Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.013%

Price spread now: Paradex against Lighter+0.113%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.113% dearer against Lighter than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSTR	165.87	0.0128	pay 0.0016% / 1h	56m 16s	$3.5M	$1.7M	10x
Short	Paradex MSTR-USD-PERP	166.06	0.0185	get 0.0185% / 8h	6h 56m	$66	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.113%Rate

Funding earned: $11.92
Price spread: +0.113% → 0.000%: $11.26
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: $19.19
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Paradex: no order-book sample. 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 Lighter live order book, 6 min ago	1.50 bp	2.0 bp −$2	6.1 bp −$61	35.0 bp −$3,500	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	166.05	+0.109%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.98	+0.066%	$31.3M	$112.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.90	+0.018%	$2.8M	$84K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.90	+0.020%	$539K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.03	+0.096%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.90	+0.018%	$384K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.94	+0.042%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.71	−0.096%	$923K	$3.5M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	165.97	+0.060%	$1.3M	$6.8M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.04	+0.103%	$102K	$88K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MSTRUSDTM	+0.0100%	8h	166.06	+0.115%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.50	+0.380%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.10	+0.139%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.13	+0.158%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.85	−0.012%	$1.4M	$637K	10x	as long as short
Nado MSTR-PERP	+0.0121%	1h	165.99	+0.069%	$127K	$142K	3x	as long as short
Lighter MSTRlong	+0.0128%	1h	165.87	long leg	$3.5M	$1.7M	10x
Paradex MSTR-USD-PERPshort	+0.0185%	8h	166.06	+0.113%	$66	—	5x
Aster MSTRUSDT	+0.0189%	8h	166.06	+0.113%	$1.8M	$8.6M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0277%	8h	165.82	−0.030%	$21.6M	$91.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0296%	1h	165.92	+0.030%	$54.9M	$36.2M	10x	as long as short
Variational Omni MSTR	+0.0308%	8h	166.59	+0.437%	$1.2M	$1.8M	—	as long as short
Binance MSTRUSDT	+0.0382%	8h	165.99	+0.070%	$86.6M	$588.2M	50x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	162.61	−1.965%	$7K	$26K	30x	as long as short
Phoenix MSTR	+0.0460%	1h	166.84	+0.588%	$56K	$215K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0474%	1h	165.96	+0.054%	$282K	$276K	10x	as long as short
BloFin MSTR-USDT	+0.0501%	8h	166.52	+0.392%	$1.1M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0557%	8h	165.94	+0.042%	$17.1M	$40.2M	50x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.17	+0.178%	$271K	$382K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0669%	8h	166.65	+0.470%	$82K	$844K	10x	as long as short
edgeX MSTRUSDC	+0.0709%	4h	166.62	+0.454%	$49K	$5.4M	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.15	+0.169%	$26K	$102K	10x	as long as short