Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.019%

Price spread now: Orderly against Injective−3.809%58s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 3.809% cheaper against Injective than usual: you would sell low and buy high (spread −3.809% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$381 on $10k: about 6 months of funding at the current rate (+$2 a day). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

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	45m 40s	$8K	$26K	30x
Short	Orderly PERP_MSTR_USDC_mythos	162.89	0.0100	get 0.0100% / 8h	1h 45m	$2K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −3.809%Rate

Funding earned: $14
Price spread: −3.809% → 0.000%: −$380.89
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$372.91
Costs to cover: 0.060%
Break-even: 193.5 days

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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 MSTRUSDT	−0.0890%	8h	163.02	−3.732%	$28.6M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.91	−3.797%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.16	−3.649%	$2.7M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0023%	8h	162.87	−3.820%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.65	−3.951%	$501K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0033%	1h	169.34	long leg	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.13	−3.667%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.69	−3.927%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.86	−3.827%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.84	−3.838%	$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	162.98	−3.756%	$841K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.81	−3.856%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.83	−3.845%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.84	−3.838%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.10	−3.685%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	162.89	−3.809%	$2K	$13K	10x
Aevo MSTR-PERP	+0.0104%	1h	162.92	−3.790%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0126%	8h	162.87	−3.821%	$20.7M	$100.3M	50x	as long as short
Lighter MSTR	+0.0136%	1h	162.79	−3.868%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0147%	8h	162.88	−3.817%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0147%	8h	162.83	−3.843%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−4.618%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0218%	1h	162.74	−3.897%	$53.9M	$37.3M	10x	as long as short
Binance MSTRUSDT	+0.0222%	8h	162.85	−3.833%	$83.6M	$628.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0230%	8h	163.31	−3.561%	$79K	$876K	10x	as long as short
Nado MSTR-PERP	+0.0323%	1h	162.75	−3.889%	$130K	$157K	3x	as long as short
Phoenix MSTR	+0.0328%	1h	163.25	−3.597%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0340%	8h	163.05	−3.714%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0381%	8h	162.89	−3.809%	$16.7M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.90	−3.805%	$262K	$437K	10x	as long as short
edgeX MSTRUSDC	+0.0561%	4h	163.08	−3.695%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0979%	1h	162.91	−3.797%	$277K	$437K	10x	as long as short