Funding arb · Price arb /

MSTR

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Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0948%/8hpaid last 24h −0.045%

Price spread now: edgeX against Nado−0.264%62s7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.724% of the position

Long on Nado Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.264%, 7d avg +0.014%

Together, before fees−0.027%+ Points / potential airdropNado: Active · edgeX: Active · farm board−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.278% cheaper against Nado than usual: you would sell low and buy high (spread −0.264% now, against its 7-day average of +0.014%). If the spread goes back, that is −$28 on $10k: about 23 hours of funding at the current rate (+$28 a day). At the pace of the last 3 days (+0.008% in total) that is about 3 months. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.008% in total (about 1.0% 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	168.70	−0.0091	get 0.0011% / 1h	23m 38s	$126K	$184K	3x
Short	edgeX MSTRUSDC	168.26	0.0857	get 0.0429% / 4h	23m 38s	$48K	$5.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.264%Rate

Funding earned: $199.12
Price spread: −0.264% → +0.014%: −$27.76
Slippage, 4 orders: −$56.39
Fee Nado: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $98.96
Costs to cover: 0.724%
Break-even: 3.5 days

Slippage from Nado: live order book, 8 min ago; edgeX: live order book, 5 min ago.

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, 8 min ago	7.73 bp	26.5 bp −$27	76.3 bp −$763	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	5.65 bp	10.5 bp −$11	16.9 bp −$169	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
Nado MSTR-PERPlong	−0.0091%	1h	168.70	long leg	$126K	$184K	3x
RISEx MSTR/USDC	0.0000%	1h	168.87	+0.098%	$292K	$470K	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.64	−0.038%	$4.8M	$19.0M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.67	−0.020%	$2.9M	$49K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0011%	8h	168.15	−0.329%	$76K	$920K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.62	−0.050%	$3.6M	$2.6M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	168.59	−0.067%	$584K	$2.0M	10x	as long as short
Variational Omni MSTR	+0.0033%	8h	168.18	−0.308%	$1.2M	$2.4M	—	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.94	+0.140%	—	$2.0M	25x	as long as short
QFEX MSTR-USD	+0.0047%	1h	168.86	+0.092%	$1.5M	$10.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	168.80	+0.057%	$413K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.68	−0.014%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.61	−0.056%	$783K	$4.8M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0064%	8h	168.63	−0.042%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0064%	1h	167.85	−0.506%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0067%	1h	168.61	−0.056%	$57.3M	$34.3M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0094%	8h	168.52	−0.109%	$22.5M	$104.8M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	168.56	−0.087%	$103K	$152K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.58	−0.073%	$2.6M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.06	−0.382%	$4K	$1.3M	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.71	+0.004%	$3K	$12K	10x	as long as short
Binance MSTRUSDT	+0.0103%	8h	168.56	−0.085%	$89.3M	$608.7M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.69	−0.010%	$140	—	10x	as long as short
Aster MSTRUSDT	+0.0107%	8h	168.64	−0.041%	$1.3M	$6.1M	50x	as long as short
Injective MSTR/USDC PERP	+0.0177%	1h	167.72	−0.583%	$12K	$22K	30x	as long as short
Bitget MSTRUSDT	+0.0192%	8h	168.52	−0.109%	$28.8M	$114.4M	25x	as long as short
Phoenix MSTR	+0.0216%	1h	168.23	−0.283%	$54K	$386K	10x	as long as short
BloFin MSTR-USDT	+0.0223%	8h	168.70	−0.002%	$1.1M	$1.7M	20x	as long as short
Bybit MSTRUSDT	+0.0261%	8h	168.62	−0.050%	$15.7M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0462%	1h	168.73	+0.015%	$287K	$438K	10x	as long as short
Arcus MSTR-USD	+0.0493%	1h	168.91	+0.122%	$27K	$125K	10x	as long as short
edgeX MSTRUSDCshort	+0.0857%	4h	168.26	−0.264%	$48K	$5.3M	10x