Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.025%

Price spread now: Lighter against Variational Omni−0.092%7-day average −0.088% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.051%+$5 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.092%, 7d avg −0.088%

Together, before fees+0.051%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.088%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.051%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.051% in total (about 4.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	166.38	0.0364	pay 0.0364% / 8h	5h 48m	$1.2M	$1.7M	—
Short	Lighter MSTR	166.23	0.0032	get 0.0004% / 1h	48m 06s	$3.5M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$69.78
Price spread: −0.092% → −0.088%: −$0.34
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$70.12
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 2 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 Variational Omni RFQ quote, 4 min ago	2.98 bp	doesn't fit	16.3 bp −$163	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.20 bp	2.6 bp −$3	3.9 bp −$39	32.3 bp −$3,231	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.699%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.34	−0.026%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.35	−0.020%	$32.0M	$105.4M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.29	−0.056%	$2.8M	$86K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	166.23	−0.092%	$3.5M	$1.7M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	166.13	−0.152%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.40	+0.010%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.19	−0.116%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.22	−0.098%	$384K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.27	−0.068%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.12	−0.158%	$875K	$3.3M	10x	as long as short
Nado MSTR-PERP	+0.0057%	1h	166.18	−0.125%	$127K	$127K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.362%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.19	−0.119%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.25	−0.080%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.134%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.27	−0.068%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.32	−0.036%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0117%	8h	166.22	−0.099%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0208%	1h	166.26	−0.074%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0213%	8h	166.31	−0.044%	$17.1M	$37.9M	50x	as long as short
Aster MSTRUSDT	+0.0277%	8h	166.29	−0.057%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0297%	8h	166.28	−0.062%	$21.6M	$83.5M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	166.49	+0.064%	$56K	$213K	10x	as long as short
Variational Omni MSTRlong	+0.0364%	8h	166.38	long leg	$1.2M	$1.7M	—
Deribit MSTR_USDC-PERPETUAL	+0.0412%	1h	166.27	−0.068%	$283K	$209K	10x	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.23	−0.092%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0462%	8h	166.27	−0.068%	$87.2M	$535.8M	50x	as long as short
BloFin MSTR-USDT	+0.0591%	8h	166.32	−0.038%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0608%	8h	166.43	+0.030%	$87K	$855K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	−0.060%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.34	−0.026%	$26K	$71K	10x	as long as short