Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.024%

Price spread now: Lighter against Extended+0.057%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.057%, 7d avg +0.018%

Together, before fees−0.096%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.039% dearer against Extended than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	169.04	0.0032	pay 0.0004% / 1h	45m 28s	$585K	$1.8M	10x
Short	Lighter MSTR	169.14	0.0032	get 0.0004% / 1h	45m 28s	$3.6M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. 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 ExtendedbpFee LighterbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.018%: $3.9
Slippage, 4 orders: −$12.48
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.58
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Extended: live order book, 3 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 Extended live order book, 3 min ago	0.89 bp	7.1 bp −$7	23.5 bp −$235	doesn't fit	doesn't fit
Sell Lighter live order book, 2 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	+0.027%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.18	+0.082%	$1.3M	$6.2M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	169.19	+0.086%	$88.4M	$629.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.22	+0.104%	$22.1M	$106.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	169.18	+0.083%	$275K	$446K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.18	+0.080%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.20	+0.093%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.10	+0.033%	$74K	$935K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.10	+0.033%	$2.9M	$60K	10x	as long as short
BloFin MSTR-USDT	+0.0007%	8h	169.02	−0.014%	$1.1M	$1.8M	20x	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	169.14	+0.057%	$3.6M	$2.5M	10x
Extended MSTR_24_5-USDlong	+0.0032%	1h	169.04	long leg	$585K	$1.8M	10x
QFEX MSTR-USD	+0.0042%	1h	169.17	+0.075%	$1.5M	$10.2M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.20	+0.092%	—	$2.1M	25x	as long as short
Bitget MSTRUSDT	+0.0047%	8h	169.20	+0.092%	$28.8M	$119.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.11	+0.039%	$401K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.03	−0.008%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.067%	$752K	$5.1M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	168.93	−0.067%	$1.5M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0077%	8h	169.12	+0.047%	$68	—	5x	as long as short
Bybit MSTRUSDT	+0.0079%	8h	169.20	+0.092%	$15.2M	$40.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0090%	1h	169.14	+0.057%	$57.0M	$38.0M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.18	+0.079%	$103K	$114K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.06	+0.009%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.07	+0.015%	$4K	$632K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.07	+0.015%	$3K	$12K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.05	+0.003%	$140	—	10x	as long as short
Phoenix MSTR	+0.0231%	1h	169.12	+0.043%	$57K	$394K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0282%	1h	169.15	+0.063%	$287K	$439K	10x	as long as short
Injective MSTR/USDC PERP	+0.0333%	1h	169.25	+0.122%	$13K	$22K	30x	as long as short
Arcus MSTR-USD	+0.0457%	1h	169.20	+0.092%	$27K	$134K	10x	as long as short
edgeX MSTRUSDC	+0.0964%	4h	169.04	0.000%	$48K	$5.4M	10x	as long as short