Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0496%/8h= +54.3% APRpaid last 24h +0.023%

Price spread now: Bybit against Injective+0.732%88s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 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 +$15 a day on $10k at the current rate, and Bybit is 0.732% dearer against Injective than usual: you sell high and buy low: +$73 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 88 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 0.146% in total (about 7.6% 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	−0.0263	get 0.0033% / 1h	53m 49s	$7K	$28K	30x
Short	Bybit MSTRUSDT	166.43	0.0232	get 0.0232% / 8h	5h 53m	$17.2M	$38.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.732%Rate

Funding earned: $104.11
Price spread: +0.732% → 0.000%: $73.24
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $166.32
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.60 bp	10.1 bp −$10	16.8 bp −$168	195.9 bp −$19.6K	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
Injective MSTR/USDC PERPlong	−0.0263%	1h	165.22	long leg	$7K	$28K	30x
Gate MSTR_USDT	0.0000%	8h	166.50	+0.775%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.45	+0.744%	$32.1M	$106.0M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.37	+0.696%	$2.8M	$86K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.34	+0.678%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.30	+0.655%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.68	+0.884%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.36	+0.690%	$1.3M	$6.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.38	+0.702%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.39	+0.708%	$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	166.25	+0.623%	$876K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	+0.339%	$1.4M	$390K	10x	as long as short
Nado MSTR-PERP	+0.0073%	1h	166.34	+0.678%	$127K	$133K	3x	as long as short
Pacifica MSTR	+0.0100%	1h	166.36	+0.690%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.40	+0.714%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.15	+0.563%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.39	+0.708%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.40	+0.715%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0113%	8h	166.43	+0.731%	$67	—	5x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0171%	1h	166.37	+0.696%	$283K	$209K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0192%	1h	166.36	+0.690%	$55.0M	$34.4M	10x	as long as short
edgeX MSTRUSDC	+0.0217%	4h	166.48	+0.764%	$48K	$4.9M	10x	as long as short
Bybit MSTRUSDTshort	+0.0232%	8h	166.43	+0.732%	$17.2M	$38.1M	50x
Aster MSTRUSDT	+0.0258%	8h	166.44	+0.738%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0290%	8h	166.42	+0.726%	$21.6M	$84.2M	50x	as long as short
Variational Omni MSTR	+0.0348%	8h	166.45	+0.746%	$1.2M	$1.6M	—	as long as short
Phoenix MSTR	+0.0355%	1h	166.40	+0.717%	$56K	$213K	10x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.42	+0.726%	$274K	$353K	10x	as long as short
Binance MSTRUSDT	+0.0445%	8h	166.43	+0.732%	$87.3M	$539.4M	50x	as long as short
BloFin MSTR-USDT	+0.0570%	8h	166.52	+0.787%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0578%	8h	166.54	+0.798%	$87K	$855K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.52	+0.787%	$26K	$71K	10x	as long as short