Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h −0.002%

Price spread now: Aster against Injective+0.433%117s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Aster is 0.433% dearer against Injective than usual: you sell high and buy low: +$43 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 117 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 -0.000% in total (about -0.0% 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	Injective MSTR/USDC PERP	165.22	0.0033	pay 0.0004% / 1h	47m 24s	$7K	$28K	30x
Short	Aster MSTRUSDT	165.94	0.0263	get 0.0263% / 8h	4h 47m	$1.8M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now +0.433%Rate

Funding earned: $48.16
Price spread: +0.433% → 0.000%: $43.31
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: $83.45
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Aster: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Aster live order book, 4 min ago	1.51 bp	7.8 bp −$8	14.9 bp −$149	doesn't fit	doesn't fit

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
Gate MSTR_USDT	0.0000%	8h	166.23	+0.611%	$4.9M	$17.1M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.21	+0.599%	$32.5M	$102.8M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.91	+0.418%	$2.8M	$85K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.94	+0.436%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.86	+0.390%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	165.22	long leg	$7K	$28K	30x
Vest MSTR-USD-PERP	+0.0046%	1h	166.05	+0.502%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.10	+0.533%	$413K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.77	+0.333%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.00	+0.472%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	166.01	+0.478%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.83	+0.369%	$1.4M	$354K	10x	as long as short
Nado MSTR-PERP	+0.0079%	1h	166.11	+0.538%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.97	+0.456%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.95	+0.443%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.92	+0.424%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.57	+0.212%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.02	+0.484%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.99	+0.465%	$138	$100	10x	as long as short
Bybit MSTRUSDT	+0.0153%	8h	166.15	+0.563%	$16.5M	$37.6M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0228%	1h	166.11	+0.539%	$54.9M	$33.5M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0249%	8h	166.16	+0.569%	$21.9M	$79.7M	50x	as long as short
Aster MSTRUSDTshort	+0.0263%	8h	165.94	+0.433%	$1.8M	$6.3M	50x
Phoenix MSTR	+0.0308%	1h	165.72	+0.303%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0352%	8h	165.97	+0.455%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0417%	8h	165.65	+0.259%	$81K	$950K	10x	as long as short
Binance MSTRUSDT	+0.0441%	8h	166.14	+0.555%	$86.8M	$516.4M	50x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.01	+0.476%	$287K	$356K	10x	as long as short
BloFin MSTR-USDT	+0.0580%	8h	165.59	+0.224%	$1.1M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0580%	4h	165.63	+0.246%	$48K	$4.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0655%	1h	165.88	+0.399%	$282K	$188K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.10	+0.533%	$27K	$67K	10x	as long as short