Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0341%/8h= −37.4% APRpaid last 24h −0.002%

Price spread now: OKX against Injective−3.136%7-day average — · you buy dearer than you sell

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and OKX is 3.136% cheaper against Injective than usual: you would sell low and buy high (−$314 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% 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	Injective MSTR/USDC PERP	169.34	0.0341	pay 0.0043% / 1h	38m 50s	$8K	$26K	30x
Short	OKX MSTR-USDT-SWAP	164.03	0	get 0.0000% / 8h	6h 38m	$20.8M	$100.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −3.136%Rate

Funding earned: −$71.66
Price spread: −3.136% → 0.000%: −$313.57
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$395.25
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: live order book, 5 min ago. 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 OKX live order book, 5 min ago	0.30 bp	7.5 bp −$7	14.5 bp −$145	72.4 bp −$7,244	doesn't fit

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	−0.0715%	8h	164.20	−3.035%	$27.0M	$116.0M	25x	as long as short
Gate MSTR_USDT	−0.0284%	8h	164.02	−3.142%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.14	−3.069%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAPshort	0.0000%	8h	164.03	−3.136%	$20.8M	$100.8M	50x
RISEx MSTR/USDC	0.0000%	1h	163.79	−3.274%	$268K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	−2.947%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.41	−2.911%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.22	−3.024%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	−2.238%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0013%	8h	164.04	−3.130%	$87.1M	$626.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	163.91	−3.210%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.41	−2.911%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.71	−3.325%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.81	−3.266%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.69	−3.336%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	−2.540%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	163.86	−3.236%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.82	−3.258%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.04	−3.130%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	−2.775%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.09	−3.100%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.08	−3.105%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0127%	1h	163.82	−3.260%	$382K	$2.7M	10x	as long as short
Lighter MSTR	+0.0144%	1h	164.00	−3.153%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	163.81	−3.267%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	−2.758%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0341%	1h	169.34	long leg	$8K	$26K	30x
tradeXYZ xyz:MSTR	+0.0362%	1h	164.02	−3.142%	$55.2M	$36.3M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	−2.810%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0415%	1h	163.68	−3.344%	$111K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0425%	8h	164.14	−3.071%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1274%	1h	164.24	−3.012%	$279K	$438K	10x	as long as short