Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.009%

Price spread now: Orderly against Lighter+0.120%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.120% dearer against Lighter than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	166.60	0.0032	pay 0.0004% / 1h	6m 15s	$3.5M	$2.0M	10x
Short	Orderly PERP_MSTR_USDC_mythos	166.80	0.0100	get 0.0100% / 8h	7h 06m	$3K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.120%Rate

Funding earned: $14.28
Price spread: +0.120% → 0.000%: $12
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $20.28
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.20 bp	4.3 bp −$4	9.4 bp −$94	36.3 bp −$3,625	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Gate MSTR_USDT	−0.0188%	8h	166.79	+0.114%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDT	−0.0014%	8h	166.79	+0.114%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	166.79	+0.113%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.71	+0.069%	$87.6M	$614.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.75	+0.090%	$21.5M	$99.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.81	+0.126%	$27.7M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	+0.111%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.411%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.16	+0.336%	$2.8M	$67K	10x	as long as short
Lighter MSTRlong	+0.0032%	1h	166.60	long leg	$3.5M	$2.0M	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	166.51	−0.054%	$575K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	166.71	+0.066%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.16	+0.336%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.56	−0.024%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.64	+0.025%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.62	+0.012%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.68	+0.048%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.72	+0.072%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.74	+0.084%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.76	+0.096%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.73	+0.078%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.318%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	166.80	+0.120%	$3K	$7K	10x
Aevo MSTR-PERP	+0.0104%	1h	166.74	+0.081%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.70	+0.058%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.645%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0237%	8h	166.74	+0.084%	$15.9M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	166.72	+0.072%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.492%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.469%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.77	+0.100%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0591%	1h	166.69	+0.054%	$283K	$438K	10x	as long as short