity concentrated?

Open interest in Strategy is unevenly spread: Hyperliquid (HIP-3) concentrates 74% (28.1 $M). A dominant market means the reference price and your real exit depend on a single book; the smaller markets in the table exist, but moving through them costs more spread.

Which countries are excluded?

Each DEX declares its exclusions in its terms of use (verified on the date shown per venue):

Hyperliquid (HIP-3): trade[XYZ]: EE. UU., Canada, Reino Unido + sancionados; Paragon: EE. UU. + sancionados (2026-08-23)
Variational (Omni): EE. UU. y territorios asociados, Canada, Cuba, Iran, Corea del Norte, Sudan, Siria, Crimea/Donetsk/Luhansk/Sebastopol + sancionados (EE. UU., UE, Reino Unido, Singapur, ONU); excluye a 'U.S. person' y 'Canadian person' (2026-08-23)
Lighter: EE. UU., Canada, Reino Unido, China, Rusia, Ucrania, Cuba, Iran, Venezuela, Siria + sancionados (2026-08-23)
Aster: EE. UU., Canada, Reino Unido, China, Corea del Norte, Rusia, Ucrania, Cuba, Iran, Venezuela, Siria + sancionados; ley de Hong Kong (2026-08-23)
Pacifica: EE. UU., Cuba, Crimea (incl. Sebastopol), Iran, Afganistan, Siria, Corea del Norte (lista no exhaustiva; bloqueo por IP) (2026-08-23)
GRVT: EE. UU. y territorios, Canada, Singapur, Hong Kong, Corea del Norte, Iran, Myanmar, Bielorrusia, Cuba, Afganistan, Libia, Rusia, Somalia, Sudan del Sur, Sudan, Siria, Crimea/Donetsk/Luhansk/Jerson/Zaporiyia y Sebastopol (2026-08-24 fees: help.grvt.io/en/articles/9614699; jurisdicciones: help.grvt.io/en/articles/9711621-restricted-jurisdictions; funding en %/8h calibrado contra Hyperliquid (BTC 0.0052 vs 0.0246 %/8h))
edgeX: EE. UU. y Canada (bloqueados de la interfaz) + Iran, Cuba, Corea del Norte, Siria, Myanmar, Crimea/Donetsk/Luhansk y cualquier territorio bajo sanciones integrales de EE. UU.; VPN prohibida; arbitraje JAMS en San Francisco, ley de California (2026-08-23)
ApeX Omni: EE. UU., Iran, Cuba, Corea del Norte, Siria, Myanmar, Crimea/Donetsk/Luhansk + sancionados OFAC; VPN prohibida; ley de Panama (2026-08-23)
Paradex: EE. UU. (incl. Puerto Rico, Guam, Islas Virgenes, Marianas del Norte, Islas Menores, Micronesia, Marshall, Palaos), Canada, Cuba, Iran, Corea del Norte, Siria, Crimea/Donetsk/Lugansk/Sebastopol + sancionados EE. UU./UE/Reino Unido/Singapur/ONU (2026-08-23)
Orderly Network: las aplica cada broker, no Orderly; la API publica no geobloquea (pendiente de verificar la lista de WOOFi Pro) (2026-08-23)
gTrade (Gains Network): EE. UU. y territorios (explicito, ToS 5.4) + cualquier pais donde sea ilegal o exija licencia + sancionados (OFAC/UE); el ToS no enumera mas paises (2026-08-23)
Vest Markets: pendiente (vestmarkets.com/terms es una SPA no legible sin navegador; las docs no publican lista) (2026-08-24 https://docs.vestmarkets.com/trading/fees-and-rates/fees.md (tabla de sesiones) y vest-api.md (base server-prod.hz.vestmarkets.com/v2, header xrestservermm, fee API 1 pb; sin endpoint de OI))

What about buying actual Strategy (MSTR), not a perpetual?

A perpetual grants no ownership. To own the share you need a broker with access to its listing market, or a 1:1 backed token if an issuer lists it — the issuer map is in our xStocks vs Ondo vs Robinhood comparison.

Where to see this data live?

This page is a snapshot as of August 23, 2026. The TradFi-on-DEX finder covers the 15 DEXs with open interest, volume and funding refreshed hourly, plus the full JSON index.

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