Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.006%

Price spread now: Nado against Orderly−0.132%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Nado

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

Funding pays, the price is against you. Nado is 0.132% cheaper against Orderly than usual: you would sell low and buy high (spread −0.132% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 2.2 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	163.70	0.0100	pay 0.0100% / 8h	2h 52m	$4K	$8K	10x
Short	Nado MSTR-PERP	163.48	0.0304	get 0.0038% / 1h	52m 46s	$121K	$148K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Orderly. 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 OrderlybpFee NadobpOrdersPrice spread, now −0.132%Rate

Funding earned: $42.76
Price spread: −0.132% → 0.000%: −$13.19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $16.57
Costs to cover: 0.130%
Break-even: 4.3 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 60 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 Orderly no order-book sample	—	—	—	—	—
Sell Nado live order book, 60 min ago	5.77 bp	30.5 bp −$31	82.2 bp −$822	doesn't fit	doesn't fit

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	−0.0988%	8h	163.96	+0.159%	$27.1M	$116.9M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.78	+0.051%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	163.91	+0.128%	$4.6M	$19.1M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.00	+0.183%	$2.8M	$77K	10x	as long as short
edgeX MSTRUSDC	+0.0003%	4h	163.64	−0.037%	$48K	$5.4M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.62	−0.049%	$599K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.445%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.73	+0.018%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.36	−0.208%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	163.63	−0.043%	$379K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	163.67	−0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.65	−0.031%	$817K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	163.63	−0.043%	$1.4M	$7.2M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0055%	8h	163.85	+0.092%	$20.7M	$99.2M	50x	as long as short
RISEx MSTR/USDC	+0.0088%	1h	163.70	0.000%	$265K	$446K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0094%	8h	163.64	−0.034%	$65	—	5x	as long as short
Variational Omni MSTR	+0.0094%	8h	163.78	+0.050%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	163.80	+0.064%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.67	−0.018%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.61	−0.055%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	163.70	long leg	$4K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	163.72	+0.013%	$136	—	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0153%	8h	163.82	+0.073%	$83K	$824K	10x	as long as short
Lighter MSTR	+0.0160%	1h	163.74	+0.024%	$3.5M	$1.9M	10x	as long as short
Binance MSTRUSDT	+0.0166%	8h	163.85	+0.092%	$85.9M	$619.6M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.57	−0.079%	$1.4M	$1.1M	10x	as long as short
BloFin MSTR-USDT	+0.0282%	8h	163.70	0.000%	$1.0M	$2.1M	20x	as long as short
Nado MSTR-PERPshort	+0.0304%	1h	163.48	−0.132%	$121K	$148K	3x
Bybit MSTRUSDT	+0.0327%	8h	163.90	+0.122%	$16.7M	$41.2M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0338%	1h	163.78	+0.049%	$54.5M	$37.1M	10x	as long as short
Phoenix MSTR	+0.0362%	1h	163.69	−0.005%	$56K	$226K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1156%	1h	163.76	+0.037%	$278K	$438K	10x	as long as short