Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0228%/8h= +24.9% APRpaid last 24h +0.006%

Price spread now: OKX against Injective+0.490%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and OKX is 0.490% dearer against Injective than usual: you sell high and buy low: +$49 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.118% in total (about 6.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	165.22	0.0033	pay 0.0004% / 1h	50m 49s	$7K	$28K	30x
Short	OKX MSTR-USDT-SWAP	166.03	0.0261	get 0.0261% / 8h	4h 50m	$21.9M	$79.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.490%Rate

Funding earned: $47.83
Price spread: +0.490% → 0.000%: $49.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $86.83
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: 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 OKX live order book, 1 min ago	0.30 bp	7.3 bp −$7	11.0 bp −$110	54.3 bp −$5,430	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 exchanges

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
Gate MSTR_USDT	0.0000%	8h	166.06	+0.508%	$4.9M	$17.0M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.01	+0.478%	$32.2M	$102.6M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.95	+0.442%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.79	+0.345%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.75	+0.320%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	165.22	long leg	$7K	$28K	30x
Vest MSTR-USD-PERP	+0.0046%	1h	165.99	+0.466%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.90	+0.412%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.90	+0.412%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.93	+0.430%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	165.90	+0.412%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.89	+0.406%	$1.4M	$354K	10x	as long as short
Nado MSTR-PERP	+0.0068%	1h	165.85	+0.379%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.91	+0.416%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.86	+0.390%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.86	+0.387%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.22	+0.605%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.91	+0.418%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.96	+0.449%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0153%	8h	165.96	+0.448%	$16.6M	$37.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0213%	1h	165.85	+0.381%	$54.8M	$33.4M	10x	as long as short
OKX MSTR-USDT-SWAPshort	+0.0261%	8h	166.03	+0.490%	$21.9M	$79.7M	50x
Aster MSTRUSDT	+0.0267%	8h	165.95	+0.443%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	166.28	+0.639%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0360%	8h	166.44	+0.736%	$1.2M	$1.6M	—	as long as short
Binance MSTRUSDT	+0.0446%	8h	165.94	+0.436%	$86.7M	$516.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0450%	8h	166.43	+0.731%	$87K	$941K	10x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.00	+0.469%	$274K	$349K	10x	as long as short
edgeX MSTRUSDC	+0.0579%	4h	166.39	+0.707%	$51K	$4.5M	10x	as long as short
BloFin MSTR-USDT	+0.0582%	8h	165.97	+0.454%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0595%	1h	165.88	+0.399%	$282K	$184K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.03	+0.490%	$26K	$63K	10x	as long as short