Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0552%/8h= +60.4% APRpaid last 24h +0.049%

Price spread now: BloFin against Nado+0.011%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.208%+$21 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.011%, 7d avg +0.043%

Together, before fees+0.182%+ Points / potential airdropNado: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.032% cheaper against Nado than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.043%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$17 a day). At the pace of the last 4 days (+0.208% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	165.79	0.0060	pay 0.0007% / 1h	28m 23s	$127K	$127K	3x
Short	BloFin MSTR-USDT	165.81	0.0612	get 0.0612% / 8h	5h 28m	$1.1M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Nado. 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 NadobpFee BloFinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $115.87
Price spread: +0.011% → +0.043%: −$3.19
Slippage, 4 orders: −$80.8
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.89
Costs to cover: 0.998%
Break-even: 6.2 days

Slippage from Nado: live order book, 17 min ago; BloFin: live order book, 3 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 Nado live order book, 17 min ago	16.24 bp	34.3 bp −$34	96.0 bp −$960	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.60 bp	8.5 bp −$8	10.7 bp −$107	23.2 bp −$2,319	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	−0.345%	$7K	$28K	30x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.90	+0.065%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.96	+0.101%	$32.1M	$104.1M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.83	+0.023%	$2.8M	$82K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.77	−0.013%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.83	+0.024%	$509K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.87	+0.047%	—	$1.7M	25x	as long as short
QFEX MSTR-USD	+0.0050%	1h	165.79	−0.001%	$1.3M	$5.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.84	+0.029%	$379K	$2.3M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.87	+0.047%	$44K	$3K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.71	−0.049%	$852K	$3.3M	10x	as long as short
Nado MSTR-PERPlong	+0.0060%	1h	165.79	long leg	$127K	$127K	3x
Coinbase International MSTR-PERP-INTX	+0.0072%	1h	165.80	+0.005%	$1.4M	$358K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.74	−0.033%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.80	+0.005%	$2.3M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.73	−0.037%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.90	+0.065%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.94	+0.092%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0108%	8h	165.79	−0.003%	$66	—	5x	as long as short
Bybit MSTRUSDT	+0.0191%	8h	165.93	+0.083%	$16.6M	$37.9M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0242%	1h	165.85	+0.035%	$54.8M	$33.9M	10x	as long as short
Aster MSTRUSDT	+0.0284%	8h	165.87	+0.047%	$1.8M	$7.0M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0286%	8h	165.88	+0.053%	$21.8M	$81.6M	50x	as long as short
Phoenix MSTR	+0.0322%	1h	165.90	+0.067%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0379%	8h	165.88	+0.051%	$1.2M	$1.7M	—	as long as short
RISEx MSTR/USDC	+0.0436%	1h	165.90	+0.062%	$274K	$350K	10x	as long as short
Binance MSTRUSDT	+0.0467%	8h	165.89	+0.059%	$87.2M	$525.7M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0582%	8h	165.86	+0.041%	$81K	$878K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0594%	1h	165.96	+0.101%	$282K	$189K	10x	as long as short
BloFin MSTR-USDTshort	+0.0612%	8h	165.81	+0.011%	$1.1M	$2.0M	20x
Arcus MSTR-USD	+0.0824%	1h	165.90	+0.065%	$26K	$71K	10x	as long as short
edgeX MSTRUSDC	+0.0946%	4h	165.86	+0.040%	$48K	$4.7M	10x	as long as short