Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0310%/8h= −33.9% APRpaid last 24h −0.003%

Price spread now: KuCoin against Nado+0.123%51s7-day average −0.010% · you sell dearer than you buy

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−$910.905% of the position

Long on Nado Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−1.348%−$135 · spread now +0.123%, 7d avg −0.010%

Together, before fees−1.320%+ Points / potential airdropNado: Active · farm board−$132 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.134% dearer against Nado than usual: you sell high and buy low (spread +0.123% now, against its 7-day average of −0.010%): +$13 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 34 hours. The two prices were read 51 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 0.028% in total (about 3.1% 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	163.89	0.0410	pay 0.0051% / 1h	37m 47s	$111K	$142K	3x
Short	KuCoin MSTRUSDTM	164.09	0.0100	get 0.0100% / 8h	6h 37m	$2.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$65.05
Price spread: +0.123% → −0.010%: $13.35
Slippage, 4 orders: −$71.51
Fee Nado: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$142.21
Costs to cover: 0.905%
Break-even: never at this rate

Slippage from Nado: live order book, 30 min ago; KuCoin: live order book, 4 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, 30 min ago	4.50 bp	8.0 bp −$8	61.9 bp −$619	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.43 bp	17.8 bp −$18	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	−0.0760%	8h	164.26	+0.227%	$27.0M	$116.1M	25x	as long as short
Gate MSTR_USDT	−0.0265%	8h	163.96	+0.044%	$4.6M	$18.9M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	163.99	+0.062%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	164.30	+0.252%	$20.8M	$100.9M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	164.07	+0.111%	$269K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	164.35	+0.282%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	164.41	+0.320%	$75K	$810K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.41	+0.319%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0011%	8h	165.55	+1.014%	$1.1M	$1.9M	20x	as long as short
Binance MSTRUSDT	+0.0018%	8h	164.17	+0.175%	$87.2M	$626.9M	50x	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	163.79	−0.060%	$596K	$2.0M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.31	+0.258%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.83	−0.035%	—	$1.8M	25x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	163.84	−0.029%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.86	−0.017%	$884K	$4.8M	10x	as long as short
edgeX MSTRUSDC	+0.0056%	4h	165.04	+0.702%	$47K	$5.4M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	164.10	+0.130%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.22	+0.202%	$101K	$86K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	164.09	+0.123%	$2.4M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	164.64	+0.459%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	163.92	+0.020%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	163.87	−0.011%	$136	—	10x	as long as short
Polymarket Perps MSTR-USD	+0.0123%	1h	163.98	+0.056%	$380K	$2.7M	10x	as long as short
Lighter MSTR	+0.0128%	1h	164.17	+0.172%	$3.5M	$1.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0164%	8h	164.17	+0.174%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.04	+0.093%	$1.4M	$1.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+3.327%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0354%	1h	164.13	+0.148%	$55.3M	$36.3M	10x	as long as short
Phoenix MSTR	+0.0381%	1h	164.58	+0.424%	$55K	$219K	10x	as long as short
Nado MSTR-PERPlong	+0.0410%	1h	163.89	long leg	$111K	$142K	3x
Bybit MSTRUSDT	+0.0440%	8h	164.35	+0.282%	$17.2M	$41.3M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0666%	1h	163.87	−0.011%	$279K	$438K	10x	as long as short