Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h −0.005%

Price spread now: Nado against Variational Omni−0.101%7-day average −0.029% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.101%, 7d avg −0.029%

Together, before fees+0.060%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.072% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.101% now, against its 7-day average of −0.029%). If the spread goes back, that is −$7 on $10k: about 37 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 3 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	164.33	0.0108	pay 0.0108% / 8h	3h 30m	$1.2M	$2.1M	—
Short	Nado MSTR-PERP	164.16	0.0264	get 0.0033% / 1h	30m 46s	$121K	$148K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. 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 Variational OmnibpFee NadobpOrdersPrice spread, now −0.101%Rate

Funding earned: $32.82
Price spread: −0.101% → −0.029%: −$7.17
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $18.65
Costs to cover: 0.070%
Break-even: 3.0 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Nado: live order book, 22 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 Variational Omni RFQ quote, 3 min ago	2.98 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit
Sell Nado live order book, 22 min ago	5.77 bp	30.5 bp −$31	82.2 bp −$822	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	−0.0917%	8h	164.42	+0.057%	$27.9M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.25	−0.046%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.36	+0.021%	$4.6M	$19.0M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.29	−0.022%	$2.8M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	−0.135%	$589K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.051%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.23	−0.059%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.04	−0.174%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	164.18	−0.089%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.26	−0.040%	$380K	$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	164.22	−0.065%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.12	−0.126%	$868K	$3.9M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0050%	8h	164.26	−0.040%	$20.8M	$99.1M	50x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.14	−0.113%	$1.4M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.12	−0.127%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.23	−0.059%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.14	−0.113%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.31	−0.010%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.33	+0.002%	$136	—	10x	as long as short
Variational Omni MSTRlong	+0.0108%	8h	164.33	long leg	$1.2M	$2.1M	—
Paradex MSTR-USD-PERP	+0.0141%	8h	164.07	−0.155%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.11	−0.132%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0169%	8h	164.28	−0.028%	$86.7M	$616.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.30	−0.017%	$82K	$814K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.19	−0.085%	$266K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0261%	1h	164.20	−0.077%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERPshort	+0.0264%	1h	164.16	−0.101%	$121K	$148K	3x
BloFin MSTR-USDT	+0.0289%	8h	164.32	−0.004%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.14	−0.115%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0340%	8h	164.34	+0.008%	$16.7M	$41.0M	50x	as long as short
edgeX MSTRUSDC	+0.0660%	4h	164.11	−0.132%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1090%	1h	164.38	+0.033%	$280K	$438K	10x	as long as short