Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.011%

Price spread now: Lighter against Orderly+0.012%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 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 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	164.11	0.0100	pay 0.0100% / 8h	3h 17m	$4K	$8K	10x
Short	Lighter MSTR	164.13	0.0032	get 0.0004% / 1h	17m 21s	$3.5M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$14.28
Price spread: +0.012% → 0.000%: $1.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$19.06
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	0.31 bp	1.9 bp −$2	4.8 bp −$48	37.4 bp −$3,737	doesn't fit

Orderly: 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
Bitget MSTRUSDT	−0.0945%	8h	164.25	+0.085%	$27.2M	$116.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.13	+0.012%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.20	+0.055%	$4.6M	$19.2M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.17	+0.037%	$2.8M	$77K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	164.13	+0.012%	$3.5M	$2.0M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	163.95	−0.094%	$601K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.187%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.10	−0.006%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.92	−0.116%	—	$1.7M	25x	as long as short
OKX MSTR-USDT-SWAP	+0.0047%	8h	164.13	+0.012%	$20.8M	$99.1M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.06	−0.030%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.06	−0.030%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.80	−0.189%	$846K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.09	−0.012%	$1.4M	$7.3M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0070%	8h	164.17	+0.039%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	164.11	+0.001%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.05	−0.037%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.89	−0.134%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	164.11	long leg	$4K	$8K	10x
Variational Omni MSTR	+0.0102%	8h	164.03	−0.051%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.05	−0.034%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0165%	8h	164.12	+0.006%	$86.5M	$618.6M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0166%	8h	164.07	−0.027%	$76K	$826K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.140%	$1.4M	$1.1M	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.15	+0.024%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0250%	1h	163.98	−0.082%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0263%	1h	164.08	−0.018%	$54.7M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0284%	8h	164.04	−0.043%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0323%	8h	164.17	+0.037%	$16.6M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	164.02	−0.057%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0400%	4h	163.93	−0.112%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0726%	1h	164.12	+0.006%	$279K	$438K	10x	as long as short