Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.164%

Price spread now: Lighter against edgeX−0.082%49s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as 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−$240.235% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 7 days−0.040%−$4 · spread now −0.082%, 7d avg −0.058%

Together, before fees−0.036%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.024% cheaper against edgeX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.058%). Swap the legs. The two prices were read 49 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	edgeX MSTRUSDC	162.89	0.0172	pay 0.0086% / 4h	1h 42m	$46K	$5.4M	10x
Short	Lighter MSTR	162.76	0.0136	get 0.0017% / 1h	42m 23s	$3.5M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$7.64
Price spread: −0.082% → −0.058%: −$2.4
Slippage, 4 orders: −$14.53
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$33.56
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; Lighter: live order book, 5 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 edgeX live order book, 2 min ago	5.53 bp	10.6 bp −$11	17.4 bp −$174	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.61 bp	1.6 bp −$2	6.7 bp −$67	34.3 bp −$3,433	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	−0.0898%	8h	163.06	+0.103%	$28.7M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.89	−0.002%	$4.7M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.38	+0.299%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0025%	8h	162.88	−0.009%	$1.8M	$8.7M	50x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.62	−0.171%	$501K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.958%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.03	+0.084%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.47	−0.260%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.72	−0.106%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.85	−0.026%	$43K	$3K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.77	−0.075%	$841K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0057%	1h	162.74	−0.094%	$1.3M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	162.78	−0.070%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.82	−0.045%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.84	−0.032%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.84	−0.032%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.85	−0.025%	$135	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0134%	8h	162.84	−0.032%	$20.7M	$100.3M	50x	as long as short
Lighter MSTRshort	+0.0136%	1h	162.76	−0.082%	$3.5M	$2.0M	10x
Variational Omni MSTR	+0.0147%	8h	162.88	−0.010%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0150%	8h	162.74	−0.095%	$65	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0152%	1h	161.52	−0.843%	$1.4M	$1.1M	10x	as long as short
edgeX MSTRUSDClong	+0.0172%	4h	162.89	long leg	$46K	$5.4M	10x
Binance MSTRUSDT	+0.0225%	8h	162.84	−0.032%	$83.7M	$628.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0232%	8h	163.04	+0.090%	$79K	$876K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0234%	1h	162.72	−0.106%	$54.0M	$37.3M	10x	as long as short
Phoenix MSTR	+0.0328%	1h	162.99	+0.057%	$55K	$223K	10x	as long as short
Nado MSTR-PERP	+0.0335%	1h	162.75	−0.090%	$130K	$157K	3x	as long as short
BloFin MSTR-USDT	+0.0344%	8h	162.97	+0.047%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0378%	8h	162.90	+0.004%	$16.8M	$41.8M	50x	as long as short
RISEx MSTR/USDC	+0.0381%	1h	162.82	−0.047%	$262K	$437K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0795%	1h	162.86	−0.020%	$277K	$437K	10x	as long as short