Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0386%/8h= +42.3% APRpaid last 24h −0.004%

Price spread now: Bybit against Injective−3.195%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 3.195% cheaper against Injective than usual: you would sell low and buy high (spread −3.195% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$319 on $10k: about 28 days of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.097% in total) that is about 8 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.097% in total (about 5.0% 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	42m 51s	$8K	$26K	30x
Short	Bybit MSTRUSDT	163.93	0.0420	get 0.0420% / 8h	42m 51s	$17.1M	$41.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −3.195%Rate

Funding earned: $81.15
Price spread: −3.195% → 0.000%: −$319.48
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$249.34
Costs to cover: 0.110%
Break-even: 28.5 days

Slippage unknown: Injective: no order-book sample; Bybit: 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 Bybit live order book, 1 min ago	0.91 bp	8.6 bp −$9	14.4 bp −$144	134.7 bp −$13.5K	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 MSTRUSDT	−0.0451%	8h	164.12	−3.083%	$29.4M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.05	−3.124%	$4.7M	$19.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.01	−3.148%	$2.8M	$81K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.85	−3.239%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	164.04	−3.130%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.03	−3.136%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.98	−3.165%	$379K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.84	−3.248%	$868K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.00	−3.153%	$1.3M	$7.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0078%	8h	163.93	−3.194%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.01	−3.148%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.92	−3.201%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.93	−3.195%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.05	−3.124%	$2K	$13K	10x	as long as short
Lighter MSTR	+0.0104%	1h	163.97	−3.171%	$3.5M	$2.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.07	−3.113%	$136	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−4.618%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0177%	8h	164.02	−3.144%	$66	—	5x	as long as short
SoDEX MSTR-USD	+0.0181%	1h	164.04	−3.130%	$43K	$3K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0197%	8h	163.95	−3.183%	$20.9M	$100.1M	50x	as long as short
Variational Omni MSTR	+0.0208%	8h	164.07	−3.110%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0272%	8h	163.98	−3.165%	$84.5M	$621.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0285%	8h	164.08	−3.106%	$85K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	164.09	−3.100%	$56K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0359%	1h	163.85	−3.239%	$125K	$165K	3x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	164.04	−3.130%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDTshort	+0.0420%	8h	163.93	−3.195%	$17.1M	$41.7M	50x
edgeX MSTRUSDC	+0.0481%	4h	163.97	−3.170%	$46K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	164.12	−3.083%	$267K	$422K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0512%	1h	164.05	−3.124%	$54.2M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0726%	1h	164.08	−3.106%	$279K	$437K	10x	as long as short