Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.015%

Price spread now: KuCoin against Injective+1.667%100s7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 1.667% dearer against Injective than usual: you sell high and buy low (spread +1.667% now, against zero (this spread has no 7-day history yet)): +$167 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.037% in total) that is about 11 months. The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% 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	162.61	0.0440	pay 0.0055% / 1h	55m 35s	$7K	$26K	30x
Short	KuCoin MSTRUSDTM	165.32	0.0100	get 0.0100% / 8h	6h 55m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +1.667%Rate

Funding earned: −$71.4
Price spread: +1.667% → 0.000%: $166.66
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $83.24
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: 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 KuCoin live order book, 1 min ago	2.11 bp	212.8 bp −$213	doesn't fit	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
Ondo Perps MSTR-USD.P	−0.0082%	1h	165.18	+1.580%	$923K	$3.5M	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.23	+1.611%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.03	+1.488%	$31.3M	$112.9M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.90	+2.023%	$2.8M	$84K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.04	+1.496%	$531K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.22	+1.605%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.00	+1.470%	$380K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.94	+2.048%	$44K	$3K	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	165.06	+1.507%	$1.3M	$6.8M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.13	+1.547%	$101K	$88K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MSTRUSDTMshort	+0.0100%	8h	165.32	+1.667%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.07	+2.128%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.10	+2.146%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.13	+2.165%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.85	+1.992%	$1.4M	$637K	10x	as long as short
Lighter MSTR	+0.0136%	1h	164.96	+1.445%	$3.5M	$1.7M	10x	as long as short
Nado MSTR-PERP	+0.0136%	1h	165.06	+1.508%	$126K	$140K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0181%	8h	164.97	+1.451%	$66	—	5x	as long as short
Aster MSTRUSDT	+0.0189%	8h	165.29	+1.650%	$1.8M	$8.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0225%	1h	164.95	+1.439%	$54.5M	$36.3M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0274%	8h	165.15	+1.562%	$21.4M	$91.6M	50x	as long as short
Variational Omni MSTR	+0.0298%	8h	165.92	+2.037%	$1.2M	$1.8M	—	as long as short
Binance MSTRUSDT	+0.0374%	8h	165.15	+1.562%	$86.1M	$588.4M	50x	as long as short
Injective MSTR/USDC PERPlong	+0.0440%	1h	162.61	long leg	$7K	$26K	30x
Phoenix MSTR	+0.0460%	1h	166.22	+2.220%	$56K	$217K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0474%	1h	165.96	+2.060%	$282K	$276K	10x	as long as short
Bybit MSTRUSDT	+0.0491%	8h	165.19	+1.587%	$17.0M	$40.4M	50x	as long as short
BloFin MSTR-USDT	+0.0501%	8h	166.52	+2.405%	$1.1M	$2.1M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0590%	8h	166.34	+2.294%	$82K	$854K	10x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.17	+2.187%	$271K	$382K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	166.14	+2.173%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	165.13	+1.550%	$26K	$102K	10x	as long as short