Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.021%

Price spread now: Lighter against Binance−0.031%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 2 days (all we have)−0.017%−$2 · spread now −0.031%, 7d avg −0.039%

Together, before fees−0.015%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSTRUSDT	169.09	0	get 0.0000% / 8h	1h 47m	$88.4M	$629.2M	50x
Short	Lighter MSTR	169.04	0.0032	get 0.0004% / 1h	47m 16s	$3.6M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.031%Rate

Funding earned: $6.72
Price spread: −0.031% → −0.039%: $0.78
Slippage, 4 orders: −$10.82
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.32
Costs to cover: 0.208%
Break-even: 20.9 days

Slippage from Binance: live order book, 12 min ago; Lighter: live order book, 5 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 Binance live order book, 12 min ago	0.29 bp	5.8 bp −$6	9.4 bp −$94	26.5 bp −$2,647	doesn't fit
Sell Lighter live order book, 5 min ago	1.18 bp	4.4 bp −$4	6.8 bp −$68	36.7 bp −$3,674	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
Nado MSTR-PERP	−0.0083%	1h	169.09	−0.004%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.04	−0.029%	$1.2M	$6.2M	50x	as long as short
Binance MSTRUSDTlong	0.0000%	8h	169.09	long leg	$88.4M	$629.2M	50x
OKX MSTR-USDT-SWAP	0.0000%	8h	168.97	−0.072%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.10	+0.005%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.99	−0.061%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.20	+0.064%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.23	+0.082%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.01	−0.049%	$2.9M	$60K	10x	as long as short
BloFin MSTR-USDT	+0.0006%	8h	169.08	−0.007%	$1.1M	$1.8M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MSTRshort	+0.0032%	1h	169.04	−0.031%	$3.6M	$2.5M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.02	−0.043%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.07	−0.013%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.12	+0.016%	—	$2.1M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.01	−0.049%	$403K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.96	−0.078%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.09	−0.001%	$753K	$5.1M	10x	as long as short
Bitget MSTRUSDT	+0.0051%	8h	169.04	−0.031%	$28.8M	$119.8M	25x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.096%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0079%	8h	169.09	0.000%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0082%	8h	169.03	−0.037%	$15.2M	$40.9M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	169.04	−0.034%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.05	−0.025%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.02	−0.043%	$4K	$661K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.07	−0.013%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.06	−0.021%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0113%	1h	168.97	−0.072%	$56.9M	$38.0M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0223%	1h	169.07	−0.013%	$287K	$439K	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.12	+0.014%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.093%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.16	+0.040%	$27K	$134K	10x	as long as short
edgeX MSTRUSDC	+0.0654%	4h	169.21	+0.071%	$48K	$5.4M	10x	as long as short