Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.008%

Price spread now: Nado against Bybit−0.042%7-day average −0.021% · 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−$79as in the Price arb table

costs, in and out, $10k−$770.767% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.168%−$17 on $10k

Price spread, last 4 days (all we have)+0.423%+$42 · spread now −0.042%, 7d avg −0.021%

Together, before fees+0.255%+ Points / potential airdropNado: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Nado is 0.021% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSTRUSDT	164.46	0.0350	pay 0.0350% / 8h	4h 14m	$16.9M	$40.8M	50x
Short	Nado MSTR-PERP	164.39	0.0241	get 0.0030% / 1h	14m 04s	$121K	$148K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bybit. 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 BybitbpFee NadobpOrdersPrice spread, now −0.042%Rate

Funding earned: −$22.83
Price spread: −0.042% → −0.021%: −$2.07
Slippage, 4 orders: −$58.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$101.55
Costs to cover: 0.767%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Nado: live order book, 43 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 Bybit live order book, 5 min ago	1.22 bp	10.1 bp −$10	14.7 bp −$147	131.8 bp −$13.2K	doesn't fit
Sell Nado live order book, 43 min ago	6.66 bp	31.3 bp −$31	96.0 bp −$960	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	−0.0944%	8h	164.58	+0.073%	$27.8M	$115.1M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.45	−0.005%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.48	+0.012%	$4.6M	$18.8M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.45	−0.006%	$2.8M	$74K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.41	−0.030%	$20.6M	$99.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.37	−0.055%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.27	−0.116%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.967%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.50	+0.024%	$267K	$448K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.52	+0.036%	$26K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.33	−0.079%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.41	−0.030%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.43	−0.018%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.28	−0.109%	$856K	$3.9M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.48	+0.012%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0077%	8h	164.39	−0.045%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.45	−0.008%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.36	−0.061%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.38	−0.049%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.44	−0.012%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.45	−0.008%	$136	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0133%	8h	164.48	+0.009%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0140%	8h	164.44	−0.012%	$87.3M	$616.0M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0160%	8h	164.59	+0.079%	$76K	$780K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.207%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.27	−0.114%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0227%	1h	164.38	−0.049%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERPshort	+0.0241%	1h	164.39	−0.042%	$121K	$148K	3x
BloFin MSTR-USDT	+0.0260%	8h	164.48	+0.012%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDTlong	+0.0350%	8h	164.46	long leg	$16.9M	$40.8M	50x
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.46	0.000%	$280K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0731%	4h	164.47	+0.008%	$49K	$5.4M	10x	as long as short