Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.016%

Price spread now: Lighter against KuCoin−0.041%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$470.466% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.041%, 7d avg −0.038%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSTRUSDTM	168.87	0.0100	pay 0.0100% / 8h	1h 07m	$2.6M	$2.8M	20x
Short	Lighter MSTR	168.80	0.0032	get 0.0004% / 1h	7m 32s	$3.6M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$14.28
Price spread: −0.041% → −0.038%: −$0.31
Slippage, 4 orders: −$34.64
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$61.23
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	0.89 bp	22.7 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.89 bp	2.9 bp −$3	5.2 bp −$52	31.1 bp −$3,110	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	−0.0066%	1h	168.89	+0.015%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0005%	8h	169.09	+0.130%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.87	0.000%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	168.94	+0.039%	$89.2M	$628.6M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.01	+0.083%	$22.0M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	168.99	+0.071%	$275K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.86	−0.006%	$4.8M	$19.5M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	168.92	+0.028%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.06	+0.111%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.92	+0.030%	$2.9M	$63K	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	168.80	−0.041%	$3.6M	$2.5M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	168.90	+0.017%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0032%	8h	168.93	+0.036%	$28.8M	$119.5M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	168.91	+0.024%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.98	+0.065%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.93	+0.036%	$393K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.90	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.63	−0.142%	$780K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.124%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0064%	8h	169.00	+0.077%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0081%	8h	168.80	−0.044%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0093%	1h	168.83	−0.024%	$56.9M	$37.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.80	−0.041%	$103K	$103K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	168.87	long leg	$2.6M	$2.8M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	168.91	+0.024%	$4K	$398K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.95	+0.047%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.93	+0.038%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	+0.075%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.32	+0.266%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	168.99	+0.071%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0466%	4h	168.94	+0.044%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0520%	1h	169.01	+0.083%	$287K	$439K	10x	as long as short