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updated —MSTR Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~12d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
7d Period Avg+4.60%
swing±47.57%
LONG Phemex · now
+0.00%
7d avg:+0.00%
SHORT Lighter · now
+3.51%
7d avg:+4.60%
Entry Spread Now
−0.074%
Against youL 107.4500 · S 107.3700−$7.45 if it converges
24h range −0.71%…+0.42% · median −0.07%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$3.20
−0.03%
$Avg Daily PnL
+$1.26
+0.0126%
★Best Day
+$5.01
Nov 9
◎Open Interest
Phemex$1.41M
Lighter$774.9K⚡Funding APR
+4.59%
annualized · funding only
⚠Execution Cost
−$12.00
entry + exit fees
⏱Payback
9.6d
to break even
◧24h Volume
Phemex$1.02MLighter$2.18MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + fees only (orderbook snapshot stale) on both legs (−$12.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.