Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1093%/8h= −119.7% APRpaid last 24h −0.015%

Price spread now: Bitget against Injective−3.844%81s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Bitget is 3.844% cheaper against Injective than usual: you would sell low and buy high (−$384 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 81 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 -0.014% in total (about -0.7% 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	Injective MSTR/USDC PERP	169.34	0.0033	pay 0.0004% / 1h	33m 59s	$8K	$26K	30x
Short	Bitget MSTRUSDT	162.83	−0.1060	pay 0.1060% / 8h	2h 33m	$27.0M	$117.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −3.844%Rate

Funding earned: −$229.6
Price spread: −3.844% → 0.000%: −$384.43
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$626.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	0.31 bp	9.5 bp −$10	16.5 bp −$165	56.0 bp −$5,598	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 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 MSTRUSDTshort	−0.1060%	8h	162.83	−3.844%	$27.0M	$117.7M	25x
Aster MSTRUSDT	0.0000%	8h	162.60	−3.981%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.75	−3.892%	$4.6M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.09	−3.691%	$2.7M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.38	−4.110%	$593K	$1.9M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Vest MSTR-USD-PERP	+0.0040%	1h	162.50	−4.039%	—	$1.8M	25x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.08	−3.697%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.68	−3.933%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.67	−3.939%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.88	−3.815%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	162.84	−3.838%	$1.4M	$7.2M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	162.84	−3.839%	$264K	$443K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	162.58	−3.992%	$20.6M	$99.6M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	162.83	−3.844%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.62	−3.968%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.88	−3.815%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.65	−3.951%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.67	−3.937%	$135	—	10x	as long as short
Variational Omni MSTR	+0.0124%	8h	163.00	−3.744%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.76	−3.887%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	162.54	−4.016%	$1.4M	$1.1M	10x	as long as short
Lighter MSTR	+0.0184%	1h	162.62	−3.968%	$3.4M	$1.9M	10x	as long as short
Binance MSTRUSDT	+0.0194%	8h	162.55	−4.012%	$84.4M	$624.8M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0200%	8h	163.11	−3.681%	$79K	$831K	10x	as long as short
edgeX MSTRUSDC	+0.0208%	4h	162.93	−3.784%	$48K	$5.4M	10x	as long as short
BloFin MSTR-USDT	+0.0313%	8h	163.21	−3.620%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.10	−3.685%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0364%	8h	162.63	−3.962%	$16.6M	$41.3M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0369%	1h	162.58	−3.992%	$54.1M	$37.2M	10x	as long as short
Nado MSTR-PERP	+0.0379%	1h	162.64	−3.955%	$130K	$156K	3x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0858%	1h	162.66	−3.945%	$277K	$438K	10x	as long as short