Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.007%

Price spread now: Aster against Injective+0.090%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$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

The price spread pays, funding is against you. Aster is 0.090% dearer against Injective than usual: you sell high and buy low (spread +0.090% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 7 days (−0.063% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	168.88	0.0104	pay 0.0013% / 1h	6m 42s	$13K	$21K	30x
Short	Aster MSTRUSDT	169.03	0	get 0.0000% / 8h	6m 42s	$1.2M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$21.8
Price spread: +0.090% → 0.000%: $9
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$20.82
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Aster: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Aster live order book, 2 min ago	1.48 bp	6.6 bp −$7	243.3 bp −$2,433	doesn't fit	doesn't fit

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
Nado MSTR-PERP	−0.0046%	1h	168.97	+0.055%	$139K	$97K	3x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	169.03	+0.090%	$1.2M	$6.1M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	169.03	+0.089%	$21.9M	$106.2M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.05	+0.101%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.84	−0.023%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.05	+0.101%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.05	+0.101%	$275K	$441K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0028%	8h	169.01	+0.076%	$77K	$871K	10x	as long as short
Bitget MSTRUSDT	+0.0029%	8h	169.05	+0.101%	$28.7M	$119.9M	25x	as long as short
BloFin MSTR-USDT	+0.0030%	8h	169.13	+0.148%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	169.01	+0.077%	$3.6M	$2.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.92	+0.026%	$581K	$1.8M	10x	as long as short
Binance MSTRUSDT	+0.0043%	8h	169.05	+0.101%	$89.2M	$628.9M	50x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.12	+0.142%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.04	+0.095%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.03	+0.089%	$397K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.05	+0.101%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.91	+0.018%	$773K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0061%	8h	169.07	+0.113%	$15.1M	$40.3M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0096%	8h	169.00	+0.072%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.077%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.96	+0.048%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.95	+0.041%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.93	+0.030%	$4K	$280K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.00	+0.071%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0104%	1h	168.88	long leg	$13K	$21K	30x
Aevo MSTR-PERP	+0.0104%	1h	169.02	+0.086%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0128%	1h	169.01	+0.077%	$57.1M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.00	+0.074%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	168.97	+0.052%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0519%	1h	169.09	+0.124%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.09	+0.124%	$27K	$129K	10x	as long as short