Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.017%

Price spread now: Injective against KuCoin+3.288%115s7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 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 3.288% dearer against KuCoin than usual: you sell high and buy low (spread +3.288% now, against zero (this spread has no 7-day history yet)): +$329 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. The two prices were read 115 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	KuCoin MSTRUSDTM	163.95	0.0100	pay 0.0100% / 8h	47m 29s	$2.4M	$2.7M	20x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	47m 29s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now +3.288%Rate

Funding earned: −$14
Price spread: +3.288% → 0.000%: $328.76
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $302.74
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 9 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 KuCoin live order book, 9 min ago	2.14 bp	25.5 bp −$25	doesn't fit	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	−0.0519%	8h	164.13	+0.110%	$29.5M	$118.9M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.08	+0.079%	$4.7M	$19.4M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.80	−0.091%	$2.8M	$81K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.87	−0.049%	$502K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+3.288%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.75	−0.122%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.94	−0.006%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.01	+0.037%	$379K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.83	−0.073%	$857K	$3.8M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.02	+0.043%	$1.3M	$7.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MSTRUSDT	+0.0080%	8h	163.93	−0.012%	$1.8M	$8.7M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.04	+0.056%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	163.95	long leg	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	163.46	−0.299%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.07	+0.073%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.83	−0.075%	$136	—	10x	as long as short
SoDEX MSTR-USD	+0.0134%	1h	163.76	−0.116%	$43K	$3K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.482%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0152%	1h	164.01	+0.037%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0187%	8h	164.12	+0.101%	$66	—	5x	as long as short
Variational Omni MSTR	+0.0197%	8h	163.42	−0.321%	$1.2M	$2.0M	—	as long as short
OKX MSTR-USDT-SWAP	+0.0198%	8h	164.06	+0.067%	$20.9M	$100.2M	50x	as long as short
Binance MSTRUSDT	+0.0275%	8h	164.06	+0.067%	$84.5M	$623.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0281%	8h	163.47	−0.292%	$85K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.52	−0.262%	$56K	$223K	10x	as long as short
edgeX MSTRUSDC	+0.0380%	4h	163.51	−0.266%	$46K	$5.4M	10x	as long as short
BloFin MSTR-USDT	+0.0391%	8h	163.73	−0.134%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0424%	1h	163.91	−0.022%	$131K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0425%	8h	164.05	+0.061%	$17.1M	$41.7M	50x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	164.10	+0.091%	$267K	$424K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0547%	1h	164.06	+0.067%	$54.3M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1399%	1h	163.97	+0.012%	$279K	$437K	10x	as long as short