Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h −0.063%

Price spread now: Lighter against BloFin−1.093%540s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.198% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 3 days (all we have)+1.114%+$111 · spread now −1.093%, 7d avg −0.057%

Together, before fees+0.890%+ Points / potential airdropLighter: Season 3 · farm board+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 1.037% cheaper against BloFin than usual: you would sell low and buy high (spread −1.093% now, against its 7-day average of −0.057%). If the spread goes back, that is −$104 on $10k: about 25 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour. The two prices were read 540 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	165.55	0.0011	pay 0.0011% / 8h	6h 40m	$1.1M	$1.9M	20x
Short	Lighter MSTR	163.74	0.0152	get 0.0019% / 1h	40m 09s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −1.093%Rate

Funding earned: $29.62
Price spread: −1.093% → −0.057%: −$103.67
Slippage, 4 orders: −$7.85
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$93.9
Costs to cover: 0.198%
Break-even: 29.2 days

Slippage from BloFin: live order book, 13 min ago; Lighter: live order book, 2 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 BloFin live order book, 13 min ago	0.91 bp	6.9 bp −$7	8.9 bp −$89	24.0 bp −$2,400	doesn't fit
Sell Lighter live order book, 2 min ago	0.91 bp	1.8 bp −$2	6.3 bp −$63	32.2 bp −$3,224	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
Bitget MSTRUSDT	−0.0661%	8h	163.99	−0.942%	$26.9M	$115.9M	25x	as long as short
Gate MSTR_USDT	−0.0304%	8h	163.61	−1.172%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.60	−1.175%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	163.77	−1.075%	$20.8M	$100.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	163.83	−1.042%	$268K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	−0.725%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.86	−0.417%	$76K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.44	−0.670%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDTlong	+0.0011%	8h	165.55	long leg	$1.1M	$1.9M	20x
Binance MSTRUSDT	+0.0011%	8h	163.71	−1.109%	$86.5M	$626.1M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	163.60	−1.175%	$562K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.69	−0.519%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.58	−1.190%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.90	−0.997%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.69	−1.124%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	−0.309%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	163.81	−1.051%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.95	−0.966%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.62	−1.166%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	−0.550%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.60	−1.178%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.67	−1.133%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	163.65	−1.148%	$382K	$2.7M	10x	as long as short
Lighter MSTRshort	+0.0152%	1h	163.74	−1.093%	$3.5M	$1.9M	10x
Paradex MSTR-USD-PERP	+0.0162%	8h	163.75	−1.086%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.67	−0.532%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.289%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0362%	1h	163.58	−1.190%	$55.1M	$36.6M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	−0.585%	$55K	$219K	10x	as long as short
Nado MSTR-PERP	+0.0411%	1h	163.39	−1.303%	$110K	$142K	3x	as long as short
Bybit MSTRUSDT	+0.0421%	8h	163.83	−1.039%	$17.1M	$41.2M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1278%	1h	163.84	−1.033%	$279K	$438K	10x	as long as short