Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.028%

Price spread now: Injective against BloFin+2.630%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 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. Injective is 2.630% dearer against BloFin than usual: you sell high and buy low (spread +2.630% now, against zero (this spread has no 7-day history yet)): +$263 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 47 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	165.00	0.0221	pay 0.0221% / 8h	5h 25m	$1.0M	$2.0M	20x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	25m 52s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now +2.630%Rate

Funding earned: −$39.32
Price spread: +2.630% → 0.000%: $263.03
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $211.69
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 2 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 BloFin live order book, 2 min ago	0.61 bp	7.7 bp −$8	10.3 bp −$103	23.7 bp −$2,368	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
Bitget MSTRUSDT	−0.1164%	8h	165.16	+0.097%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.94	−0.036%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.04	+0.024%	$20.7M	$99.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.08	+0.048%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.07	+0.042%	$2.8M	$71K	10x	as long as short
Variational Omni MSTR	+0.0031%	8h	165.03	+0.019%	$1.2M	$2.1M	—	as long as short
Lighter MSTR	+0.0032%	1h	164.99	−0.006%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.85	−0.088%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+2.630%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	165.08	+0.048%	$27K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.00	0.000%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.96	−0.024%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−0.133%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.93	−0.042%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0070%	1h	164.92	−0.048%	$54.9M	$36.8M	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	165.07	+0.041%	$88.4M	$618.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.89	−0.065%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.91	−0.055%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	+0.091%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.01	+0.006%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.02	+0.014%	$137	—	10x	as long as short
SoDEX MSTR-USD	+0.0133%	1h	165.03	+0.018%	$43K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.92	−0.049%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0167%	8h	165.20	+0.121%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.552%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0218%	1h	164.93	−0.040%	$122K	$150K	3x	as long as short
BloFin MSTR-USDTlong	+0.0221%	8h	165.00	long leg	$1.0M	$2.0M	20x
RISEx MSTR/USDC	+0.0291%	1h	165.02	+0.014%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	+0.055%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0339%	8h	165.08	+0.048%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0473%	4h	165.16	+0.098%	$50K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0902%	1h	165.09	+0.055%	$281K	$438K	10x	as long as short