Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0333%/8h= −36.5% APRpaid last 24h +0.050%

Price spread now: Gate against Injective+0.006%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.217%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.217% in total (about 11.3% 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	169.25	0.0333	pay 0.0042% / 1h	43m 14s	$13K	$22K	30x
Short	Gate MSTR_USDT	169.26	0	get 0.0000% / 8h	1h 43m	$4.8M	$19.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.006%Rate

Funding earned: −$69.92
Price spread: +0.006% → 0.000%: $0.59
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$84.35
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 6 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 Gate live order book, 6 min ago	0.89 bp	13.5 bp −$13	49.6 bp −$496	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	−0.0093%	1h	169.14	−0.067%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0023%	8h	169.28	+0.018%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.20	−0.030%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.31	+0.033%	$88.4M	$628.9M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.23	−0.012%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.23	−0.011%	$276K	$446K	10x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	169.26	+0.006%	$4.8M	$19.3M	50x
Variational Omni MSTR	0.0000%	8h	169.03	−0.131%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.18	−0.040%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.26	+0.006%	$2.9M	$61K	10x	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	169.21	−0.024%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.14	−0.062%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.24	−0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.33	+0.047%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0046%	8h	169.30	+0.030%	$28.9M	$119.6M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.23	−0.012%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.20	−0.030%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.189%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.189%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0076%	8h	169.19	−0.033%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0077%	8h	169.34	+0.053%	$15.2M	$40.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0086%	1h	169.23	−0.012%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.21	−0.025%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.15	−0.059%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.18	−0.041%	$4K	$619K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.23	−0.012%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.21	−0.026%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.148%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0333%	1h	169.25	long leg	$13K	$22K	30x
edgeX MSTRUSDC	+0.0400%	4h	169.14	−0.062%	$48K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.28	+0.018%	$27K	$134K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.27	+0.012%	$288K	$439K	10x	as long as short