Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h +0.002%

Price spread now: Gate against Nado+0.119%7-day average +0.012% · 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−$76as in the Price arb table

costs, in and out, $10k−$860.864% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.273%+$27 on $10k

Price spread, last 4 days (all we have)−0.369%−$37 · spread now +0.119%, 7d avg +0.012%

Together, before fees−0.096%+ Points / potential airdropNado: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.108% dearer against Nado than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of +0.012%): +$11 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 34 hours. Mind the row above: over the last 3 days funding on this pair paid +0.273%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	163.90	0.0252	pay 0.0032% / 1h	20m 11s	$121K	$148K	3x
Short	Gate MSTR_USDT	164.10	0	get 0.0000% / 8h	3h 20m	$4.6M	$19.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.119%Rate

Funding earned: −$52.96
Price spread: +0.119% → +0.012%: $10.77
Slippage, 4 orders: −$64.41
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$128.6
Costs to cover: 0.864%
Break-even: never at this rate

Slippage from Nado: live order book, 32 min ago; Gate: 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, 32 min ago	5.77 bp	26.6 bp −$27	84.3 bp −$843	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.83 bp	16.7 bp −$17	46.8 bp −$468	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	−0.0948%	8h	164.26	+0.217%	$27.3M	$116.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.00	+0.060%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDTshort	0.0000%	8h	164.10	+0.119%	$4.6M	$19.2M	50x
Phemex MSTRUSDT	0.0000%	4h	164.15	+0.150%	$2.8M	$77K	10x	as long as short
Lighter MSTR	+0.0032%	1h	164.02	+0.071%	$3.5M	$2.0M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	163.93	+0.016%	$588K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.316%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.00	+0.058%	$26K	$110K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	163.88	−0.015%	—	$1.7M	25x	as long as short
OKX MSTR-USDT-SWAP	+0.0046%	8h	164.08	+0.107%	$20.8M	$99.1M	50x	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	164.10	+0.119%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.09	+0.113%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	163.54	−0.222%	$846K	$3.9M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0065%	8h	164.13	+0.138%	$66	—	5x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.14	+0.144%	$1.4M	$7.3M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.07	+0.103%	$100K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	163.99	+0.052%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	163.77	−0.082%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.10	+0.119%	$4K	$8K	10x	as long as short
Variational Omni MSTR	+0.0102%	8h	164.03	+0.074%	$1.2M	$2.1M	—	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.10	+0.120%	$136	—	10x	as long as short
Binance MSTRUSDT	+0.0164%	8h	164.07	+0.099%	$86.5M	$618.5M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	163.88	−0.015%	$1.4M	$1.1M	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.00	+0.059%	$75K	$825K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.16	+0.155%	$266K	$445K	10x	as long as short
Nado MSTR-PERPlong	+0.0252%	1h	163.90	long leg	$121K	$148K	3x
tradeXYZ xyz:MSTR	+0.0261%	1h	164.04	+0.083%	$54.6M	$37.1M	10x	as long as short
BloFin MSTR-USDT	+0.0285%	8h	164.10	+0.119%	$1.0M	$2.1M	20x	as long as short
Bybit MSTRUSDT	+0.0325%	8h	164.12	+0.132%	$16.6M	$41.1M	50x	as long as short
Phoenix MSTR	+0.0340%	1h	163.95	+0.030%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0382%	4h	163.84	−0.042%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0665%	1h	164.17	+0.162%	$279K	$438K	10x	as long as short