Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0207%/8h= −22.6% APRpaid last 24h −0.033%

Price spread now: Lighter against Bybit−0.041%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.041%, 7d avg −0.070%

Together, before fees−0.013%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.029% dearer against Bybit than usual: you sell high and buy low (spread −0.041% now, against its 7-day average of −0.070%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.034% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.034% in total (about -1.8% 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	Bybit MSTRUSDT	170.10	0.0239	pay 0.0239% / 8h	3h 31m	$15.6M	$42.2M	50x
Short	Lighter MSTR	170.03	0.0032	get 0.0004% / 1h	31m 56s	$3.6M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$43.44
Price spread: −0.041% → −0.070%: $2.88
Slippage, 4 orders: −$12.73
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.28
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 6 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 Bybit live order book, 3 min ago	1.18 bp	9.6 bp −$10	15.3 bp −$153	96.4 bp −$9,638	doesn't fit
Sell Lighter live order book, 6 min ago	0.59 bp	2.0 bp −$2	5.1 bp −$51	32.4 bp −$3,244	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	−0.0036%	1h	169.87	−0.133%	$140K	$107K	3x	as long as short
RISEx MSTR/USDC	0.0000%	1h	170.05	−0.032%	$295K	$474K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	170.07	−0.018%	$4.9M	$19.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	170.04	−0.035%	$2.9M	$52K	10x	as long as short
Variational Omni MSTR	+0.0013%	8h	169.83	−0.160%	$1.2M	$2.4M	—	as long as short
Lighter MSTRshort	+0.0032%	1h	170.03	−0.041%	$3.6M	$2.6M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.99	−0.062%	$584K	$1.9M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0040%	8h	169.87	−0.135%	$80K	$950K	10x	as long as short
QFEX MSTR-USD	+0.0044%	1h	170.13	+0.018%	$1.5M	$10.1M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	170.33	+0.135%	—	$2.0M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSTR-PERP-INTX	+0.0048%	1h	170.00	−0.059%	$1.5M	$1.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.87	−0.135%	$411K	$2.5M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.79	−0.182%	$804K	$4.9M	10x	as long as short
BloFin MSTR-USDT	+0.0068%	8h	170.08	−0.012%	$1.1M	$1.7M	20x	as long as short
Paradex MSTR-USD-PERP	+0.0075%	8h	170.16	+0.035%	$68	—	5x	as long as short
OKX MSTR-USDT-SWAP	+0.0080%	8h	170.06	−0.024%	$22.2M	$108.4M	50x	as long as short
Aster MSTRUSDT	+0.0081%	8h	170.03	−0.041%	$1.3M	$6.2M	50x	as long as short
Phoenix MSTR	+0.0090%	1h	169.79	−0.183%	$57K	$389K	10x	as long as short
SoDEX MSTR-USD	+0.0093%	1h	170.07	−0.018%	$45K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0096%	8h	170.04	−0.032%	$89.4M	$625.0M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	170.14	+0.026%	$104K	$153K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	170.05	−0.029%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.77	−0.194%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	170.08	−0.012%	$3K	$12K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0102%	1h	169.99	−0.065%	$57.2M	$37.0M	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	170.10	+0.002%	$141	—	10x	as long as short
Bitget MSTRUSDT	+0.0157%	8h	170.14	+0.024%	$29.1M	$118.3M	25x	as long as short
Injective MSTR/USDC PERP	+0.0171%	1h	169.97	−0.076%	$13K	$22K	30x	as long as short
Bybit MSTRUSDTlong	+0.0239%	8h	170.10	long leg	$15.6M	$42.2M	50x
Arcus MSTR-USD	+0.0451%	1h	170.20	+0.059%	$27K	$129K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0633%	1h	170.03	−0.041%	$289K	$439K	10x	as long as short
edgeX MSTRUSDC	+0.0946%	4h	169.90	−0.117%	$48K	$5.4M	10x	as long as short