MSTR

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0487%/8h= −53.3% APRnext payment −$0.61 per $10,000 · paid last 24h −0.173%

Price spread now: Lighter against Deribit−0.065%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.454%−$45 on $10k

Price spread, last 3 days (all we have)+0.045%+$5 · spread now −0.065%, 7d avg −0.074%

Together, before fees−0.409%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSTR_USDC-PERPETUAL	169.23	0.0519	pay 0.0065% / 1h	44m 41s	$288K	$439K	10x
Short	Lighter MSTR	169.12	0.0032	get 0.0004% / 1h	44m 41s	$3.6M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$102.22
Price spread: −0.065% → −0.074%: $0.95
Slippage, 4 orders: −$19.58
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$127.86
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from Deribit: live order book, 39 min ago; Lighter: live order book, 3 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 Deribit live order book, 39 min ago	4.71 bp	8.2 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.18 bp	2.3 bp −$2	5.5 bp −$55	35.0 bp −$3,496	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	−0.0100%	1h	169.09	−0.083%	$139K	$97K	3x	as long as short
BloFin MSTR-USDT	−0.0012%	8h	169.16	−0.041%	$1.1M	$1.8M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.17	−0.033%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.18	−0.030%	$88.4M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.15	−0.047%	$22.1M	$106.8M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.19	−0.022%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.16	−0.041%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.03	−0.119%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.10	−0.077%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.16	−0.041%	$2.9M	$60K	10x	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	169.12	−0.065%	$3.6M	$2.5M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	169.07	−0.094%	$585K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0042%	1h	169.17	−0.035%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.20	−0.018%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0047%	8h	169.20	−0.018%	$28.8M	$119.6M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.11	−0.071%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.12	−0.065%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.177%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.177%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0077%	8h	169.13	−0.061%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0077%	8h	169.18	−0.030%	$15.2M	$40.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0088%	1h	169.12	−0.065%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.14	−0.052%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.03	−0.118%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.07	−0.095%	$4K	$632K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.19	−0.024%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.15	−0.046%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.00	−0.137%	$57K	$394K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.012%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.21	−0.012%	$27K	$134K	10x	as long as short
Deribit MSTR_USDC-PERPETUALlong	+0.0519%	1h	169.23	long leg	$288K	$439K	10x
edgeX MSTRUSDC	+0.0964%	4h	169.04	−0.110%	$48K	$5.4M	10x	as long as short