Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0029%/8h= −3.1% APRpaid last 24h −0.013%

Price spread now: Lighter against Paradex−0.012%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), 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	Paradex MSTR-USD-PERP	166.57	0.0189	pay 0.0189% / 8h	6h 59m	$67	—	5x
Short	Lighter MSTR	166.55	0.0160	get 0.0020% / 1h	59m 43s	$3.5M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$6.04
Price spread: −0.012% → 0.000%: −$1.22
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.26
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 3 min ago	1.50 bp	3.7 bp −$4	6.5 bp −$65	33.6 bp −$3,355	doesn't fit

Paradex: 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	0.0000%	8h	166.81	+0.144%	$4.9M	$19.3M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.66	+0.054%	$31.4M	$113.2M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.72	+0.090%	$2.8M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	166.50	−0.042%	$542K	$1.8M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−2.378%	$7K	$26K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.77	+0.120%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.54	−0.018%	$385K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.56	−0.006%	$926K	$3.5M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	166.54	−0.018%	$1.3M	$6.8M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.53	−0.022%	$102K	$88K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MSTRUSDTM	+0.0100%	8h	166.70	+0.078%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.85	+0.168%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.77	+0.120%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.75	+0.106%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	166.72	+0.090%	$1.4M	$644K	10x	as long as short
Lighter MSTRshort	+0.0160%	1h	166.55	−0.012%	$3.5M	$1.7M	10x
Nado MSTR-PERP	+0.0177%	1h	166.49	−0.046%	$128K	$143K	3x	as long as short
Paradex MSTR-USD-PERPlong	+0.0189%	8h	166.57	long leg	$67	—	5x
Aster MSTRUSDT	+0.0193%	8h	166.66	+0.055%	$1.8M	$8.6M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0278%	8h	166.58	+0.006%	$21.7M	$92.5M	50x	as long as short
Variational Omni MSTR	+0.0308%	8h	166.59	+0.014%	$1.2M	$1.8M	—	as long as short
Binance MSTRUSDT	+0.0387%	8h	166.58	+0.006%	$87.1M	$589.1M	50x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	166.69	+0.070%	$272K	$382K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0424%	1h	166.57	0.000%	$55.1M	$36.2M	10x	as long as short
Phoenix MSTR	+0.0460%	1h	166.84	+0.165%	$57K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0506%	8h	166.61	+0.024%	$1.1M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0581%	8h	166.66	+0.054%	$17.2M	$40.2M	50x	as long as short
edgeX MSTRUSDC	+0.0670%	4h	167.12	+0.332%	$49K	$5.4M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0727%	8h	167.11	+0.324%	$82K	$844K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0830%	1h	166.81	+0.144%	$284K	$289K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.70	+0.078%	$26K	$102K	10x	as long as short
SoDEX MSTR-USD	+0.1148%	1h	166.76	+0.114%	$44K	$3K	10x	as long as short