Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0218%/8h= −23.9% APRpaid last 24h −0.063%

Price spread now: Lighter against BloFin−0.085%90s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.217% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)+0.202%+$20 · spread now −0.085%, 7d avg −0.052%

Together, before fees−0.021%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.033% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.052%). Swap the legs. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	164.36	0.0250	pay 0.0250% / 8h	4h 35m	$1.0M	$2.0M	20x
Short	Lighter MSTR	164.22	0.0032	get 0.0004% / 1h	35m 24s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$45.78
Price spread: −0.085% → −0.052%: −$3.32
Slippage, 4 orders: −$9.68
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$70.78
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Lighter: live order book, 7 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 BloFin live order book, 2 min ago	0.61 bp	9.4 bp −$9	11.4 bp −$114	24.5 bp −$2,446	doesn't fit
Sell Lighter live order book, 7 min ago	0.91 bp	2.7 bp −$3	7.3 bp −$73	40.1 bp −$4,009	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	−0.0906%	8h	164.47	+0.067%	$27.7M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0026%	8h	164.34	−0.012%	$4.6M	$18.5M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.29	−0.040%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.20	−0.097%	$2.8M	$72K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0001%	8h	164.33	−0.018%	$20.6M	$99.6M	50x	as long as short
Lighter MSTRshort	+0.0032%	1h	164.22	−0.085%	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.15	−0.128%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.030%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.37	+0.003%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.45	+0.055%	$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	164.17	−0.116%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.27	−0.055%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.27	−0.055%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.13	−0.140%	$865K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.36	0.000%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTR	+0.0067%	8h	164.09	−0.167%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.30	−0.034%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.27	−0.055%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.22	−0.085%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.29	−0.043%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.30	−0.035%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0128%	8h	164.31	−0.030%	$87.8M	$618.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.21	−0.090%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0161%	8h	164.38	+0.012%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.146%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.34	−0.015%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0237%	1h	164.25	−0.067%	$54.7M	$36.9M	10x	as long as short
BloFin MSTR-USDTlong	+0.0250%	8h	164.36	long leg	$1.0M	$2.0M	20x
Nado MSTR-PERP	+0.0259%	1h	164.20	−0.097%	$121K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0367%	8h	164.38	+0.012%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0443%	4h	164.37	+0.003%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.37	+0.006%	$280K	$438K	10x	as long as short