Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: Extended against Lighter−0.112%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 7 days+0.157%+$16 · spread now −0.112%, 7d avg −0.018%

Together, before fees+0.216%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.094% cheaper against Lighter than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	164.45	0.0032	pay 0.0004% / 1h	51m 47s	$3.5M	$1.9M	10x
Short	Extended MSTR_24_5-USD	164.26	0.0032	get 0.0004% / 1h	51m 47s	$593K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.112%Rate

Funding earned: $0
Price spread: −0.112% → −0.018%: −$9.43
Slippage, 4 orders: −$13.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$27.84
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Extended: live order book, 2 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	1.22 bp	2.9 bp −$3	6.2 bp −$62	39.8 bp −$3,985	doesn't fit
Sell Extended live order book, 2 min ago	3.34 bp	6.4 bp −$6	21.3 bp −$213	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
Bitget MSTRUSDT	−0.0887%	8h	164.65	+0.122%	$27.9M	$115.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.46	+0.008%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.52	+0.043%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.59	+0.085%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0025%	8h	164.48	+0.018%	$20.7M	$99.5M	50x	as long as short
Lighter MSTRlong	+0.0032%	1h	164.45	long leg	$3.5M	$1.9M	10x
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.26	−0.112%	$593K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.974%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.69	+0.146%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.49	+0.024%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.54	+0.055%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.50	+0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.47	+0.012%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.56	+0.067%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0099%	8h	164.66	+0.125%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.43	−0.010%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.42	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	+0.079%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.51	+0.036%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	+0.042%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.38	−0.041%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.41	−0.022%	$86.8M	$615.8M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.201%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0175%	8h	164.73	+0.170%	$82K	$792K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0206%	1h	164.45	0.000%	$54.8M	$37.0M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.63	+0.106%	$267K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0234%	1h	164.51	+0.034%	$122K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.71	+0.158%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.59	+0.084%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	164.50	+0.030%	$16.9M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.54	+0.055%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0928%	4h	164.60	+0.092%	$49K	$5.3M	10x	as long as short