Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.018%

Price spread now: Lighter against Gate−0.116%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.116%, 7d avg −0.082%

Together, before fees−0.192%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.034% cheaper against Gate than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of −0.082%). If the spread goes back, that is −$3 on $10k: about 3.5 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.199%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSTR_USDT	164.12	0	get 0.0000% / 8h	3h 21m	$4.6M	$19.2M	50x
Short	Lighter MSTR	163.93	0.0032	get 0.0004% / 1h	21m 24s	$3.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.116%Rate

Funding earned: $6.72
Price spread: −0.116% → −0.082%: −$3.36
Slippage, 4 orders: −$20.92
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$32.55
Costs to cover: 0.359%
Break-even: 40.9 days

Slippage from Gate: live order book, 2 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 Gate live order book, 2 min ago	1.83 bp	12.6 bp −$13	35.0 bp −$350	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.61 bp	3.0 bp −$3	6.2 bp −$62	33.4 bp −$3,344	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	−0.0948%	8h	164.17	+0.030%	$27.3M	$116.3M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.01	−0.065%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDTlong	0.0000%	8h	164.12	long leg	$4.6M	$19.2M	50x
Phemex MSTRUSDT	0.0000%	4h	163.97	−0.091%	$2.8M	$77K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	163.93	−0.116%	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	163.79	−0.201%	$588K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.181%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.95	−0.104%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.74	−0.232%	—	$1.7M	25x	as long as short
OKX MSTR-USDT-SWAP	+0.0046%	8h	164.08	−0.024%	$20.7M	$99.0M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	163.97	−0.091%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.91	−0.128%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.54	−0.353%	$846K	$3.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0065%	8h	163.98	−0.084%	$66	—	5x	as long as short
QFEX MSTR-USD	+0.0067%	1h	163.95	−0.104%	$1.4M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.93	−0.119%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.90	−0.134%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.77	−0.213%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.01	−0.067%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.03	−0.057%	$136	—	10x	as long as short
Variational Omni MSTR	+0.0106%	8h	163.95	−0.101%	$1.2M	$2.1M	—	as long as short
Binance MSTRUSDT	+0.0165%	8h	164.07	−0.030%	$86.6M	$617.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.146%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.00	−0.073%	$75K	$825K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.03	−0.055%	$266K	$445K	10x	as long as short
Nado MSTR-PERP	+0.0255%	1h	163.82	−0.186%	$121K	$148K	3x	as long as short
tradeXYZ xyz:MSTR	+0.0260%	1h	164.03	−0.055%	$54.6M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0288%	8h	163.84	−0.171%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0325%	8h	164.08	−0.024%	$16.6M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	163.95	−0.102%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0382%	4h	163.84	−0.174%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0665%	1h	164.08	−0.024%	$279K	$438K	10x	as long as short