Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.055%

Price spread now: Phemex against Injective−2.522%65s7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 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 −$1 a day on $10k at the current rate, and Phemex is 2.522% cheaper against Injective than usual: you would sell low and buy high (−$252 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	26m 15s	$8K	$26K	30x
Short	Phemex MSTRUSDT	165.07	0	get 0.0000% / 4h	1h 26m	$2.8M	$71K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −2.522%Rate

Funding earned: −$7
Price spread: −2.522% → 0.000%: −$252.16
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$271.18
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.82 bp	doesn't fit	doesn't fit	doesn't fit	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	−0.1164%	8h	165.13	−2.486%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.96	−2.586%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.03	−2.545%	$20.7M	$99.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.08	−2.516%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	165.07	−2.522%	$2.8M	$71K	10x
Lighter MSTR	+0.0032%	1h	164.99	−2.569%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.85	−2.651%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Variational Omni MSTR	+0.0034%	8h	165.14	−2.480%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.08	−2.516%	$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	−2.563%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.96	−2.587%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−2.693%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.93	−2.604%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0068%	1h	164.92	−2.610%	$54.9M	$36.8M	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	165.07	−2.521%	$88.4M	$618.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.89	−2.626%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.93	−2.604%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	−2.474%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.01	−2.557%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.02	−2.550%	$137	—	10x	as long as short
SoDEX MSTR-USD	+0.0133%	1h	165.03	−2.545%	$43K	$3K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.92	−2.611%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0167%	8h	165.20	−2.445%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−3.100%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0218%	1h	164.93	−2.602%	$122K	$150K	3x	as long as short
BloFin MSTR-USDT	+0.0221%	8h	165.00	−2.563%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.02	−2.549%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	−2.509%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0339%	8h	165.07	−2.522%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0473%	4h	165.16	−2.468%	$50K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0902%	1h	165.09	−2.510%	$281K	$438K	10x	as long as short