Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.026%

Price spread now: Variational Omni against Lighter+0.010%7-day average +0.093% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.062%−$6 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.010%, 7d avg +0.093%

Together, before fees−0.057%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$6 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 Variational Omni is 0.083% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.093%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	169.28	0.0032	pay 0.0004% / 1h	26m 58s	$3.6M	$2.6M	10x
Short	Variational Omni MSTR	169.30	0	get 0.0000% / 8h	2h 26m	$1.2M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.010%Rate

Funding earned: −$6.72
Price spread: +0.010% → +0.093%: −$8.27
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.99
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Variational Omni: RFQ quote, 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, 5 min ago	1.18 bp	4.2 bp −$4	9.2 bp −$92	31.2 bp −$3,118	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.95 bp	doesn't fit	13.5 bp −$135	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	−0.0095%	1h	169.28	+0.003%	$139K	$98K	3x	as long as short
BloFin MSTR-USDT	−0.0027%	8h	169.45	+0.100%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.32	+0.021%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.44	+0.093%	$88.8M	$629.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.42	+0.083%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.32	+0.027%	$296K	$437K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.40	+0.071%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTRshort	0.0000%	8h	169.30	+0.010%	$1.2M	$2.4M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.28	−0.002%	$83K	$948K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.41	+0.077%	$2.9M	$57K	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	169.28	long leg	$3.6M	$2.6M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.26	−0.011%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0039%	1h	169.36	+0.047%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.55	+0.159%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.100%	$1.5M	$1.2M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.37	+0.053%	$56.6M	$38.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.35	+0.041%	$412K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.36	+0.047%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.17	−0.065%	$737K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0069%	8h	169.47	+0.112%	$28.9M	$119.7M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	169.34	+0.035%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0091%	8h	169.44	+0.095%	$15.2M	$41.1M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.28	−0.001%	$103K	$137K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.22	−0.035%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.27	−0.006%	$4K	$979K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	+0.047%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.044%	$141	—	10x	as long as short
Phoenix MSTR	+0.0184%	1h	169.27	−0.004%	$57K	$396K	10x	as long as short
edgeX MSTRUSDC	+0.0358%	4h	169.27	−0.006%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.37	+0.053%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.10	−0.106%	$13K	$22K	30x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0755%	1h	169.39	+0.065%	$288K	$438K	10x	as long as short