Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0344%/8h= −37.7% APRpaid last 24h −0.014%

Price spread now: Paradex against Injective+0.535%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.535% dearer against Injective than usual: you sell high and buy low (spread +0.535% now, against zero (this spread has no 7-day history yet)): +$53 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	165.22	0.0440	pay 0.0055% / 1h	19m 18s	$7K	$28K	30x
Short	Paradex MSTR-USD-PERP	166.10	0.0096	get 0.0096% / 8h	6h 19m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.535%Rate

Funding earned: −$72.25
Price spread: +0.535% → 0.000%: $53.49
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$22.77
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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	166.19	+0.587%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.19	+0.587%	$31.9M	$107.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.16	+0.569%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.96	+0.445%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.27	+0.636%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.10	+0.533%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.12	+0.545%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.89	+0.406%	$883K	$3.4M	10x	as long as short
Lighter MSTR	+0.0056%	1h	166.03	+0.490%	$3.5M	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.07	+0.514%	$1.3M	$6.4M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERPshort	+0.0096%	8h	166.10	+0.535%	$66	—	5x
Pacifica MSTR	+0.0100%	1h	165.99	+0.465%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.99	+0.466%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.92	+0.424%	$6K	$162K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.17	+0.575%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.17	+0.574%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0107%	1h	166.01	+0.475%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	+0.339%	$1.4M	$399K	10x	as long as short
Aster MSTRUSDT	+0.0195%	8h	165.96	+0.446%	$1.8M	$7.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0256%	1h	166.14	+0.557%	$54.9M	$34.7M	10x	as long as short
Bybit MSTRUSDT	+0.0257%	8h	166.19	+0.587%	$17.2M	$38.8M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0266%	8h	166.16	+0.569%	$21.6M	$86.8M	50x	as long as short
Variational Omni MSTR	+0.0287%	8h	166.04	+0.497%	$1.2M	$1.7M	—	as long as short
Phoenix MSTR	+0.0355%	1h	166.15	+0.562%	$56K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0379%	8h	166.14	+0.557%	$87.0M	$554.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0397%	8h	166.07	+0.514%	$88K	$852K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0413%	1h	166.12	+0.545%	$283K	$224K	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0440%	1h	165.22	long leg	$7K	$28K	30x
BloFin MSTR-USDT	+0.0496%	8h	166.04	+0.496%	$1.1M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.12	+0.547%	$274K	$353K	10x	as long as short
edgeX MSTRUSDC	+0.0860%	4h	166.21	+0.601%	$50K	$5.1M	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.21	+0.599%	$26K	$77K	10x	as long as short