Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0341%/8h= +37.4% APRpaid last 24h +0.005%

Price spread now: Injective against Aster+2.968%67s7-day average — · you sell dearer than you buy

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

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 2.968% dearer against Aster than usual: you sell high and buy low: +$297 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.056% in total (about 2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSTRUSDT	164.46	0	get 0.0000% / 8h	6h 06m	$1.2M	$7.0M	50x
Short	Injective MSTR/USDC PERP	169.34	0.0341	get 0.0043% / 1h	6m 16s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 AsterbpFee InjectivebpOrdersPrice spread, now +2.968%Rate

Funding earned: $71.66
Price spread: +2.968% → 0.000%: $296.79
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $360.43
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Aster: live order book, 3 min ago; Injective: 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 Aster live order book, 3 min ago	1.52 bp	7.8 bp −$8	254.8 bp −$2,548	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 31 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	−0.1124%	8h	164.64	+0.110%	$27.6M	$115.4M	25x	as long as short
Gate MSTR_USDT	−0.0196%	8h	164.40	−0.036%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDTlong	0.0000%	8h	164.46	long leg	$1.2M	$7.0M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	164.29	−0.103%	$20.8M	$99.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.60	+0.086%	$269K	$447K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.37	−0.054%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0007%	8h	164.71	+0.150%	$1.2M	$2.1M	—	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.30	−0.097%	$594K	$2.0M	10x	as long as short
Lighter MSTR	+0.0040%	1h	164.28	−0.109%	$3.5M	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.67	+0.128%	$26K	$113K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.43	−0.018%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.37	−0.054%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.38	−0.048%	$909K	$4.4M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0058%	1h	164.40	−0.036%	$384K	$2.7M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.57	+0.067%	$1.4M	$8.0M	10x	as long as short
Binance MSTRUSDT	+0.0086%	8h	164.31	−0.091%	$87.5M	$622.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.53	+0.044%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.30	−0.097%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.35	−0.066%	$4K	$187K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.48	+0.013%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.35	−0.066%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0167%	8h	164.54	+0.048%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.43	−0.018%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0199%	1h	164.32	−0.085%	$55.0M	$36.6M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0202%	8h	164.57	+0.067%	$79K	$760K	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0341%	1h	169.34	+2.968%	$8K	$26K	30x
Nado MSTR-PERP	+0.0347%	1h	164.45	−0.006%	$122K	$149K	3x	as long as short
Bybit MSTRUSDT	+0.0365%	8h	164.38	−0.048%	$17.0M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.55	+0.057%	$56K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0612%	4h	164.50	+0.023%	$50K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0784%	1h	164.50	+0.025%	$280K	$438K	10x	as long as short