Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h −0.023%

Price spread now: Lighter against Bybit−0.061%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 7 days−0.019%−$2 · spread now −0.061%, 7d avg −0.071%

Together, before fees−0.059%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.071%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.040% in total (about -2.1% 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	Bybit MSTRUSDT	164.73	0.0344	pay 0.0344% / 8h	3h 53m	$16.9M	$40.8M	50x
Short	Lighter MSTR	164.63	0.0032	get 0.0004% / 1h	53m 11s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$65.42
Price spread: −0.061% → −0.071%: $1.04
Slippage, 4 orders: −$14.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$89.52
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 4 min ago.

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 Bybit live order book, 1 min ago	1.82 bp	10.2 bp −$10	14.4 bp −$144	134.2 bp −$13.4K	doesn't fit
Sell Lighter live order book, 4 min ago	1.22 bp	2.3 bp −$2	3.7 bp −$37	33.3 bp −$3,332	doesn't fit

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	−0.0891%	8h	164.75	+0.012%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.58	−0.093%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.71	−0.012%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.68	−0.030%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	164.68	−0.030%	$20.7M	$99.7M	50x	as long as short
Lighter MSTRshort	+0.0032%	1h	164.63	−0.061%	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.50	−0.140%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.799%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.69	−0.024%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.48	−0.152%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.54	−0.115%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.60	−0.079%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	−0.158%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.53	−0.121%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	−0.045%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.50	−0.137%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.57	−0.097%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	−0.091%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.62	−0.067%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.65	−0.051%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0138%	8h	164.51	−0.133%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.65	−0.047%	$86.9M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.370%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	0.000%	$82K	$792K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0195%	1h	164.58	−0.091%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.59	−0.082%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0241%	1h	164.44	−0.178%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.71	−0.012%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.59	−0.086%	$56K	$226K	10x	as long as short
Bybit MSTRUSDTlong	+0.0344%	8h	164.73	long leg	$16.9M	$40.8M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0783%	1h	164.69	−0.024%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0928%	4h	164.60	−0.079%	$49K	$5.3M	10x	as long as short