Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.010%

Price spread now: Lighter against GRVT−0.089%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now −0.089%, 7d avg −0.074%

Together, before fees−0.046%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSTR_USDT_Perp	169.53	0	get 0.0000% / 8h	49m 27s	$83K	$875K	10x
Short	Lighter MSTR	169.38	0.0112	get 0.0014% / 1h	49m 27s	$3.6M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now −0.089%Rate

Funding earned: $23.52
Price spread: −0.089% → −0.074%: −$1.5
Slippage, 4 orders: −$11.06
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $1.96
Costs to cover: 0.201%
Break-even: 6.4 days

Slippage from GRVT: live order book, 29 min ago; Lighter: live order book, 3 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 GRVT live order book, 29 min ago	1.48 bp	8.4 bp −$8	15.6 bp −$156	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.18 bp	2.3 bp −$2	7.7 bp −$77	38.7 bp −$3,869	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
Aster MSTRUSDT	0.0000%	8h	169.34	−0.112%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.36	−0.100%	$22.1M	$106.7M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.39	−0.083%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	−0.021%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perplong	0.0000%	8h	169.53	long leg	$83K	$875K	10x
Phemex MSTRUSDT	0.0000%	4h	169.39	−0.083%	$2.9M	$64K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.41	−0.071%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0017%	8h	169.37	−0.094%	$89.3M	$629.0M	50x	as long as short
BloFin MSTR-USDT	+0.0022%	8h	169.54	+0.006%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.29	−0.144%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0040%	1h	169.33	−0.117%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.006%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.41	−0.071%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.33	−0.118%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.38	−0.089%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.130%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0052%	8h	169.40	−0.077%	$28.7M	$120.5M	25x	as long as short
Bybit MSTRUSDT	+0.0089%	8h	169.40	−0.077%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	−0.018%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	−0.076%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	−0.106%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.189%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	−0.100%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.266%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.43	−0.060%	$141	—	10x	as long as short
Lighter MSTRshort	+0.0112%	1h	169.38	−0.089%	$3.6M	$2.4M	10x
Paradex MSTR-USD-PERP	+0.0121%	8h	169.40	−0.077%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0146%	1h	169.34	−0.112%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	−0.015%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0459%	1h	169.48	−0.030%	$288K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	−0.004%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.49	−0.024%	$27K	$129K	10x	as long as short