Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0139%/8h= −15.3% APRpaid last 24h +0.016%

Price spread now: Injective against Paradex+3.695%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 3.695% dearer against Paradex than usual: you sell high and buy low (spread +3.695% now, against zero (this spread has no 7-day history yet)): +$370 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSTR-USD-PERP	163.31	0.0173	pay 0.0173% / 8h	58m 09s	$65	—	5x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	58m 09s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Paradex. 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 ParadexbpFee InjectivebpOrdersPrice spread, now +3.695%Rate

Funding earned: −$29.28
Price spread: +3.695% → 0.000%: $369.53
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $336.23
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Paradex 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	−0.0576%	8h	163.56	+0.156%	$29.1M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.48	+0.107%	$4.7M	$19.3M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.39	+0.052%	$2.7M	$80K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.16	−0.092%	$507K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+3.695%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.58	+0.168%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.23	−0.046%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.25	−0.034%	$378K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.37	+0.040%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.37	+0.040%	$846K	$3.8M	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	+0.0066%	8h	163.25	−0.036%	$1.8M	$8.7M	50x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.35	+0.027%	$1.3M	$7.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.39	+0.051%	$100K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.36	+0.033%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.20	−0.065%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.38	+0.046%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.38	+0.046%	$136	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	161.52	−1.093%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0152%	1h	163.33	+0.015%	$3.5M	$2.0M	10x	as long as short
Paradex MSTR-USD-PERPlong	+0.0173%	8h	163.31	long leg	$65	—	5x
OKX MSTR-USDT-SWAP	+0.0185%	8h	163.41	+0.064%	$20.8M	$100.0M	50x	as long as short
Variational Omni MSTR	+0.0187%	8h	163.34	+0.019%	$1.2M	$2.1M	—	as long as short
Binance MSTRUSDT	+0.0261%	8h	163.42	+0.070%	$84.1M	$624.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0274%	8h	163.40	+0.058%	$76K	$865K	10x	as long as short
Phoenix MSTR	+0.0328%	1h	163.53	+0.136%	$56K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0381%	8h	163.43	+0.076%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERP	+0.0397%	1h	163.20	−0.067%	$130K	$157K	3x	as long as short
Bybit MSTRUSDT	+0.0408%	8h	163.44	+0.082%	$17.1M	$41.8M	50x	as long as short
edgeX MSTRUSDC	+0.0472%	4h	163.41	+0.064%	$46K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	163.40	+0.059%	$266K	$425K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0556%	1h	163.44	+0.082%	$54.1M	$37.8M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0914%	1h	163.44	+0.082%	$278K	$437K	10x	as long as short