Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0267%/8h= −29.3% APRpaid last 24h −0.005%

Price spread now: KuCoin against Nado+0.078%7-day average −0.009% · 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−$81as in the Price arb table

costs, in and out, $10k−$900.901% 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 3 days (all we have)−0.288%−$29 · spread now +0.078%, 7d avg −0.009%

Together, before fees−0.260%+ Points / potential airdropNado: Active · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.088% dearer against Nado than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of −0.009%): +$9 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 26 hours.

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	Nado MSTR-PERP	165.36	0.0367	pay 0.0046% / 1h	57m 33s	$134K	$129K	3x
Short	KuCoin MSTRUSDTM	165.49	0.0100	get 0.0100% / 8h	6h 57m	$2.5M	$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 +0.078%Rate

Funding earned: −$56.16
Price spread: +0.078% → −0.009%: $8.76
Slippage, 4 orders: −$71.08
Fee Nado: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$137.48
Costs to cover: 0.901%
Break-even: never at this rate

Slippage from Nado: live order book, 10 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, 10 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	1.81 bp	19.6 bp −$20	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
Gate MSTR_USDT	−0.0269%	8h	165.57	+0.127%	$4.6M	$18.6M	50x	as long as short
BloFin MSTR-USDT	−0.0020%	8h	166.27	+0.550%	$1.1M	$1.9M	20x	as long as short
Bitget MSTRUSDT	−0.0011%	8h	165.56	+0.121%	$27.2M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.57	+0.127%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	165.51	+0.090%	$87.2M	$618.3M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.47	+0.066%	$21.1M	$100.0M	50x	as long as short
RISEx MSTR/USDC	0.0000%	1h	165.52	+0.096%	$271K	$436K	10x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	+0.390%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.23	+0.526%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.22	+0.520%	$2.8M	$67K	10x	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	165.27	−0.055%	$570K	$1.9M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.09	+0.441%	$27K	$113K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.38	+0.012%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.42	+0.036%	$388K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.64	+0.169%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.35	−0.006%	$768K	$4.7M	10x	as long as short
Lighter MSTR	+0.0064%	1h	165.47	+0.066%	$3.5M	$1.9M	10x	as long as short
QFEX MSTR-USD	+0.0064%	1h	165.46	+0.060%	$1.4M	$8.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.50	+0.087%	$103K	$85K	10x	as long as short
KuCoin MSTRUSDTMshort	+0.0100%	8h	165.49	+0.078%	$2.5M	$2.7M	20x
ApeX Omni MSTRUSDT	+0.0100%	1h	166.10	+0.447%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.65	+0.175%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.62	+0.156%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0116%	8h	165.39	+0.021%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	165.71	+0.211%	$1.4M	$1.1M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0194%	1h	165.40	+0.024%	$55.7M	$36.1M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.655%	$56K	$219K	10x	as long as short
Bybit MSTRUSDT	+0.0314%	8h	165.58	+0.133%	$17.2M	$40.8M	50x	as long as short
Injective MSTR/USDC PERP	+0.0341%	1h	169.34	+2.407%	$8K	$26K	30x	as long as short
Nado MSTR-PERPlong	+0.0367%	1h	165.36	long leg	$134K	$129K	3x
edgeX MSTRUSDC	+0.0459%	4h	166.09	+0.443%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1080%	1h	165.68	+0.193%	$282K	$438K	10x	as long as short