Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.015%

Price spread now: Lighter against Orderly−0.047%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.047% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	169.59	0.0100	pay 0.0100% / 8h	3h 44m	$3K	$12K	10x
Short	Lighter MSTR	169.51	0.0032	get 0.0004% / 1h	44m 55s	$3.6M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$14.28
Price spread: −0.047% → 0.000%: −$4.72
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 7 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	0.30 bp	2.6 bp −$3	8.3 bp −$83	36.1 bp −$3,609	doesn't fit

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
Nado MSTR-PERP	−0.0077%	1h	169.56	−0.016%	$140K	$116K	3x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.65	+0.034%	$295K	$472K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.44	−0.088%	$4.9M	$19.3M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.22	−0.218%	$2.9M	$52K	10x	as long as short
Variational Omni MSTR	+0.0010%	8h	169.57	−0.013%	$1.2M	$2.4M	—	as long as short
Lighter MSTRshort	+0.0032%	1h	169.51	−0.047%	$3.6M	$2.6M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.39	−0.120%	$579K	$1.9M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0033%	8h	169.56	−0.019%	$80K	$950K	10x	as long as short
QFEX MSTR-USD	+0.0044%	1h	169.64	+0.029%	$1.5M	$10.1M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.98	+0.230%	—	$2.0M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.16	−0.254%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0050%	1h	169.44	−0.088%	$56.9M	$36.5M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.62	+0.018%	$416K	$2.4M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.40	−0.112%	$785K	$4.8M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0062%	8h	169.61	+0.011%	$68	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0090%	8h	169.52	−0.041%	$22.2M	$107.4M	50x	as long as short
Phoenix MSTR	+0.0090%	1h	169.57	−0.011%	$58K	$389K	10x	as long as short
Binance MSTRUSDT	+0.0092%	8h	169.53	−0.035%	$89.6M	$619.4M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.59	−0.002%	$104K	$153K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.51	−0.047%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.48	−0.065%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	169.59	long leg	$3K	$12K	10x
Aster MSTRUSDT	+0.0100%	8h	169.59	−0.001%	$1.3M	$6.1M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.58	−0.004%	$141	—	10x	as long as short
BloFin MSTR-USDT	+0.0117%	8h	169.58	−0.006%	$1.1M	$1.7M	20x	as long as short
Bitget MSTRUSDT	+0.0157%	8h	169.50	−0.053%	$29.1M	$117.1M	25x	as long as short
Injective MSTR/USDC PERP	+0.0171%	1h	168.56	−0.607%	$13K	$22K	30x	as long as short
Bybit MSTRUSDT	+0.0234%	8h	169.54	−0.029%	$15.5M	$42.0M	50x	as long as short
SoDEX MSTR-USD	+0.0293%	1h	169.56	−0.018%	$45K	$3K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0340%	1h	169.61	+0.012%	$288K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0451%	1h	169.69	+0.059%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0845%	4h	169.60	+0.005%	$50K	$5.4M	10x	as long as short