Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0235%/8h= −25.8% APRpaid last 24h −0.004%

Price spread now: OKX against Injective−1.931%7-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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 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 −$7 a day on $10k at the current rate, and OKX is 1.931% cheaper against Injective than usual: you would sell low and buy high (−$193 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 0.049% in total (about 2.6% 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	0.0235	pay 0.0029% / 1h	0m 55s	$8K	$26K	30x
Short	OKX MSTR-USDT-SWAP	166.07	0	get 0.0000% / 8h	7h 00m	$21.4M	$99.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −1.931%Rate

Funding earned: −$49.43
Price spread: −1.931% → 0.000%: −$193.1
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$252.55
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: 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 OKX live order book, 3 min ago	0.30 bp	7.5 bp −$8	16.0 bp −$160	77.2 bp −$7,721	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
Gate MSTR_USDT	−0.0265%	8h	166.13	−1.896%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDT	−0.0029%	8h	166.03	−1.955%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.91	−2.028%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.13	−1.896%	$87.6M	$616.0M	50x	as long as short
OKX MSTR-USDT-SWAPshort	0.0000%	8h	166.07	−1.931%	$21.4M	$99.7M	50x
Bitget MSTRUSDT	0.0000%	8h	166.16	−1.878%	$27.3M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	−1.969%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	−1.459%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.38	−1.748%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.94	−2.008%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.88	−2.043%	$571K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.03	−1.955%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.62	−1.606%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.72	−2.138%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.99	−1.978%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.06	−1.937%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.75	−2.120%	$768K	$4.7M	10x	as long as short
Nado MSTR-PERP	+0.0070%	1h	165.79	−2.096%	$134K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	−2.002%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	−1.910%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.00	−1.972%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	−1.801%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.93	−2.014%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.85	−2.058%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0108%	8h	165.97	−1.987%	$66	—	5x	as long as short
Injective MSTR/USDC PERPlong	+0.0235%	1h	169.34	long leg	$8K	$26K	30x
tradeXYZ xyz:MSTR	+0.0250%	1h	165.95	−2.002%	$56.1M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	−1.711%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0287%	8h	166.18	−1.866%	$16.7M	$40.3M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	−1.930%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	−1.630%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1259%	1h	165.97	−1.990%	$282K	$438K	10x	as long as short