Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.030%

Price spread now: Phemex against Lighter+0.083%7-day average +0.066% · you sell dearer than you buy

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

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.242%−$24 on $10k

Price spread, last 3 days (all we have)−0.105%−$11 · spread now +0.083%, 7d avg +0.066%

Together, before fees−0.347%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.066%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	168.94	0.0032	pay 0.0004% / 1h	26m 32s	$3.6M	$2.4M	10x
Short	Phemex MSTRUSDT	169.08	0	get 0.0000% / 4h	26m 32s	$2.9M	$65K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$6.72
Price spread: +0.083% → +0.066%: $1.72
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 6 min ago; Phemex: live order book, 2 min ago. 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	1.18 bp	2.6 bp −$3	7.2 bp −$72	35.7 bp −$3,568	doesn't fit
Sell Phemex live order book, 2 min ago	14.17 bp	doesn't fit	doesn't fit	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
Nado MSTR-PERP	−0.0010%	1h	168.94	0.000%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.01	+0.040%	$1.2M	$6.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.95	+0.006%	$4.8M	$19.4M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.00	+0.033%	$1.2M	$2.4M	—	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	169.08	+0.083%	$2.9M	$65K	10x
RISEx MSTR/USDC	+0.0001%	1h	169.00	+0.036%	$275K	$441K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0013%	8h	168.98	+0.024%	$22.0M	$106.1M	50x	as long as short
Lighter MSTRlong	+0.0032%	1h	168.94	long leg	$3.6M	$2.4M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	168.91	−0.017%	$583K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.08	+0.083%	—	$2.1M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	+0.0049%	8h	169.00	+0.036%	$28.6M	$119.9M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0049%	8h	168.99	+0.030%	$77K	$879K	10x	as long as short
QFEX MSTR-USD	+0.0049%	1h	168.97	+0.018%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.96	+0.012%	$395K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.02	+0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.80	−0.083%	$779K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0063%	8h	168.98	+0.024%	$88.9M	$628.4M	50x	as long as short
BloFin MSTR-USDT	+0.0067%	8h	169.10	+0.095%	$1.1M	$1.9M	20x	as long as short
Bybit MSTRUSDT	+0.0090%	8h	168.98	+0.024%	$15.1M	$40.4M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.112%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.96	+0.009%	$104K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.92	−0.012%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.94	0.000%	$4K	$354K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.98	+0.024%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.21	+0.160%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.00	+0.037%	$140	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0121%	8h	168.99	+0.029%	$68	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0179%	1h	168.96	+0.012%	$57.0M	$37.2M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.11	+0.098%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0342%	1h	169.03	+0.053%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0539%	4h	168.98	+0.026%	$47K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.08	+0.083%	$27K	$129K	10x	as long as short