Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.006%

Price spread now: Orderly against Nado+0.048%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.048% dearer against Nado than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	163.25	0.0339	pay 0.0042% / 1h	12m 54s	$130K	$157K	3x
Short	Orderly PERP_MSTR_USDC_mythos	163.33	0.0100	get 0.0100% / 8h	2h 12m	$4K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.048%Rate

Funding earned: −$50.22
Price spread: +0.048% → 0.000%: $4.83
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$58.39
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 34 min ago; Orderly: no order-book sample. Net counts fees only.

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, 34 min ago	8.25 bp	24.8 bp −$25	81.5 bp −$815	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 MSTRUSDT	−0.1256%	8h	163.71	+0.281%	$27.9M	$118.7M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.58	+0.201%	$4.7M	$19.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	163.47	+0.134%	$2.8M	$78K	10x	as long as short
Aster MSTRUSDT	+0.0002%	8h	163.23	−0.014%	$1.8M	$8.7M	50x	as long as short
Vest MSTR-USD-PERP	+0.0020%	1h	163.09	−0.099%	—	$1.8M	25x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.32	+0.042%	$500K	$2.0M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.730%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.05	−0.123%	$26K	$109K	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.32	+0.042%	$377K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.93	−0.197%	$870K	$3.9M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	163.34	+0.054%	$1.3M	$7.3M	10x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	163.36	+0.067%	$263K	$444K	10x	as long as short
Pacifica MSTR	+0.0100%	1h	163.31	+0.034%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.28	+0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	162.99	−0.160%	$5K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	163.33	+0.048%	$4K	$9K	10x
Aevo MSTR-PERP	+0.0104%	1h	163.32	+0.040%	$136	—	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0110%	8h	163.64	+0.238%	$20.7M	$100.9M	50x	as long as short
Variational Omni MSTR	+0.0132%	8h	162.96	−0.179%	$1.2M	$2.1M	—	as long as short
Paradex MSTR-USD-PERP	+0.0144%	8h	163.30	+0.030%	$65	—	5x	as long as short
Lighter MSTR	+0.0152%	1h	163.37	+0.073%	$3.5M	$2.0M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	161.52	−1.060%	$1.4M	$1.1M	10x	as long as short
SoDEX MSTR-USD	+0.0174%	1h	163.35	+0.061%	$43K	$3K	10x	as long as short
Binance MSTRUSDT	+0.0209%	8h	163.54	+0.179%	$83.9M	$628.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0220%	8h	163.14	−0.068%	$79K	$857K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0282%	1h	163.38	+0.079%	$54.3M	$37.3M	10x	as long as short
BloFin MSTR-USDT	+0.0329%	8h	163.38	+0.079%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERPlong	+0.0339%	1h	163.25	long leg	$130K	$157K	3x
Phoenix MSTR	+0.0362%	1h	163.21	−0.025%	$55K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0377%	8h	163.60	+0.214%	$16.8M	$41.9M	50x	as long as short
edgeX MSTRUSDC	+0.0460%	4h	163.05	−0.123%	$45K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0914%	1h	163.45	+0.122%	$278K	$438K	10x	as long as short