Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.039%

Price spread now: Nado against Phemex−0.108%7-day average −0.055% · you buy dearer than you sell

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

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.108%, 7d avg −0.055%

Together, before fees+0.244%+ Points / potential airdropNado: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.053% cheaper against Phemex than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.055%). If the spread goes back, that is −$5 on $10k: about 2.1 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.010% in total) that is about 19 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	166.41	0	get 0.0000% / 4h	2h 58m	$2.8M	$83K	10x
Short	Nado MSTR-PERP	166.23	0.0086	get 0.0011% / 1h	58m 24s	$127K	$143K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpFee NadobpOrdersPrice spread, now −0.108%Rate

Funding earned: $18
Price spread: −0.108% → −0.055%: −$5.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$6.29
Costs to cover: 0.190%
Break-even: 9.4 days

Slippage unknown: Phemex: live order book, 5 min ago; Nado: live order book, 34 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 Phemex live order book, 5 min ago	2.40 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 34 min ago	10.45 bp	15.2 bp −$15	69.7 bp −$697	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
Gate MSTR_USDT	0.0000%	8h	166.39	−0.012%	$4.9M	$17.8M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.36	−0.030%	$31.3M	$113.1M	25x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	166.41	long leg	$2.8M	$83K	10x
Extended MSTR_24_5-USD	+0.0032%	1h	166.35	−0.036%	$541K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.54	+0.078%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.18	−0.138%	$384K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.47	+0.036%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.56	+0.090%	$926K	$3.5M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.37	−0.024%	$1.3M	$6.8M	10x	as long as short
Nado MSTR-PERPshort	+0.0086%	1h	166.23	−0.108%	$127K	$143K	3x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MSTR	+0.0100%	1h	166.36	−0.032%	$102K	$88K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.37	−0.024%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.50	+0.054%	$6K	$178K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.40	−0.006%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.44	+0.017%	$138	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	166.36	−0.030%	$1.4M	$643K	10x	as long as short
Paradex MSTR-USD-PERP	+0.0186%	8h	166.35	−0.037%	$67	—	5x	as long as short
Aster MSTRUSDT	+0.0192%	8h	166.43	+0.012%	$1.8M	$8.6M	50x	as long as short
Lighter MSTR	+0.0264%	1h	166.36	−0.030%	$3.5M	$1.7M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0276%	8h	166.34	−0.042%	$21.7M	$92.4M	50x	as long as short
Variational Omni MSTR	+0.0308%	8h	166.59	+0.111%	$1.2M	$1.8M	—	as long as short
tradeXYZ xyz:MSTR	+0.0310%	1h	166.27	−0.084%	$55.0M	$36.2M	10x	as long as short
Binance MSTRUSDT	+0.0385%	8h	166.40	−0.008%	$86.8M	$588.9M	50x	as long as short
edgeX MSTRUSDC	+0.0420%	4h	166.79	+0.228%	$49K	$5.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	162.61	−2.284%	$7K	$26K	30x	as long as short
Phoenix MSTR	+0.0460%	1h	166.84	+0.261%	$56K	$215K	10x	as long as short
BloFin MSTR-USDT	+0.0507%	8h	166.49	+0.048%	$1.1M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0563%	8h	166.42	+0.006%	$17.2M	$40.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0592%	1h	166.39	−0.012%	$283K	$284K	10x	as long as short
RISEx MSTR/USDC	+0.0598%	1h	166.45	+0.024%	$271K	$382K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0669%	8h	166.65	+0.144%	$82K	$844K	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.47	+0.036%	$26K	$102K	10x	as long as short