Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.021%

Price spread now: Bybit against Nado+0.063%49s7-day average +0.017% · 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—prices read too far apart to compare

costs, in and out, $10k−$760.757% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.170%+$17 on $10k

Price spread, last 3 days (all we have)−0.283%−$28 · spread now +0.063%, 7d avg +0.017%

Together, before fees−0.113%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.047% dearer against Nado than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.017%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	169.40	0.0080	pay 0.0010% / 1h	50m 42s	$140K	$97K	3x
Short	Bybit MSTRUSDT	169.51	0.0089	get 0.0089% / 8h	50m 42s	$15.2M	$40.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.063%Rate

Funding earned: $1.87
Price spread: +0.063% → +0.017%: $4.65
Slippage, 4 orders: −$57.66
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.14
Costs to cover: 0.757%
Break-even: 265.3 days

Slippage from Nado: live order book, 27 min ago; Bybit: 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, 27 min ago	7.39 bp	31.5 bp −$32	87.6 bp −$876	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.18 bp	9.2 bp −$9	15.0 bp −$150	126.2 bp −$12.6K	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
Aster MSTRUSDT	0.0000%	8h	169.48	+0.045%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.47	+0.040%	$22.1M	$106.8M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.45	+0.028%	$4.8M	$19.3M	50x	as long as short
Variational Omni MSTR	0.0000%	8h	169.38	−0.012%	$1.2M	$2.4M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	169.52	+0.069%	$83K	$875K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.48	+0.045%	$2.9M	$64K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.45	+0.028%	$276K	$442K	10x	as long as short
Binance MSTRUSDT	+0.0015%	8h	169.44	+0.022%	$89.4M	$629.2M	50x	as long as short
BloFin MSTR-USDT	+0.0022%	8h	169.54	+0.081%	$1.1M	$1.8M	20x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	169.34	−0.034%	$583K	$1.8M	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	169.63	+0.134%	—	$2.1M	25x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.51	+0.063%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.43	+0.016%	$393K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	169.31	−0.055%	$782K	$5.2M	10x	as long as short
Bitget MSTRUSDT	+0.0053%	8h	169.42	+0.010%	$28.7M	$120.5M	25x	as long as short
SoDEX MSTR-USD	+0.0053%	1h	169.47	+0.040%	$45K	$3K	10x	as long as short
Nado MSTR-PERPlong	+0.0080%	1h	169.40	long leg	$140K	$97K	3x
Bybit MSTRUSDTshort	+0.0089%	8h	169.51	+0.063%	$15.2M	$40.5M	50x
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	169.58	+0.105%	$1.5M	$1.2M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	169.33	−0.043%	$105K	$104K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.36	−0.025%	$2.6M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.26	−0.084%	$4K	$364K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.49	+0.051%	$3K	$11K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	169.08	−0.191%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.49	+0.049%	$141	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0123%	8h	169.48	+0.043%	$68	—	5x	as long as short
Lighter MSTR	+0.0136%	1h	169.42	+0.010%	$3.6M	$2.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0164%	1h	169.42	+0.010%	$57.2M	$37.4M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.50	+0.056%	$57K	$392K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0695%	1h	169.50	+0.057%	$288K	$439K	10x	as long as short
Arcus MSTR-USD	+0.0738%	1h	169.54	+0.081%	$27K	$129K	10x	as long as short
edgeX MSTRUSDC	+0.0789%	4h	169.52	+0.067%	$47K	$5.5M	10x	as long as short