Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h +0.076%

Price spread now: BloFin against Lighter0.000%90s7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.272% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now 0.000%, 7d avg +0.056%

Together, before fees+0.115%+ Points / potential airdropLighter: Season 3 · farm board+$11 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 BloFin is 0.056% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.232%, so the current rate has only just turned against you. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	169.51	0.0032	pay 0.0004% / 1h	11m 32s	$3.6M	$2.6M	10x
Short	BloFin MSTR-USDT	169.51	0.0006	get 0.0006% / 8h	2h 11m	$1.1M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$5.55
Price spread: 0.000% → +0.056%: −$5.62
Slippage, 4 orders: −$15.24
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.41
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; BloFin: live order book, 6 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	0.88 bp	6.1 bp −$6	10.0 bp −$100	35.5 bp −$3,547	doesn't fit
Sell BloFin live order book, 6 min ago	3.24 bp	9.2 bp −$9	14.8 bp −$148	28.1 bp −$2,814	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	−0.0060%	1h	169.49	−0.012%	$140K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.47	−0.022%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.49	−0.012%	$88.6M	$630.6M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.50	−0.006%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.48	−0.016%	$277K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.44	−0.041%	$4.8M	$19.7M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.78	+0.158%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.50	−0.007%	$83K	$948K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	0.0000%	1h	169.48	−0.018%	$288K	$439K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.49	−0.012%	$2.9M	$58K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MSTR-USDTshort	+0.0006%	8h	169.51	0.000%	$1.1M	$1.8M	20x
Lighter MSTRlong	+0.0032%	1h	169.51	long leg	$3.6M	$2.6M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.46	−0.028%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.49	−0.012%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.68	+0.100%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.236%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.50	−0.006%	$56.8M	$38.3M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.45	−0.035%	$419K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.47	−0.024%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.39	−0.071%	$752K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0074%	8h	169.51	0.000%	$28.9M	$120.0M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	169.48	−0.018%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0094%	8h	169.52	+0.006%	$15.2M	$41.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.45	−0.037%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.43	−0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.53	+0.012%	$4K	$871K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.47	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.45	−0.035%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.66	+0.090%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.61	+0.059%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.059%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0743%	4h	169.62	+0.065%	$48K	$5.5M	10x	as long as short