Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.051%

Price spread now: Injective against Phemex+3.325%65s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 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 +$1 a day on $10k at the current rate, and Injective is 3.325% dearer against Phemex than usual: you sell high and buy low: +$333 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	Phemex MSTRUSDT	163.89	0	get 0.0000% / 4h	2h 05m	$2.8M	$78K	10x
Short	Injective MSTR/USDC PERP	169.34	0.0033	get 0.0004% / 1h	5m 59s	$8K	$26K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +3.325%Rate

Funding earned: $7
Price spread: +3.325% → 0.000%: $332.54
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $327.52
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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 Phemex live order book, 3 min ago	0.92 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 MSTRUSDT	−0.1067%	8h	164.43	+0.329%	$28.4M	$119.0M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.22	+0.201%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	163.89	long leg	$2.8M	$78K	10x
edgeX MSTRUSDC	+0.0003%	4h	163.78	−0.069%	$45K	$5.4M	10x	as long as short
Aster MSTRUSDT	+0.0017%	8h	164.05	+0.100%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0032%	1h	164.03	+0.085%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	+0.128%	$511K	$2.0M	10x	as long as short
Injective MSTR/USDC PERPshort	+0.0033%	1h	169.34	+3.325%	$8K	$26K	30x
Arcus MSTR-USD	+0.0040%	1h	163.95	+0.037%	$26K	$113K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.05	+0.098%	$379K	$2.7M	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	163.77	−0.073%	$853K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.07	+0.110%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	164.16	+0.163%	$264K	$442K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.03	+0.088%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.03	+0.085%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.96	+0.043%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.20	+0.189%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.14	+0.155%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0123%	8h	164.24	+0.214%	$20.8M	$101.2M	50x	as long as short
Lighter MSTR	+0.0128%	1h	164.12	+0.140%	$3.5M	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0144%	8h	163.96	+0.040%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0145%	8h	164.09	+0.121%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.446%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0219%	8h	164.23	+0.208%	$84.3M	$629.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0237%	8h	164.02	+0.077%	$80K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0245%	1h	164.05	+0.098%	$54.4M	$37.4M	10x	as long as short
Nado MSTR-PERP	+0.0337%	1h	163.92	+0.015%	$131K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0338%	8h	164.04	+0.092%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0362%	1h	163.88	−0.006%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0377%	8h	164.24	+0.214%	$16.9M	$41.9M	50x	as long as short
SoDEX MSTR-USD	+0.0414%	1h	164.16	+0.165%	$43K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0725%	1h	164.18	+0.177%	$279K	$438K	10x	as long as short