Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0969%/8h= −106.1% APRpaid last 24h −0.019%

Price spread now: Bitget against Injective−2.781%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Bitget is 2.781% cheaper against Injective than usual: you would sell low and buy high (−$278 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.024% in total (about -1.3% 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	Injective MSTR/USDC PERP	169.34	0.0033	pay 0.0004% / 1h	2m 49s	$8K	$26K	30x
Short	Bitget MSTRUSDT	164.63	−0.0936	pay 0.0936% / 8h	4h 02m	$27.9M	$115.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −2.781%Rate

Funding earned: −$203.56
Price spread: −2.781% → 0.000%: −$278.14
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$493.72
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	0.30 bp	8.4 bp −$8	13.4 bp −$134	38.9 bp −$3,888	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
Bitget MSTRUSDTshort	−0.0936%	8h	164.63	−2.781%	$27.9M	$115.1M	25x
Aster MSTRUSDT	0.0000%	8h	164.53	−2.842%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.73	−2.722%	$4.6M	$18.9M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.52	−2.846%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0020%	8h	164.48	−2.870%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.47	−2.876%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.37	−2.938%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
RISEx MSTR/USDC	+0.0034%	1h	164.56	−2.823%	$267K	$445K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.50	−2.858%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.34	−2.953%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.45	−2.888%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.48	−2.870%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−2.959%	$851K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.49	−2.864%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0089%	8h	164.36	−2.943%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.50	−2.861%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.42	−2.905%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.24	−3.012%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	−2.840%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	−2.846%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0140%	8h	164.54	−2.835%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0151%	8h	164.56	−2.824%	$86.9M	$615.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0162%	8h	164.48	−2.869%	$82K	$792K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−3.083%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.33	−2.956%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0234%	1h	164.48	−2.870%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0242%	1h	164.30	−2.978%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0271%	8h	164.55	−2.829%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0350%	8h	164.52	−2.846%	$16.9M	$40.8M	50x	as long as short
edgeX MSTRUSDC	+0.0855%	4h	164.38	−2.930%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0967%	1h	164.57	−2.817%	$280K	$438K	10x	as long as short