Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1231%/8h= +134.8% APRpaid last 24h −0.016%

Price spread now: Lighter against Bitget−0.189%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.189%, 7d avg −0.082%

Together, before fees+0.104%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.106% cheaper against Bitget than usual: you would sell low and buy high (spread −0.189% now, against its 7-day average of −0.082%). If the spread goes back, that is −$11 on $10k: about 7 hours of funding at the current rate (+$37 a day). At the pace of the last 7 days (+0.061% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.061% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSTRUSDT	164.39	−0.1199	get 0.1199% / 8h	5h 55m	$27.5M	$114.4M	25x
Short	Lighter MSTR	164.08	0.0032	get 0.0004% / 1h	55m 47s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.189%Rate

Funding earned: $258.51
Price spread: −0.189% → −0.082%: −$10.63
Slippage, 4 orders: −$10.84
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $225.03
Costs to cover: 0.228%
Break-even: 0.9 days

Slippage from Bitget: live order book, 3 min ago; Lighter: live order book, 7 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 Bitget live order book, 3 min ago	0.30 bp	8.8 bp −$9	13.9 bp −$139	25.2 bp −$2,516	doesn't fit
Sell Lighter live order book, 7 min ago	1.22 bp	2.3 bp −$2	4.7 bp −$47	32.8 bp −$3,278	doesn't fit

MSTR on 31 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 MSTRUSDTlong	−0.1199%	8h	164.39	long leg	$27.5M	$114.4M	25x
Gate MSTR_USDT	−0.0091%	8h	164.24	−0.091%	$4.6M	$18.3M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.25	−0.083%	$1.2M	$7.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.14	−0.152%	$20.8M	$99.0M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.32	−0.043%	$2.8M	$69K	10x	as long as short
Variational Omni MSTR	+0.0014%	8h	164.41	+0.011%	$1.2M	$2.0M	—	as long as short
Lighter MSTRshort	+0.0032%	1h	164.08	−0.189%	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	−0.173%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.011%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.40	+0.006%	$26K	$112K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.23	−0.097%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.34	−0.030%	$383K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.32	−0.043%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.03	−0.219%	$887K	$4.3M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.46	+0.043%	$1.4M	$7.8M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0080%	1h	164.14	−0.152%	$55.0M	$36.7M	10x	as long as short
Binance MSTRUSDT	+0.0084%	8h	164.19	−0.124%	$87.6M	$618.2M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.42	+0.017%	$101K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.26	−0.079%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.35	−0.024%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.37	−0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.36	−0.017%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0151%	8h	164.45	+0.037%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0189%	8h	164.53	+0.084%	$79K	$760K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.31	−0.049%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0235%	1h	164.32	−0.043%	$122K	$149K	3x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	164.46	+0.041%	$269K	$447K	10x	as long as short
Bybit MSTRUSDT	+0.0342%	8h	164.25	−0.085%	$17.0M	$40.7M	50x	as long as short
Phoenix MSTR	+0.0381%	1h	164.45	+0.035%	$55K	$219K	10x	as long as short
edgeX MSTRUSDC	+0.0443%	4h	164.44	+0.030%	$50K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0846%	1h	164.43	+0.024%	$280K	$438K	10x	as long as short