Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0264%/8h= −29.0% APRpaid last 24h −0.028%

Price spread now: Lighter against OKX−0.054%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 7 days−0.061%−$6 · spread now −0.054%, 7d avg −0.073%

Together, before fees−0.100%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.073%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	166.24	0.0296	pay 0.0296% / 8h	5h 46m	$21.6M	$83.4M	50x
Short	Lighter MSTR	166.15	0.0032	get 0.0004% / 1h	46m 29s	$3.5M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$55.52
Price spread: −0.054% → −0.073%: $1.88
Slippage, 4 orders: −$10.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$73.95
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 4 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 OKX live order book, 5 min ago	0.30 bp	8.0 bp −$8	12.7 bp −$127	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.20 bp	2.6 bp −$3	3.9 bp −$39	32.3 bp −$3,231	doesn't fit

MSTR on 32 exchanges

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
Injective MSTR/USDC PERP	−0.0263%	1h	165.22	−0.614%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	166.25	+0.006%	$4.9M	$17.6M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.27	+0.018%	$32.0M	$105.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.16	−0.048%	$2.8M	$86K	10x	as long as short
Lighter MSTRshort	+0.0032%	1h	166.15	−0.054%	$3.5M	$1.7M	10x
Extended MSTR_24_5-USD	+0.0032%	1h	166.08	−0.096%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.35	+0.066%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0048%	1h	166.15	−0.054%	$127K	$127K	3x	as long as short
QFEX MSTR-USD	+0.0050%	1h	166.18	−0.036%	$1.3M	$6.1M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.18	−0.036%	$384K	$2.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	166.15	−0.054%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.02	−0.132%	$870K	$3.3M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.78	−0.277%	$1.4M	$364K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.20	−0.023%	$102K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.18	−0.036%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.16	−0.048%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.22	−0.012%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.22	−0.013%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0117%	8h	166.21	−0.021%	$66	—	5x	as long as short
tradeXYZ xyz:MSTR	+0.0205%	1h	166.22	−0.012%	$54.9M	$34.4M	10x	as long as short
Bybit MSTRUSDT	+0.0207%	8h	166.29	+0.030%	$17.1M	$37.9M	50x	as long as short
Aster MSTRUSDT	+0.0283%	8h	166.25	+0.007%	$1.8M	$7.0M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0292%	1h	166.18	−0.036%	$283K	$209K	10x	as long as short
OKX MSTR-USDT-SWAPlong	+0.0296%	8h	166.24	long leg	$21.6M	$83.4M	50x
Phoenix MSTR	+0.0322%	1h	166.31	+0.043%	$56K	$213K	10x	as long as short
Variational Omni MSTR	+0.0364%	8h	166.38	+0.086%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	166.25	+0.003%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0467%	8h	166.21	−0.020%	$87.2M	$534.2M	50x	as long as short
BloFin MSTR-USDT	+0.0601%	8h	166.14	−0.060%	$1.1M	$2.0M	20x	as long as short
GRVT MSTR_USDT_Perp	+0.0635%	8h	166.33	+0.054%	$79K	$853K	10x	as long as short
edgeX MSTRUSDC	+0.0734%	4h	166.28	+0.026%	$48K	$4.9M	10x	as long as short
Arcus MSTR-USD	+0.0824%	1h	166.29	+0.030%	$26K	$71K	10x	as long as short