Funding arb · Price arb / RWA

MSTR

RWAAll MSTR markets →

LONGInjective▾Reya −0.1429%Injective −0.0440%Nado −0.0164%Deribit −0.0094%QFEX 0.0000%Gate 0.0000%KuCoin 0.0000%Bitget 0.0000%Phemex 0.0000%tradeXYZ +0.0020%Lighter +0.0032%Extended +0.0032%Arcus +0.0038%Vest Markets +0.0046%HTX +0.0046%Popdex +0.0048%Polymarket Perps +0.0050%SoDEX +0.0050%Ondo Perps +0.0050%GRVT +0.0075%Pacifica +0.0100%ApeX Omni +0.0100%Aevo +0.0104%OKX +0.0165%Binance +0.0200%Variational Omni +0.0207%MEXC +0.0208%Bybit +0.0213%Paradex +0.0217%Phoenix +0.0237%BingX +0.0259%AZverse +0.0272%RISEx +0.0299%BloFin +0.0328%Orderly +0.0435%Kraken Futures +0.0453%TxFlow +0.0464%Aster +0.0509%Avantis +0.0526%edgeX +0.0989%

⇄⇅

SHORTSunX▾edgeX +0.0989%Avantis −0.0536%Aster +0.0509%TxFlow +0.0464%Kraken Futures +0.0453%Orderly +0.0435%BloFin +0.0328%RISEx +0.0299%AZverse +0.0272%BingX +0.0259%Phoenix +0.0237%Paradex +0.0217%Bybit +0.0213%MEXC +0.0208%Variational Omni +0.0207%Binance +0.0200%OKX +0.0165%Aevo +0.0104%Pacifica +0.0100%ApeX Omni +0.0100%GRVT +0.0075%Ondo Perps +0.0050%Polymarket Perps +0.0050%SoDEX +0.0050%Popdex +0.0048%HTX +0.0046%Vest Markets +0.0046%Arcus +0.0038%Lighter +0.0032%Extended +0.0032%tradeXYZ +0.0020%QFEX 0.0000%Gate 0.0000%KuCoin 0.0000%Bitget 0.0000%SunX 0.0000%Phemex 0.0000%Deribit −0.0094%Nado −0.0164%Reya −0.1429%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	InjectiveMSTR/USDC PERP	146.64	−0.0440	get 0.0055% / 1h	47m 31s	$18K	$53K	25x	Long Injective
SHORT	SunXMSTRX-USDT	145.14	0	0.0000% / 8h	5h 47m	$1K	$517K	10x	Short SunX≤10% back

Price gap−1.025%840s

Funding gap+0.0440% /8h

Funding pays +$13 a day on $10k, but the gap is 1.025% under zero (no 7-day history yet): −$103 if it goes back, about 7.8 days of funding.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid −0.115% in total, about −0.0055%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−1.025%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

InjectiveSunX

MSTR on 41 exchanges

lowest funding first

Before you open

1 ok · 3 to watch

• i
  Note: Order book unknown—

  No order-book sample for Injective: its slippage is not counted.
• i
  Note: Margin at max leverage$400 + $1,000

  Injective 25x, SunX 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ1h / 8h

  Payments land at different times. Close right after the slower leg pays.

  Long Injective · 1h+$13.20

  Short SunX · 8h$0.00

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$13.20Long Injective: 24 payments, +$13.20; short SunX: 3 payments, $0.00.
• !
  Watch: Prices read 14 min apart−1.025% vs —

  Part of this gap may be the market moving.
• !
  Watch: Short leg is thinner$1K vs $18K OI

  SunX sets your exit cost. Check its book before closing.
• i
  Note: No points program—

  Neither exchange runs points right now.
• ✓
  OK: No KYC on either legInjective No · SunX No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0055%/8h × 21 periods−$11.50

Price spreadprices read too far apart to compare—

Slippage, 4 ordersno data for Injective—

Fee Injective bp × 2 orders−$0.02

Fee SunX bp × 2 orders−$8.00

Net, fees only · 7 days · $10k−$19.52

price spread not counted: prices read too far apart

Costs to cover0.080%Break-evennever at this rate

Slippage: Injective: no order-book sample; SunX: live order book, 63 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGInjective—————

SELL · SHORTSunX44.9964.1 bp−$64doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.
Injective: no data.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

MSTR news

posts that mention MSTR or Strategy (MicroStrategy), from every exchangeSearch all news →

10-23 16:53	Backpack	Other	Earnings & macro to watch for Oct 26–30 ▸ Macro: Fed decision, GDP, PCE ▸ Tech & AI: $GOOGL $MSFT $AMZN $INTC $SKHY $SNDK $VRT ▸ Crypto & finance: $HOOD $COIN $SOFI $V $MSTR ▸ Healthcare: $LLY $ABBV ▸ Energy: $XOM $CVX Full market calendar → @Backpack on X ↗
10-23 08:04	Reya	Listing	$CRCL $HOOD $MSTR perps are live on Reya. The stablecoin issuer, the broker, and the one people bought because they couldn't buy bitcoin. Now all three trade next to our bitcoin perp. 24/7. 16 RWA perps and counting. Climb the waitlist to get inside. @reya_xyz on X ↗
10-22 22:57	Injective	Token	The second-ever Injective Stockdrop kicks off next week. Anyone who participated in the $INJ BuyBack yesterday has a chance to earn a tokenized stock on Solana. Here are just a few of the tokenized stocks that you could get: $AMC $SNAP $GLXY $HIMS $SMCI $RKLB $CRCL $INTC $MSTR $SPCX $COIN $NVDA $AAPL $TSLA $META $MU $SNDK More ▇▇▇▇ and ▇▇ @injective on X ↗
10-20 16:51	Phemex	Other	MSTR has not been removed from MSCI indexes. The rule has changed; the final list is still pending. November 11 is the date to watch. If MSTR is removed, index funds may adjust their stock holdings—not force Strategy to sell BTC. Which matters more to you: index flows or the Bitcoin thesis? 🧐 Read the full analysis: @Phemex_official on X ↗
10-20 15:03	Vest Markets	Other	Trade $MSTR volatility with a Vest Capital funded account and access up to $25k in trading capital at: @VestExchange on X ↗
10-20 15:03	Vest Markets	Token	Strategy is up around 7% on today's session, with $MSTR recovering part of Friday's ~10% slide. Last week's filing showed 267 $BTC added for $22.1M, lifting holdings to 848,517 coins, and the preferred buyback authorization raised to $3B from $2B. The same week put $193M into preferred repurchases, nearly nine times what went into new coins. @VestExchange on X ↗