Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.028%

Price spread now: Lighter against OKX−0.048%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 7 days−0.067%−$7 · spread now −0.048%, 7d avg −0.073%

Together, before fees−0.106%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.025% dearer against OKX than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.073%): +$2 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.039% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	165.84	0.0287	pay 0.0287% / 8h	5h 28m	$21.8M	$81.7M	50x
Short	Lighter MSTR	165.76	0.0032	get 0.0004% / 1h	28m 52s	$3.5M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$53.46
Price spread: −0.048% → −0.073%: $2.47
Slippage, 4 orders: −$10.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$71.65
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Lighter: live order book, 12 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 OKX live order book, 3 min ago	0.30 bp	7.2 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	1.81 bp	3.6 bp −$4	8.3 bp −$83	36.9 bp −$3,689	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.374%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.86	+0.012%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.85	+0.006%	$32.1M	$104.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.88	+0.024%	$2.8M	$82K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	165.76	−0.048%	$3.5M	$1.7M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	165.70	−0.082%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.85	+0.006%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	165.79	−0.030%	$1.3M	$5.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.81	−0.018%	$379K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.83	−0.006%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.77	−0.042%	$852K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0059%	1h	165.71	−0.079%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.80	−0.024%	$1.4M	$358K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.76	−0.046%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.75	−0.054%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.73	−0.066%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.89	+0.030%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.90	+0.033%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0109%	8h	165.82	−0.013%	$66	—	5x	as long as short
Bybit MSTRUSDT	+0.0190%	8h	165.88	+0.024%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	165.76	−0.048%	$54.8M	$33.9M	10x	as long as short
Aster MSTRUSDT	+0.0286%	8h	165.85	+0.008%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0287%	8h	165.84	long leg	$21.8M	$81.7M	50x
Phoenix MSTR	+0.0322%	1h	165.90	+0.038%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0379%	8h	165.88	+0.022%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	165.94	+0.060%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0469%	8h	165.85	+0.006%	$87.2M	$526.2M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0582%	8h	165.86	+0.012%	$81K	$878K	10x	as long as short
BloFin MSTR-USDT	+0.0612%	8h	165.81	−0.018%	$1.1M	$2.0M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0776%	1h	165.85	+0.006%	$282K	$195K	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	165.90	+0.036%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0946%	4h	165.86	+0.011%	$48K	$4.7M	10x	as long as short