Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0257%/8h= +28.1% APRpaid last 24h +0.005%

Price spread now: Nado against KuCoin−0.116%7-day average +0.009% · 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−$103as in the Price arb table

costs, in and out, $10k−$900.901% of the position

Long on KuCoin Short on Nado

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 3 days (all we have)+0.326%+$33 · spread now −0.116%, 7d avg +0.009%

Together, before fees+0.297%+ Points / potential airdropNado: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.125% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of +0.009%). If the spread goes back, that is −$12 on $10k: about 39 hours of funding at the current rate (+$8 a day).

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 -3.2% 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	KuCoin MSTRUSDTM	165.29	0.0100	pay 0.0100% / 8h	6h 56m	$2.5M	$2.7M	20x
Short	Nado MSTR-PERP	165.10	0.0357	get 0.0045% / 1h	56m 32s	$134K	$129K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against KuCoin. 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 KuCoinbpFee NadobpOrdersPrice spread, now −0.116%Rate

Funding earned: $53.9
Price spread: −0.116% → +0.009%: −$12.49
Slippage, 4 orders: −$71.08
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$48.67
Costs to cover: 0.901%
Break-even: 13.3 days

Slippage from KuCoin: live order book, 5 min ago; Nado: live order book, 11 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 KuCoin live order book, 5 min ago	1.81 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 11 min ago	4.50 bp	28.7 bp −$29	87.4 bp −$874	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	−0.0275%	8h	165.27	−0.012%	$4.6M	$18.6M	50x	as long as short
Bitget MSTRUSDT	−0.0063%	8h	165.32	+0.018%	$27.1M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.38	+0.055%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.21	−0.048%	$87.1M	$618.7M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.24	−0.030%	$21.1M	$100.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.28	−0.005%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	+0.433%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.23	+0.569%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.00	+0.430%	$2.8M	$67K	10x	as long as short
BloFin MSTR-USDT	+0.0016%	8h	165.40	+0.067%	$1.0M	$1.9M	20x	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	165.09	−0.124%	$570K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.86	+0.345%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.11	−0.109%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.18	−0.067%	$388K	$2.6M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.44	+0.091%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.12	−0.103%	$773K	$4.7M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.22	−0.042%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.31	+0.012%	$102K	$85K	10x	as long as short
KuCoin MSTRUSDTMlong	+0.0100%	8h	165.29	long leg	$2.5M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.10	+0.490%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.48	+0.115%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.42	+0.079%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0115%	8h	165.20	−0.054%	$66	—	5x	as long as short
Lighter MSTR	+0.0136%	1h	165.22	−0.042%	$3.5M	$1.9M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.71	+0.254%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0213%	1h	165.17	−0.073%	$55.6M	$36.1M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.698%	$56K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0316%	8h	165.32	+0.018%	$17.2M	$40.9M	50x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.450%	$8K	$26K	30x	as long as short
Nado MSTR-PERPshort	+0.0357%	1h	165.10	−0.116%	$134K	$129K	3x
edgeX MSTRUSDC	+0.0459%	4h	166.09	+0.485%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0839%	1h	165.42	+0.079%	$281K	$438K	10x	as long as short