Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.027%

Price spread now: Lighter against Variational Omni+0.241%7-day average −0.092% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 7 days−0.252%−$25 · spread now +0.241%, 7d avg −0.092%

Together, before fees−0.189%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.334% dearer against Variational Omni than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.00	0	get 0.0000% / 8h	1m 49s	$1.2M	$2.4M	—
Short	Lighter MSTR	169.41	0.0032	get 0.0004% / 1h	1m 49s	$3.6M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.241%Rate

Funding earned: $6.72
Price spread: +0.241% → −0.092%: $33.35
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $40.07
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Lighter: live order book, 6 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 Variational Omni RFQ quote, 2 min ago	2.95 bp	doesn't fit	11.6 bp −$116	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.18 bp	5.8 bp −$6	8.3 bp −$83	37.9 bp −$3,792	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	−0.0043%	1h	169.36	+0.210%	$140K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.22	+0.128%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.46	+0.271%	$21.9M	$106.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.40	+0.235%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.00	long leg	$1.2M	$2.4M	—
Phemex MSTRUSDT	0.0000%	4h	169.22	+0.129%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.41	+0.241%	$276K	$441K	10x	as long as short
Bitget MSTRUSDT	+0.0030%	8h	169.48	+0.283%	$28.8M	$119.8M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0030%	8h	169.13	+0.076%	$77K	$871K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	169.41	+0.241%	$3.6M	$2.4M	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.34	+0.200%	$581K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.56	+0.330%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.35	+0.206%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.36	+0.212%	$399K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.41	+0.241%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.29	+0.170%	$773K	$5.2M	10x	as long as short
Binance MSTRUSDT	+0.0052%	8h	169.47	+0.276%	$89.4M	$628.5M	50x	as long as short
Bybit MSTRUSDT	+0.0062%	8h	169.47	+0.277%	$15.2M	$40.3M	50x	as long as short
BloFin MSTR-USDT	+0.0064%	8h	169.50	+0.295%	$1.1M	$1.9M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0096%	8h	169.40	+0.236%	$68	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.149%	$1.4M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.36	+0.210%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.28	+0.164%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.06	+0.034%	$4K	$244K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.38	+0.224%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.072%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.38	+0.221%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0124%	1h	169.40	+0.235%	$57.2M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.09	+0.050%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0382%	4h	169.04	+0.025%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0400%	1h	169.46	+0.271%	$288K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.45	+0.265%	$27K	$129K	10x	as long as short