Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h +0.007%

Price spread now: Aster against Nado+0.039%7-day average −0.004% · 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−$36as in the Price arb table

costs, in and out, $10k−$400.405% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−1.185%−$118 · spread now +0.039%, 7d avg −0.004%

Together, before fees−1.143%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$114 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.043% dearer against Nado than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.004%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	162.81	0.0195	pay 0.0024% / 1h	17m 22s	$125K	$165K	3x
Short	Aster MSTRUSDT	162.88	0.0077	get 0.0077% / 8h	17m 22s	$1.8M	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$24.72
Price spread: +0.039% → −0.004%: $4.26
Slippage, 4 orders: −$25.48
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$60.94
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Nado: live order book, 20 min ago; Aster: live order book, 1 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, 20 min ago	4.90 bp	8.4 bp −$8	56.0 bp −$560	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	1.23 bp	7.6 bp −$8	69.9 bp −$699	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	−0.0457%	8h	163.10	+0.177%	$29.4M	$119.1M	25x	as long as short
Gate MSTR_USDT	0.0000%	8h	162.98	+0.103%	$4.7M	$19.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	162.99	+0.110%	$2.7M	$83K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	162.72	−0.059%	$591K	$2.1M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+4.010%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	163.05	+0.146%	$26K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	162.72	−0.056%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	162.82	+0.005%	$376K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	162.93	+0.073%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	162.86	+0.030%	$896K	$3.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0067%	1h	162.96	+0.091%	$1.3M	$7.1M	10x	as long as short
Lighter MSTR	+0.0072%	1h	162.88	+0.042%	$3.5M	$2.0M	10x	as long as short
Aster MSTRUSDTshort	+0.0077%	8h	162.88	+0.039%	$1.8M	$8.7M	50x
Pacifica MSTR	+0.0100%	1h	162.96	+0.093%	$100K	$89K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	162.87	+0.036%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.00	+0.116%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	162.86	+0.030%	$2K	$13K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	162.87	+0.038%	$135	—	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0136%	1h	162.83	+0.011%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0146%	8h	162.90	+0.056%	$65	—	5x	as long as short
Nado MSTR-PERPlong	+0.0195%	1h	162.81	long leg	$125K	$165K	3x
OKX MSTR-USDT-SWAP	+0.0202%	8h	162.91	+0.060%	$20.8M	$99.7M	50x	as long as short
Variational Omni MSTR	+0.0203%	8h	162.78	−0.021%	$1.2M	$2.0M	—	as long as short
Binance MSTRUSDT	+0.0272%	8h	162.91	+0.062%	$83.8M	$620.4M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0273%	8h	163.11	+0.181%	$79K	$849K	10x	as long as short
Phoenix MSTR	+0.0357%	1h	163.12	+0.189%	$55K	$223K	10x	as long as short
BloFin MSTR-USDT	+0.0392%	8h	162.89	+0.048%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0409%	8h	162.91	+0.060%	$17.0M	$41.7M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0459%	1h	162.87	+0.036%	$53.8M	$37.7M	10x	as long as short
RISEx MSTR/USDC	+0.0493%	1h	162.97	+0.100%	$268K	$419K	10x	as long as short
edgeX MSTRUSDC	+0.0792%	4h	163.01	+0.120%	$46K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0795%	1h	162.89	+0.048%	$277K	$437K	10x	as long as short