Settings8H · net · $10k
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Funding arb · Price arb /

MSTR

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Alert: spread
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Funding you earn now, next payment 06:00 UTC−0.0016%/8h= −1.8% APRnext payment −$0.02 per $10,000 · paid last 24h −0.011%
Price spread now: Lighter against Coinbase International+1.350%7-day average +0.055% · you sell dearer than you buy
Net, funding: paid 7d − costs−$39as in the Funding arb table
Net, price: spread back to 7d avg − costs+$105as in the Price arb table
costs, in and out, $10k−$250.248% of the position
Long on Coinbase InternationalShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days−0.145%−$15 on $10k
Price spread, last 4 days (all we have)−1.372%−$137 · spread now +1.350%, 7d avg +0.055%
Together, before fees−1.517%+ Points / potential airdropLighter: Season 3 · farm board−$152 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 1.294% dearer against Coinbase International than usual: you sell high and buy low (spread +1.350% now, against its 7-day average of +0.055%): +$129 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 9 months. At the pace of the last 7 days (−0.145% in total) that is about 2 months.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongCoinbase International MSTR-PERP-INTX161.520.0152pay 0.0019% / 1h19m 16s$1.4M$1.1M10x
ShortLighter MSTR163.700.0136get 0.0017% / 1h19m 16s$3.5M$2.0M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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

Funding earned
−$3.36
Price spread: +1.350% → +0.055%
$129.42
Slippage, 4 orders
−$14.75
Fee Coinbase International: 5 bp × 2 orders
−$10
Fee Lighter: 0 bp × 2 orders
$0
Net
$101.31
Costs to cover
0.248%
Break-even
from the start
Slippage from Coinbase International: live order book, 4 min ago; Lighter: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Coinbase International live order book, 4 min ago3.06 bp8.9 bp −$916.0 bp −$160doesn't fitdoesn't fit
Sell Lighter live order book, 8 min ago1.23 bp4.5 bp −$56.8 bp −$6837.9 bp −$3,792doesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0816%8h163.89+1.467%$29.0M$118.8M25xas long as short
Gate MSTR_USDT0.0000%8h163.83+1.430%$4.7M$19.7M50xas long as short
Phemex MSTRUSDT0.0000%4h163.92+1.486%$2.8M$79K10xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.57+1.272%$511K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+4.842%$8K$26K30xas long as short
Arcus MSTR-USD+0.0040%1h163.68+1.337%$26K$113K10xas long as short
Vest MSTR-USD-PERP+0.0046%1h163.74+1.374%—$1.8M25xas long as short
Polymarket Perps MSTR-USD+0.0050%1h163.74+1.374%$379K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.59+1.282%$840K$3.9M10xas long as short
Aster MSTRUSDT+0.0054%8h163.67+1.329%$1.8M$8.7M50xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0057%1h163.79+1.405%$1.3M$7.2M10xas long as short
Pacifica MSTR+0.0100%1h163.79+1.406%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.69+1.343%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.62+1.300%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.75+1.381%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.76+1.385%$136—10xas long as short
Lighter MSTRshort+0.0136%1h163.70+1.350%$3.5M$2.0M10x
SoDEX MSTR-USD+0.0143%1h163.72+1.362%$43K$3K10xas long as short
Coinbase International MSTR-PERP-INTXlong+0.0152%1h161.52long leg$1.4M$1.1M10x
OKX MSTR-USDT-SWAP+0.0165%8h163.84+1.436%$20.8M$100.7M50xas long as short
Variational Omni MSTR+0.0166%8h163.76+1.385%$1.2M$2.1M—as long as short
Paradex MSTR-USD-PERP+0.0171%8h163.73+1.370%$65—5xas long as short
Binance MSTRUSDT+0.0250%8h163.75+1.381%$84.0M$627.2M50xas long as short
tradeXYZ xyz:MSTR+0.0257%1h163.70+1.350%$54.2M$37.2M10xas long as short
GRVT MSTR_USDT_Perp+0.0259%8h163.42+1.176%$83K$878K10xas long as short
Phoenix MSTR+0.0328%1h163.43+1.183%$55K$223K10xas long as short
BloFin MSTR-USDT+0.0365%8h163.80+1.412%$1.0M$2.1M20xas long as short
Nado MSTR-PERP+0.0367%1h163.64+1.313%$131K$157K3xas long as short
RISEx MSTR/USDC+0.0381%1h163.79+1.408%$265K$427K10xas long as short
Bybit MSTRUSDT+0.0392%8h163.74+1.374%$16.9M$41.8M50xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0667%1h163.80+1.412%$279K$437K10xas long as short
edgeX MSTRUSDC+0.0831%4h163.42+1.177%$46K$5.4M10xas long as short