Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Lighter against Extended+0.056%7-day average +0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 7 days−0.038%−$4 · spread now +0.056%, 7d avg +0.017%

Together, before fees−0.096%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.039% dearer against Extended than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	169.40	0.0032	pay 0.0004% / 1h	21m 58s	$588K	$1.9M	10x
Short	Lighter MSTR	169.49	0.0032	get 0.0004% / 1h	21m 58s	$3.6M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. 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 ExtendedbpFee LighterbpOrdersPrice spread, now +0.056%Rate

Funding earned: $0
Price spread: +0.056% → +0.017%: $3.89
Slippage, 4 orders: −$18.2
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$19.31
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; Lighter: live order book, 5 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 Extended live order book, 2 min ago	3.54 bp	6.2 bp −$6	24.2 bp −$242	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.88 bp	3.7 bp −$4	11.4 bp −$114	36.1 bp −$3,611	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
Nado MSTR-PERP	−0.0063%	1h	169.40	+0.003%	$140K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0002%	8h	169.62	+0.133%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.54	+0.083%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.66	+0.155%	$88.9M	$629.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.67	+0.162%	$22.1M	$107.7M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.59	+0.115%	$297K	$436K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.61	+0.127%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.58	+0.109%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.44	+0.027%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.64	+0.145%	$2.9M	$57K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTRshort	+0.0032%	1h	169.49	+0.056%	$3.6M	$2.6M	10x
Extended MSTR_24_5-USDlong	+0.0032%	1h	169.40	long leg	$588K	$1.9M	10x
QFEX MSTR-USD	+0.0039%	1h	169.62	+0.133%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.75	+0.210%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.168%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.49	+0.056%	$56.7M	$38.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.56	+0.097%	$419K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.66	+0.156%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.59	+0.115%	$763K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0074%	8h	169.69	+0.174%	$28.9M	$119.8M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0078%	8h	169.54	+0.087%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0099%	8h	169.63	+0.139%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.54	+0.087%	$104K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.42	+0.015%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.37	−0.015%	$4K	$934K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.55	+0.092%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.55	+0.089%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.44	+0.025%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0387%	4h	169.35	−0.025%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.63	+0.139%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.174%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1107%	1h	169.66	+0.156%	$288K	$438K	10x	as long as short