Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.020%

Price spread now: Orderly against Injective−3.035%58s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 3.035% cheaper against Injective than usual: you would sell low and buy high (spread −3.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$304 on $10k: about 5 months of funding at the current rate (+$2 a day). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	169.34	0.0033	pay 0.0004% / 1h	5m 49s	$8K	$26K	30x
Short	Orderly PERP_MSTR_USDC_mythos	164.20	0.0100	get 0.0100% / 8h	2h 05m	$2K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −3.035%Rate

Funding earned: $14
Price spread: −3.035% → 0.000%: −$303.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$295.55
Costs to cover: 0.060%
Break-even: 154.8 days

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.1067%	8h	164.42	−2.905%	$28.4M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.24	−3.012%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.89	−3.218%	$2.8M	$78K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.78	−3.285%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	164.08	−3.108%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	−3.136%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	−3.094%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.95	−3.183%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	−3.124%	$379K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.77	−3.289%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	−3.112%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.16	−3.060%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.03	−3.133%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.06	−3.118%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	−3.177%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	164.20	−3.035%	$2K	$13K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.14	−3.069%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.20	−3.035%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.12	−3.083%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	−3.101%	$66	—	5x	as long as short
Variational Omni MSTR	+0.0147%	8h	164.18	−3.049%	$1.2M	$2.1M	—	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−4.618%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0219%	8h	164.23	−3.018%	$84.3M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	−3.144%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0243%	1h	164.10	−3.094%	$54.4M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	−3.204%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	−3.130%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−3.224%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0377%	8h	164.23	−3.018%	$16.9M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0414%	1h	164.16	−3.059%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.18	−3.047%	$279K	$438K	10x	as long as short