Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.006%

Price spread now: Aster against Lighter+0.012%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days+0.109%+$11 · spread now +0.012%, 7d avg +0.059%

Together, before fees+0.027%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.047% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.059%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	169.31	0.0032	pay 0.0004% / 1h	38m 23s	$3.6M	$2.5M	10x
Short	Aster MSTRUSDT	169.33	0	get 0.0000% / 8h	1h 38m	$1.3M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$6.72
Price spread: +0.012% → +0.059%: −$4.69
Slippage, 4 orders: −$18.68
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$38.09
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Aster: 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 Lighter live order book, 4 min ago	1.18 bp	3.9 bp −$4	5.5 bp −$55	35.9 bp −$3,593	doesn't fit
Sell Aster live order book, 5 min ago	1.18 bp	6.7 bp −$7	315.4 bp −$3,154	doesn't fit	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	−0.0092%	1h	169.30	−0.003%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0022%	8h	169.33	+0.012%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDTshort	0.0000%	8h	169.33	+0.012%	$1.3M	$6.2M	50x
Binance MSTRUSDT	0.0000%	8h	169.42	+0.064%	$88.5M	$628.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.42	+0.065%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.35	+0.022%	$276K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.37	+0.035%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.40	+0.051%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.36	+0.029%	$74K	$925K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.30	−0.006%	$2.9M	$61K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTRlong	+0.0032%	1h	169.31	long leg	$3.6M	$2.5M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.32	+0.007%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0041%	8h	169.40	+0.053%	$28.9M	$119.6M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.32	+0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.49	+0.106%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.36	+0.030%	$400K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.34	+0.018%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.19	−0.071%	$753K	$5.2M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.224%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0069%	8h	169.45	+0.083%	$15.2M	$40.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0070%	1h	169.36	+0.030%	$57.0M	$37.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0074%	8h	169.30	−0.005%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.30	−0.007%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.27	−0.024%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.30	−0.006%	$4K	$576K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.38	+0.041%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.023%	$141	—	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0163%	1h	169.36	+0.030%	$288K	$439K	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.39	+0.047%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	−0.035%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.41	+0.059%	$27K	$134K	10x	as long as short
edgeX MSTRUSDC	+0.0615%	4h	169.35	+0.022%	$48K	$5.4M	10x	as long as short