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 +0.060%

Price spread now: Injective against Phemex+0.261%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 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 +$10 a day on $10k at the current rate, and Injective is 0.261% dearer against Phemex than usual: you sell high and buy low: +$26 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 0.224% in total (about 11.7% 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	Phemex MSTRUSDT	168.85	0	get 0.0000% / 4h	1h 28m	$2.9M	$61K	10x
Short	Injective MSTR/USDC PERP	169.29	0.0333	get 0.0042% / 1h	28m 56s	$13K	$22K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +0.261%Rate

Funding earned: $69.92
Price spread: +0.261% → 0.000%: $26.06
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $83.96
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Injective: 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 Phemex live order book, 5 min ago	1.77 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.0117%	1h	168.62	−0.138%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	168.83	−0.012%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.74	−0.065%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.82	−0.018%	$88.2M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.83	−0.012%	$22.0M	$106.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.77	−0.047%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.79	−0.036%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.91	+0.035%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.72	−0.078%	$83K	$935K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	168.85	long leg	$2.9M	$61K	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0026%	8h	168.82	−0.018%	$28.8M	$119.7M	25x	as long as short
Lighter MSTR	+0.0032%	1h	168.72	−0.077%	$3.6M	$2.5M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.65	−0.121%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.80	−0.030%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.75	−0.059%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.72	−0.077%	$396K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.72	−0.077%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.64	−0.124%	$741K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0052%	8h	168.78	−0.041%	$15.1M	$40.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.113%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0062%	1h	168.75	−0.059%	$56.8M	$38.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0069%	8h	168.65	−0.119%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.74	−0.067%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.74	−0.065%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.03	+0.107%	$4K	$552K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.75	−0.059%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.73	−0.072%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.01	+0.097%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0278%	4h	169.05	+0.117%	$47K	$5.4M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0333%	1h	169.29	+0.261%	$13K	$22K	30x
Arcus MSTR-USD	+0.0457%	1h	168.85	0.000%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0639%	1h	168.84	−0.006%	$287K	$439K	10x	as long as short