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 +0.012%

Price spread now: OKX against Lighter+0.018%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.018%, 7d avg +0.075%

Together, before fees+0.066%+ Points / potential airdropLighter: Season 3 · farm board+$7 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 OKX is 0.058% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	169.35	0.0032	pay 0.0004% / 1h	18m 28s	$3.6M	$2.5M	10x
Short	OKX MSTR-USDT-SWAP	169.38	0	get 0.0000% / 8h	1h 18m	$22.1M	$106.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$6.72
Price spread: +0.018% → +0.075%: −$5.76
Slippage, 4 orders: −$10.47
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$32.95
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; OKX: 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	4.0 bp −$4	5.2 bp −$52	33.1 bp −$3,308	doesn't fit
Sell OKX live order book, 5 min ago	0.29 bp	5.8 bp −$6	11.2 bp −$112	63.9 bp −$6,389	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	−0.0073%	1h	169.29	−0.037%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0026%	8h	169.36	+0.006%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.18	−0.100%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.39	+0.024%	$89.4M	$628.9M	50x	as long as short
OKX MSTR-USDT-SWAPshort	0.0000%	8h	169.38	+0.018%	$22.1M	$106.9M	50x
RISEx MSTR/USDC	0.0000%	1h	169.35	+0.003%	$276K	$442K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.33	−0.012%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.35	+0.002%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.40	+0.030%	$83K	$889K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.28	−0.041%	$2.9M	$62K	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	169.35	long leg	$3.6M	$2.5M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.22	−0.076%	$585K	$1.8M	10x	as long as short
Bitget MSTRUSDT	+0.0035%	8h	169.37	+0.012%	$28.8M	$119.4M	25x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.36	+0.006%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.43	+0.047%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.35	0.000%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.30	−0.030%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.25	−0.059%	$782K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.66	−0.407%	$1.5M	$1.2M	10x	as long as short
Bybit MSTRUSDT	+0.0066%	8h	169.38	+0.018%	$15.2M	$40.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0083%	8h	169.35	−0.001%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0095%	1h	169.38	+0.018%	$57.1M	$37.7M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.38	+0.017%	$104K	$105K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.21	−0.083%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.15	−0.118%	$4K	$481K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.33	−0.012%	$3K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.34	−0.007%	$141	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.34	−0.008%	$57K	$394K	10x	as long as short
edgeX MSTRUSDC	+0.0287%	4h	169.42	+0.039%	$48K	$5.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.29	−0.035%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.42	+0.041%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0755%	1h	169.32	−0.018%	$288K	$439K	10x	as long as short