Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h −0.033%

Price spread now: Phemex against Nado+0.538%7-day average +0.050% · you sell dearer than you buy

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

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 3 days (all we have)−0.549%−$55 · spread now +0.538%, 7d avg +0.050%

Together, before fees−0.535%+ Points / potential airdropNado: Active · farm board−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.488% dearer against Nado than usual: you sell high and buy low (spread +0.538% now, against its 7-day average of +0.050%): +$49 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 4.2 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.013% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	165.17	0.0389	pay 0.0049% / 1h	47m 56s	$134K	$129K	3x
Short	Phemex MSTRUSDT	166.06	0	get 0.0000% / 4h	2h 47m	$2.8M	$67K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.538%Rate

Funding earned: −$81.75
Price spread: +0.538% → +0.050%: $48.79
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$51.97
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Nado: live order book, 19 min ago; Phemex: live order book, 6 min ago. 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, 19 min ago	4.50 bp	8.0 bp −$8	61.9 bp −$619	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.21 bp	doesn't fit	doesn't fit	doesn't fit	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
Bitget MSTRUSDT	−0.0375%	8h	165.51	+0.205%	$27.0M	$115.5M	25x	as long as short
Gate MSTR_USDT	−0.0316%	8h	165.43	+0.156%	$4.6M	$18.7M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.40	+0.136%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.43	+0.155%	$87.4M	$624.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.42	+0.150%	$21.2M	$100.6M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.34	+0.102%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	165.36	+0.113%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	165.86	+0.414%	$84K	$802K	10x	as long as short
Phemex MSTRUSDTshort	0.0000%	4h	166.06	+0.538%	$2.8M	$67K	10x
BloFin MSTR-USDT	+0.0011%	8h	165.55	+0.229%	$1.1M	$1.9M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	165.23	+0.035%	$568K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.52	+0.211%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.21	+0.023%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.39	+0.132%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.35	+0.108%	$781K	$4.8M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.34	+0.102%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.41	+0.144%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.31	+0.083%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.21	+0.023%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.40	+0.138%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.41	+0.145%	$137	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0119%	1h	165.30	+0.077%	$385K	$2.7M	10x	as long as short
Lighter MSTR	+0.0136%	1h	165.32	+0.090%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	165.37	+0.118%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.21	+0.023%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0329%	1h	165.39	+0.132%	$55.8M	$36.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.523%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0381%	1h	165.41	+0.145%	$55K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0387%	8h	165.50	+0.199%	$17.3M	$41.1M	50x	as long as short
Nado MSTR-PERPlong	+0.0389%	1h	165.17	long leg	$134K	$129K	3x
edgeX MSTRUSDC	+0.0963%	4h	165.32	+0.092%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1021%	1h	165.45	+0.168%	$281K	$438K	10x	as long as short