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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0431%/8h= +47.1% APRnext payment +$0.54 per $10,000 · paid last 24h +0.192%
Price spread now: Deribit against Lighter−0.031%7-day average +0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$280.278% of the position
Long on LighterShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 5 days (all we have)+0.553%+$55 on $10k
Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.031%, 7d avg +0.072%
Together, before fees+0.645%+ Points / potential airdropLighter: Season 3 · farm board+$65 on $10k · with fees, hour by hour
Funding pays, the price is against you. Deribit is 0.102% cheaper against Lighter than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.072%). If the spread goes back, that is −$10 on $10k: about 19 hours of funding at the current rate (+$13 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter MSTR163.090.0056pay 0.0007% / 1h10m 48s$3.5M$2.0M10x
ShortDeribit MSTR_USDC-PERPETUAL163.040.0487get 0.0061% / 1h10m 48s$277K$437K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Lighter. 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

Funding earned
$90.42
Price spread: −0.031% → +0.072%
−$10.23
Slippage, 4 orders
−$20.84
Fee Lighter: 0 bp × 2 orders
$0
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$52.36
Costs to cover
0.278%
Break-even
2.9 days
Slippage from Lighter: live order book, 12 min ago; Deribit: live order book, 28 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 12 min ago1.23 bp2.9 bp −$35.9 bp −$5941.2 bp −$4,116doesn't fit
Sell Deribit live order book, 28 min ago6.72 bp10.8 bp −$1111.9 bp −$119doesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0452%8h163.30+0.129%$29.5M$119.1M25xas long as short
Gate MSTR_USDT0.0000%8h163.08−0.006%$4.7M$19.6M50xas long as short
Phemex MSTRUSDT0.0000%4h163.08−0.006%$2.7M$84K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h162.83−0.156%$591K$2.1M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.832%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.11+0.012%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h162.89−0.123%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h162.96−0.080%$377K$2.7M10xas long as short
SoDEX MSTR-USD+0.0050%1h163.02−0.043%$43K$3K10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h162.85−0.147%$888K$3.7M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Lighter MSTRlong+0.0056%1h163.09long leg$3.5M$2.0M10x
QFEX MSTR-USD+0.0067%1h162.97−0.074%$1.3M$7.1M10xas long as short
Aster MSTRUSDT+0.0075%8h163.08−0.005%$1.8M$8.7M50xas long as short
Pacifica MSTR+0.0100%1h163.00−0.053%$100K$89K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h162.97−0.074%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.03−0.037%$6K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.01−0.049%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.04−0.032%$135—10xas long as short
Coinbase International MSTR-PERP-INTX+0.0136%1h162.62−0.288%$1.4M$1.1M10xas long as short
Paradex MSTR-USD-PERP+0.0139%8h163.07−0.010%$65—5xas long as short
Nado MSTR-PERP+0.0178%1h162.93−0.099%$125K$165K3xas long as short
Variational Omni MSTR+0.0197%8h163.01−0.049%$1.2M$2.0M—as long as short
OKX MSTR-USDT-SWAP+0.0200%8h163.15+0.037%$20.8M$99.8M50xas long as short
Binance MSTRUSDT+0.0269%8h163.11+0.013%$83.8M$620.2M50xas long as short
GRVT MSTR_USDT_Perp+0.0270%8h163.12+0.021%$82K$859K10xas long as short
edgeX MSTRUSDC+0.0324%4h162.80−0.180%$46K$5.4M10xas long as short
Phoenix MSTR+0.0357%1h163.17+0.048%$55K$223K10xas long as short
BloFin MSTR-USDT+0.0390%8h162.97−0.074%$1.0M$2.1M20xas long as short
Bybit MSTRUSDT+0.0406%8h163.12+0.018%$17.1M$41.7M50xas long as short
tradeXYZ xyz:MSTR+0.0444%1h163.07−0.012%$53.9M$37.7M10xas long as short
Deribit MSTR_USDC-PERPETUALshort+0.0487%1h163.04−0.031%$277K$437K10x
RISEx MSTR/USDC+0.0493%1h163.08−0.004%$268K$419K10xas long as short