MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0007%/8h= −0.8% APRnext payment −$0.01 per $10,000 · paid last 24h +0.017%

Price spread now: Lighter against QFEX+0.006%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$210.208% of the position

Long on QFEX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.107%+$11 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.006%, 7d avg −0.023%

Together, before fees+0.085%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.029% dearer against QFEX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSTR-USD	169.59	0.0039	pay 0.0005% / 1h	14m 05s	$1.5M	$10.2M	10x
Short	Lighter MSTR	169.60	0.0032	get 0.0004% / 1h	14m 05s	$3.6M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against QFEX. 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 QFEXbpFee LighterbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$1.48
Price spread: +0.006% → −0.023%: $2.92
Slippage, 4 orders: −$10.84
Fee QFEX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$19.41
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from QFEX: live order book, 10 min ago; Lighter: live order book, 3 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 QFEX live order book, 10 min ago	1.18 bp	6.2 bp −$6	6.2 bp −$62	12.6 bp −$1,255	doesn't fit
Sell Lighter live order book, 3 min ago	0.88 bp	2.4 bp −$2	13.1 bp −$131	43.0 bp −$4,304	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	−0.0046%	1h	169.49	−0.056%	$140K	$98K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.60	+0.003%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.54	−0.029%	$88.7M	$630.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.56	−0.018%	$22.1M	$107.5M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.57	−0.012%	$278K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.55	−0.024%	$4.8M	$19.6M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.78	+0.110%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.74	+0.086%	$83K	$948K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	0.0000%	1h	169.55	−0.024%	$288K	$438K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.56	−0.018%	$2.9M	$58K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MSTR-USDT	+0.0022%	8h	169.44	−0.088%	$1.1M	$1.8M	20x	as long as short
Lighter MSTRshort	+0.0032%	1h	169.60	+0.006%	$3.6M	$2.6M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.52	−0.039%	$588K	$1.9M	10x	as long as short
QFEX MSTR-USDlong	+0.0039%	1h	169.59	long leg	$1.5M	$10.2M	10x
Vest MSTR-USD-PERP	+0.0046%	1h	169.73	+0.083%	—	$2.1M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	169.11	−0.283%	$1.5M	$1.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.52	−0.041%	$419K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.56	−0.018%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.45	−0.083%	$779K	$5.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0054%	1h	169.52	−0.041%	$56.7M	$38.3M	10x	as long as short
Bitget MSTRUSDT	+0.0081%	8h	169.56	−0.018%	$28.9M	$119.9M	25x	as long as short
Paradex MSTR-USD-PERP	+0.0091%	8h	169.53	−0.038%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.52	−0.039%	$104K	$121K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.46	−0.077%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.53	−0.035%	$4K	$871K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.56	−0.018%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.56	−0.017%	$141	—	10x	as long as short
Bybit MSTRUSDT	+0.0105%	8h	169.61	+0.012%	$15.2M	$41.2M	50x	as long as short
Phoenix MSTR	+0.0184%	1h	169.80	+0.126%	$57K	$396K	10x	as long as short
Arcus MSTR-USD	+0.0432%	1h	169.66	+0.041%	$27K	$134K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	169.61	+0.012%	$13K	$22K	30x	as long as short
edgeX MSTRUSDC	+0.0552%	4h	169.67	+0.045%	$48K	$5.5M	10x	as long as short