Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0341%/8h= +37.4% APRpaid last 24h +0.052%

Price spread now: Injective against Phemex+2.680%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 2.680% dearer against Phemex than usual: you sell high and buy low: +$268 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.216% in total (about 11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	164.92	0	get 0.0000% / 4h	2h 17m	$2.8M	$68K	10x
Short	Injective MSTR/USDC PERP	169.34	0.0341	get 0.0043% / 1h	17m 15s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +2.680%Rate

Funding earned: $71.66
Price spread: +2.680% → 0.000%: $268.01
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $327.65
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 1 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 Phemex live order book, 1 min ago	1.82 bp	doesn't fit	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 31 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	−0.1071%	8h	164.95	+0.018%	$27.6M	$115.8M	25x	as long as short
Gate MSTR_USDT	−0.0171%	8h	164.81	−0.067%	$4.6M	$19.1M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.81	−0.068%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.80	−0.073%	$20.9M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.83	−0.054%	$270K	$447K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.70	−0.131%	$1.2M	$2.1M	—	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.92	long leg	$2.8M	$68K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.65	−0.164%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.83	−0.055%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.75	−0.103%	—	$1.8M	25x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.90	−0.012%	$910K	$4.5M	10x	as long as short
Lighter MSTR	+0.0064%	1h	164.74	−0.109%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.89	−0.018%	$1.4M	$8.1M	10x	as long as short
Binance MSTRUSDT	+0.0065%	8h	164.81	−0.067%	$87.9M	$624.1M	50x	as long as short
SoDEX MSTR-USD	+0.0067%	1h	164.79	−0.079%	$43K	$3K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0087%	1h	164.74	−0.109%	$384K	$2.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.87	−0.033%	$101K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.71	−0.127%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.53	−0.236%	$4K	$188K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.77	−0.091%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.78	−0.083%	$137	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.68	−0.148%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.40	−0.315%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0176%	8h	164.86	−0.034%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0239%	1h	164.74	−0.109%	$55.2M	$36.9M	10x	as long as short
edgeX MSTRUSDC	+0.0315%	4h	164.58	−0.203%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0341%	1h	169.34	+2.680%	$8K	$26K	30x
Nado MSTR-PERP	+0.0363%	1h	164.82	−0.058%	$122K	$150K	3x	as long as short
Phoenix MSTR	+0.0381%	1h	164.92	+0.002%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0391%	8h	164.87	−0.030%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0661%	1h	164.88	−0.024%	$280K	$438K	10x	as long as short