Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.012%

Price spread now: Injective against Bybit+0.350%58s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 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 +$6 a day on $10k at the current rate, and Injective is 0.350% dearer against Bybit than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.064%, so the current rate has only just turned in your favour. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.064% in total (about -3.3% 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	Bybit MSTRUSDT	168.75	0.0047	pay 0.0047% / 8h	7h 26m	$15.1M	$39.2M	50x
Short	Injective MSTR/USDC PERP	169.34	0.0235	get 0.0029% / 1h	26m 19s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.350%Rate

Funding earned: $39.49
Price spread: +0.350% → 0.000%: $34.96
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $63.43
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.89 bp	10.7 bp −$11	18.0 bp −$180	144.8 bp −$14.5K	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
Nado MSTR-PERP	−0.0040%	1h	168.60	−0.091%	$139K	$90K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.78	+0.019%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.84	+0.053%	$21.7M	$101.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.83	+0.047%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.92	+0.101%	$28.5M	$113.7M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.83	+0.046%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.69	−0.036%	$85K	$825K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.81	+0.036%	$2.8M	$66K	10x	as long as short
Binance MSTRUSDT	+0.0025%	8h	168.77	+0.012%	$88.9M	$614.6M	50x	as long as short
BloFin MSTR-USDT	+0.0028%	8h	168.61	−0.083%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTR	+0.0032%	1h	168.71	−0.024%	$3.6M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.59	−0.095%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.74	−0.006%	$1.4M	$9.2M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.75	0.000%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.74	−0.006%	—	$1.8M	25x	as long as short
Bybit MSTRUSDTlong	+0.0047%	8h	168.75	long leg	$15.1M	$39.2M	50x
Polymarket Perps MSTR-USD	+0.0050%	1h	168.68	−0.041%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.62	−0.077%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.44	−0.184%	$736K	$4.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.172%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0090%	8h	168.69	−0.035%	$67	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.72	−0.020%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.65	−0.059%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.87	+0.071%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.78	+0.018%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.74	−0.009%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0203%	1h	168.68	−0.041%	$56.8M	$35.4M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0235%	1h	169.34	+0.350%	$8K	$26K	30x
Phoenix MSTR	+0.0259%	1h	168.64	−0.068%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.77	+0.012%	$275K	$433K	10x	as long as short
edgeX MSTRUSDC	+0.0424%	4h	168.75	+0.001%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0640%	1h	168.75	0.000%	$287K	$438K	10x	as long as short