Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0976%/8h= −106.9% APRpaid last 24h +0.016%

Price spread now: Bitget against Lighter+0.164%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 7 days−0.048%−$5 · spread now +0.164%, 7d avg +0.081%

Together, before fees−0.108%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.083% dearer against Lighter than usual: you sell high and buy low (spread +0.164% now, against its 7-day average of +0.081%): +$8 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.061% in total) that is about 9.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% 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	Lighter MSTR	164.39	0.0032	pay 0.0004% / 1h	17m 30s	$3.5M	$1.9M	10x
Short	Bitget MSTRUSDT	164.66	−0.0944	pay 0.0944% / 8h	4h 17m	$27.8M	$115.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now +0.164%Rate

Funding earned: −$204.96
Price spread: +0.164% → +0.081%: $8.3
Slippage, 4 orders: −$11.45
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$220.11
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bitget: 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 Lighter live order book, 5 min ago	1.22 bp	3.7 bp −$4	8.0 bp −$80	33.5 bp −$3,353	doesn't fit
Sell Bitget live order book, 2 min ago	0.61 bp	9.2 bp −$9	12.9 bp −$129	27.5 bp −$2,747	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 MSTRUSDTshort	−0.0944%	8h	164.66	+0.164%	$27.8M	$115.1M	25x
Aster MSTRUSDT	0.0000%	8h	164.44	+0.028%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.53	+0.085%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.34	−0.030%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0007%	8h	164.54	+0.091%	$20.6M	$99.5M	50x	as long as short
Lighter MSTRlong	+0.0032%	1h	164.39	long leg	$3.5M	$1.9M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	164.31	−0.046%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.011%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.50	+0.064%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.51	+0.073%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.34	−0.030%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.42	+0.018%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.33	−0.036%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.31	−0.049%	$852K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.47	+0.049%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0075%	8h	164.40	+0.009%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.40	+0.005%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.36	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.31	−0.049%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.31	−0.049%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.33	−0.036%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0135%	8h	164.43	+0.024%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0138%	8h	164.52	+0.076%	$87.6M	$616.3M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.50	+0.065%	$77K	$772K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.164%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.072%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0229%	1h	164.42	+0.018%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0241%	1h	164.32	−0.040%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0257%	8h	164.48	+0.055%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0353%	8h	164.53	+0.085%	$17.0M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0500%	4h	164.46	+0.043%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0603%	1h	164.35	−0.024%	$279K	$438K	10x	as long as short