Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.011%

Price spread now: KuCoin against Lighter−0.103%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.103%, 7d avg +0.035%

Together, before fees+0.049%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.138% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.035%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	164.44	0.0176	pay 0.0022% / 1h	20m 45s	$3.5M	$1.8M	10x
Short	KuCoin MSTRUSDTM	164.27	0.0100	get 0.0100% / 8h	7h 20m	$2.4M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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

Position, each leg$Hold fordaysFee LighterbpFee KuCoinbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$15.96
Price spread: −0.103% → +0.035%: −$13.79
Slippage, 4 orders: −$42.09
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$83.84
Costs to cover: 0.541%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; KuCoin: live order book, 6 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 Lighter live order book, 7 min ago	0.62 bp	3.2 bp −$3	6.4 bp −$64	36.9 bp −$3,686	doesn't fit
Sell KuCoin live order book, 6 min ago	3.08 bp	21.0 bp −$21	doesn't fit	doesn't fit	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
Gate MSTR_USDT	0.0000%	8h	164.43	−0.006%	$4.9M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	164.49	+0.030%	$31.1M	$115.3M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.55	+0.067%	$2.8M	$86K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.23	−0.129%	$543K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	162.61	−1.113%	$7K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.49	+0.030%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.56	+0.073%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.35	−0.055%	$380K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.32	−0.073%	$912K	$3.7M	10x	as long as short
QFEX MSTR-USD	+0.0061%	1h	164.32	−0.073%	$1.4M	$7.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	164.37	−0.046%	$101K	$88K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.27	−0.103%	$2.4M	$2.8M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	163.22	−0.742%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.60	+0.097%	$3K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.64	+0.123%	$137	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0120%	1h	162.26	−1.326%	$1.4M	$1.1M	10x	as long as short
Aster MSTRUSDT	+0.0151%	8h	164.17	−0.165%	$1.8M	$8.7M	50x	as long as short
Lighter MSTRlong	+0.0176%	1h	164.44	long leg	$3.5M	$1.8M	10x
Nado MSTR-PERP	+0.0180%	1h	164.38	−0.034%	$126K	$143K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0185%	8h	164.50	+0.035%	$66	—	5x	as long as short
edgeX MSTRUSDC	+0.0202%	4h	163.37	−0.651%	$46K	$5.4M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0251%	8h	164.52	+0.049%	$21.0M	$94.7M	50x	as long as short
Variational Omni MSTR	+0.0264%	8h	164.61	+0.104%	$1.2M	$2.0M	—	as long as short
SoDEX MSTR-USD	+0.0312%	1h	164.13	−0.189%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0347%	8h	164.51	+0.043%	$85.4M	$605.6M	50x	as long as short
RISEx MSTR/USDC	+0.0400%	1h	163.85	−0.359%	$267K	$392K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0404%	1h	164.43	−0.006%	$54.1M	$36.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0441%	8h	163.59	−0.517%	$84K	$846K	10x	as long as short
BloFin MSTR-USDT	+0.0459%	8h	164.66	+0.134%	$1.0M	$2.1M	20x	as long as short
Phoenix MSTR	+0.0460%	1h	164.03	−0.249%	$56K	$223K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0540%	1h	164.60	+0.097%	$280K	$383K	10x	as long as short
Bybit MSTRUSDT	+0.0559%	8h	164.58	+0.085%	$17.4M	$40.4M	50x	as long as short