Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0678%/8h= −74.2% APRpaid last 24h −0.134%

Price spread now: Injective against edgeX+4.127%7-day average — · you sell dearer than you buy

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

Long on edgeX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 4.127% dearer against edgeX than usual: you sell high and buy low (spread +4.127% now, against zero (this spread has no 7-day history yet)): +$413 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.049% in total) that is about 20 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.5% 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	edgeX MSTRUSDC	162.63	0.0711	pay 0.0356% / 4h	1h 34m	$45K	$5.4M	10x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	34m 56s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against edgeX. 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 edgeXbpFee InjectivebpOrdersPrice spread, now +4.127%Rate

Funding earned: −$142.34
Price spread: +4.127% → 0.000%: $412.7
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $261.34
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: edgeX: live order book, 4 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 edgeX live order book, 4 min ago	5.53 bp	10.5 bp −$10	17.6 bp −$176	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 32 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	−0.0942%	8h	162.81	+0.112%	$28.6M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.65	+0.013%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.08	+0.278%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0029%	8h	162.53	−0.063%	$1.7M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.36	−0.165%	$509K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+4.127%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	162.73	+0.063%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.18	−0.276%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.49	−0.085%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.55	−0.048%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.45	−0.110%	$852K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.54	−0.054%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.59	−0.024%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.50	−0.079%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.41	−0.134%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.53	−0.060%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.53	−0.062%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0142%	8h	162.61	−0.011%	$20.7M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0149%	8h	162.56	−0.044%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0152%	1h	162.52	−0.067%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.681%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0158%	8h	162.55	−0.049%	$65	—	5x	as long as short
Binance MSTRUSDT	+0.0228%	8h	162.54	−0.054%	$83.6M	$627.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0238%	8h	162.63	−0.002%	$83K	$878K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0275%	1h	162.57	−0.036%	$53.9M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.62	−0.008%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0348%	8h	162.56	−0.042%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0349%	1h	162.44	−0.116%	$130K	$157K	3x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.56	−0.042%	$261K	$436K	10x	as long as short
Bybit MSTRUSDT	+0.0383%	8h	162.59	−0.024%	$16.8M	$41.8M	50x	as long as short
edgeX MSTRUSDClong	+0.0711%	4h	162.63	long leg	$45K	$5.4M	10x
Deribit MSTR_USDC-PERPETUAL	+0.0920%	1h	162.55	−0.048%	$276K	$437K	10x	as long as short