Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.042%

Price spread now: Binance against Lighter+0.049%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 7 days+0.050%+$5 · spread now +0.049%, 7d avg +0.097%

Together, before fees+0.054%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.048% cheaper against Lighter than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.097%). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.004% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	164.64	0.0032	pay 0.0004% / 1h	46m 09s	$3.5M	$1.9M	10x
Short	Binance MSTRUSDT	164.72	0.0123	get 0.0123% / 8h	4h 46m	$88.0M	$617.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.049%Rate

Funding earned: $19.1
Price spread: +0.049% → +0.097%: −$4.82
Slippage, 4 orders: −$9.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$5.63
Costs to cover: 0.199%
Break-even: 9.1 days

Slippage from Lighter: live order book, 6 min ago; Binance: live order book, 13 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, 6 min ago	1.21 bp	4.3 bp −$4	7.5 bp −$75	35.2 bp −$3,521	doesn't fit
Sell Binance live order book, 13 min ago	0.30 bp	6.3 bp −$6	10.1 bp −$101	27.6 bp −$2,757	97.7 bp −$48.8K

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	−0.0822%	8h	164.84	+0.121%	$27.7M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0040%	8h	164.74	+0.061%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.64	+0.001%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.74	+0.061%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.68	+0.024%	$20.7M	$99.7M	50x	as long as short
Lighter MSTRlong	+0.0032%	1h	164.64	long leg	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.49	−0.091%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.855%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.65	+0.006%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.86	+0.134%	$27K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.62	−0.012%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.58	−0.036%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.62	−0.012%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.54	−0.061%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.69	+0.030%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0063%	8h	164.69	+0.033%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.64	−0.003%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.59	−0.030%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	−0.036%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.69	+0.030%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.69	+0.032%	$137	—	10x	as long as short
Binance MSTRUSDTshort	+0.0123%	8h	164.72	+0.049%	$88.0M	$617.5M	50x
Paradex MSTR-USD-PERP	+0.0143%	8h	164.58	−0.036%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.81	+0.102%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.079%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDC	+0.0191%	4h	164.83	+0.113%	$49K	$5.4M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.75	+0.068%	$56K	$226K	10x	as long as short
BloFin MSTR-USDT	+0.0243%	8h	164.62	−0.012%	$1.0M	$2.0M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0256%	1h	164.66	+0.012%	$55.0M	$36.9M	10x	as long as short
Nado MSTR-PERP	+0.0302%	1h	164.49	−0.089%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0367%	8h	164.77	+0.079%	$17.1M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.75	+0.067%	$280K	$438K	10x	as long as short