Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0082%/8h= −8.9% APRpaid last 24h −0.137%

Price spread now: Injective against edgeX+3.806%7-day average — · you sell dearer than you buy

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

Long on edgeX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

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

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

The price spread pays, funding is against you. Injective is 3.806% dearer against edgeX than usual: you sell high and buy low (spread +3.806% now, against zero (this spread has no 7-day history yet)): +$381 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. At the pace of the last 7 days (−0.054% in total) that is about 17 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSTRUSDC	163.13	0.0115	pay 0.0057% / 4h	26m 16s	$46K	$5.4M	10x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	26m 16s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against edgeX. 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 edgeXbpFee InjectivebpOrdersPrice spread, now +3.806%Rate

Funding earned: −$17.12
Price spread: +3.806% → 0.000%: $380.64
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $354.51
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: edgeX: live order book, 3 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 edgeX live order book, 3 min ago	6.13 bp	11.1 bp −$11	18.2 bp −$182	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
Bitget MSTRUSDT	−0.0416%	8h	163.02	−0.068%	$29.3M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.92	−0.129%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.11	−0.013%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.66	−0.288%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+3.806%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.20	+0.043%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.76	−0.227%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.88	−0.154%	$377K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.85	−0.172%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.70	−0.264%	$902K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	162.87	−0.160%	$1.3M	$7.1M	10x	as long as short
Aster MSTRUSDT	+0.0081%	8h	162.87	−0.157%	$1.8M	$8.7M	50x	as long as short
Lighter MSTR	+0.0096%	1h	162.87	−0.160%	$3.5M	$2.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.87	−0.161%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.87	−0.160%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.01	−0.074%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.86	−0.166%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.88	−0.155%	$135	—	10x	as long as short
edgeX MSTRUSDClong	+0.0115%	4h	163.13	long leg	$46K	$5.4M	10x
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	−0.184%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0159%	8h	162.85	−0.175%	$65	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0200%	8h	162.87	−0.160%	$20.8M	$99.6M	50x	as long as short
Variational Omni MSTR	+0.0202%	8h	163.13	+0.003%	$1.2M	$2.0M	—	as long as short
Nado MSTR-PERP	+0.0231%	1h	162.77	−0.224%	$125K	$165K	3x	as long as short
Binance MSTRUSDT	+0.0275%	8h	162.84	−0.178%	$83.8M	$620.9M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0280%	8h	163.15	+0.010%	$85K	$836K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.16	+0.016%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0395%	8h	163.06	−0.043%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0414%	8h	162.91	−0.135%	$17.1M	$41.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0487%	1h	162.91	−0.135%	$277K	$437K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0490%	1h	162.88	−0.154%	$53.8M	$37.6M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.91	−0.138%	$268K	$419K	10x	as long as short