Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.019%

Price spread now: Lighter against Phemex−0.049%7-day average −0.065% · you buy dearer than you sell

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

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.049%, 7d avg −0.065%

Together, before fees+0.368%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, 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	Phemex MSTRUSDT	164.58	0	get 0.0000% / 4h	24m 37s	$2.8M	$73K	10x
Short	Lighter MSTR	164.50	0.0032	get 0.0004% / 1h	24m 37s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.049%Rate

Funding earned: $6.72
Price spread: −0.049% → −0.065%: $1.64
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.64
Costs to cover: 0.120%
Break-even: 10.8 days

Slippage unknown: Phemex: live order book, 4 min ago; 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 Phemex live order book, 4 min ago	3.95 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.91 bp	3.8 bp −$4	8.3 bp −$83	28.9 bp −$2,889	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
Bitget MSTRUSDT	−0.0932%	8h	164.64	+0.036%	$27.8M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0006%	8h	164.49	−0.055%	$4.6M	$18.6M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.47	−0.065%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	164.58	long leg	$2.8M	$73K	10x
OKX MSTR-USDT-SWAP	+0.0003%	8h	164.48	−0.061%	$20.6M	$99.5M	50x	as long as short
Lighter MSTRshort	+0.0032%	1h	164.50	−0.049%	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.29	−0.173%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.892%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.47	−0.067%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.62	+0.024%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.48	−0.061%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.49	−0.055%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.55	−0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−0.152%	$858K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.43	−0.091%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0074%	8h	164.54	−0.022%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.46	−0.075%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.42	−0.097%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.41	−0.103%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.53	−0.030%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.52	−0.034%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0133%	8h	164.48	−0.064%	$87.9M	$617.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0137%	8h	164.51	−0.043%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0154%	8h	164.72	+0.087%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.279%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.50	−0.052%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	164.50	−0.049%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0245%	1h	164.42	−0.094%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0252%	8h	164.57	−0.006%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0364%	8h	164.51	−0.043%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0795%	4h	164.42	−0.096%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0845%	1h	164.58	0.000%	$280K	$438K	10x	as long as short