Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.024%

Price spread now: Injective against Orderly+2.861%58s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

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

The price spread pays, funding is against you. Injective is 2.861% dearer against Orderly than usual: you sell high and buy low (spread +2.861% now, against zero (this spread has no 7-day history yet)): +$286 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 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	Orderly PERP_MSTR_USDC_mythos	164.63	0.0100	pay 0.0100% / 8h	4h 39m	$3K	$8K	10x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	39m 37s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +2.861%Rate

Funding earned: −$14
Price spread: +2.861% → 0.000%: $286.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $266.08
Costs to cover: 0.060%
Break-even: from the start

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

Orderly and 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	−0.0865%	8h	164.70	+0.043%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0048%	8h	164.47	−0.097%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.57	−0.038%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.64	+0.006%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.46	−0.103%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.54	−0.055%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.32	−0.188%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+2.861%	$8K	$26K	30x
RISEx MSTR/USDC	+0.0034%	1h	164.45	−0.109%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.71	+0.049%	$26K	$109K	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	164.66	+0.018%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.69	+0.036%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.58	−0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.50	−0.079%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.47	−0.097%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0069%	8h	164.72	+0.057%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.51	−0.073%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.49	−0.085%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.63	0.000%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	164.63	long leg	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.64	+0.008%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0129%	8h	164.50	−0.076%	$87.9M	$617.9M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0142%	8h	164.44	−0.118%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0165%	8h	164.79	+0.099%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.085%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.59	−0.027%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0240%	1h	164.55	−0.049%	$54.9M	$36.9M	10x	as long as short
BloFin MSTR-USDT	+0.0247%	8h	164.78	+0.091%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0271%	1h	164.69	+0.034%	$122K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0372%	8h	164.55	−0.049%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0662%	1h	164.68	+0.030%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0951%	4h	164.67	+0.022%	$49K	$5.3M	10x	as long as short