Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0896%/8h= −98.1% APRpaid last 24h −0.168%

Price spread now: Injective against edgeX−0.389%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

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

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

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Injective is 0.389% cheaper against edgeX than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.155% in total (about -8.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSTRUSDC	165.87	0.0632	pay 0.0316% / 4h	1h 05m	$49K	$4.6M	10x
Short	Injective MSTR/USDC PERP	165.22	−0.0263	pay 0.0033% / 1h	5m 45s	$7K	$28K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against edgeX. 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 edgeXbpFee InjectivebpOrdersPrice spread, now −0.389%Rate

Funding earned: −$188.14
Price spread: −0.389% → 0.000%: −$38.89
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$236.05
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: 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 edgeX live order book, 1 min ago	3.01 bp	12.8 bp −$13	19.8 bp −$198	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 exchanges

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
Injective MSTR/USDC PERPshort	−0.0263%	1h	165.22	−0.389%	$7K	$28K	30x
Gate MSTR_USDT	0.0000%	8h	166.24	+0.226%	$4.9M	$17.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.19	+0.196%	$32.3M	$103.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.15	+0.172%	$2.8M	$84K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.09	+0.136%	$3.5M	$1.8M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.06	+0.120%	$625K	$2.0M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.19	+0.196%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.08	+0.130%	$1.3M	$5.8M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.13	+0.160%	$392K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.14	+0.166%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.65	−0.130%	$859K	$3.2M	10x	as long as short
Nado MSTR-PERP	+0.0069%	1h	166.08	+0.128%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.58	−0.172%	$1.4M	$356K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	166.10	+0.144%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	166.02	+0.093%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.03	+0.099%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.90	+0.021%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.14	+0.166%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.16	+0.176%	$138	—	10x	as long as short
Bybit MSTRUSDT	+0.0173%	8h	166.17	+0.184%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0222%	1h	166.11	+0.148%	$54.9M	$33.6M	10x	as long as short
Aster MSTRUSDT	+0.0256%	8h	166.05	+0.112%	$1.8M	$6.3M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0259%	8h	166.20	+0.202%	$21.8M	$80.5M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	165.93	+0.040%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0351%	8h	165.80	−0.037%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0433%	8h	166.02	+0.095%	$85K	$922K	10x	as long as short
Binance MSTRUSDT	+0.0435%	8h	166.14	+0.166%	$87.1M	$519.2M	50x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.17	+0.184%	$274K	$348K	10x	as long as short
BloFin MSTR-USDT	+0.0567%	8h	166.06	+0.118%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0593%	1h	166.19	+0.196%	$283K	$184K	10x	as long as short
edgeX MSTRUSDClong	+0.0632%	4h	165.87	long leg	$49K	$4.6M	10x
Arcus MSTR-USD	+0.0824%	1h	166.20	+0.202%	$26K	$63K	10x	as long as short