Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.010%

Price spread now: GRVT against Lighter+0.053%48s7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$200.201% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 3 days (all we have)+0.173%+$17 · spread now +0.053%, 7d avg +0.074%

Together, before fees+0.081%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GRVT is 0.020% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.074%). Swap the legs. The two prices were read 48 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	169.44	0.0120	pay 0.0015% / 1h	48m 46s	$3.6M	$2.4M	10x
Short	GRVT MSTR_USDT_Perp	169.53	0	get 0.0000% / 8h	48m 46s	$83K	$875K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$25.2
Price spread: +0.053% → +0.074%: −$2.04
Slippage, 4 orders: −$11.06
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$47.3
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; GRVT: live order book, 29 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	2.6 bp −$3	6.2 bp −$62	34.0 bp −$3,401	doesn't fit
Sell GRVT live order book, 29 min ago	1.48 bp	6.7 bp −$7	11.5 bp −$115	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
Aster MSTRUSDT	0.0000%	8h	169.34	−0.059%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.49	+0.030%	$22.1M	$106.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.45	+0.006%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.49	+0.032%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perpshort	0.0000%	8h	169.53	+0.053%	$83K	$875K	10x
Phemex MSTRUSDT	0.0000%	4h	169.36	−0.047%	$2.9M	$65K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.41	−0.018%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0019%	8h	169.43	−0.004%	$89.4M	$629.1M	50x	as long as short
BloFin MSTR-USDT	+0.0021%	8h	169.45	+0.006%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.16	−0.163%	$583K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MSTR-PERP	+0.0040%	1h	169.33	−0.064%	$139K	$97K	3x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.54	+0.059%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.41	−0.018%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.33	−0.065%	$398K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.35	−0.053%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.077%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0053%	8h	169.51	+0.041%	$28.7M	$120.6M	25x	as long as short
Bybit MSTRUSDT	+0.0092%	8h	169.44	0.000%	$15.2M	$40.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.50	+0.035%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.40	−0.022%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.35	−0.053%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.21	−0.136%	$4K	$357K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	−0.047%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.212%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	−0.050%	$141	—	10x	as long as short
Lighter MSTRlong	+0.0120%	1h	169.44	long leg	$3.6M	$2.4M	10x
Paradex MSTR-USD-PERP	+0.0123%	8h	169.37	−0.041%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0158%	1h	169.37	−0.041%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	+0.038%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0578%	1h	169.30	−0.083%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0686%	4h	169.52	+0.050%	$47K	$5.5M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.47	+0.018%	$27K	$129K	10x	as long as short