Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0118%/8h= −13.0% APRpaid last 24h −0.004%

Price spread now: Orderly against Nado+0.045%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.045% dearer against Nado than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$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 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	165.06	0.0218	pay 0.0027% / 1h	28m 21s	$122K	$150K	3x
Short	Orderly PERP_MSTR_USDC_mythos	165.13	0.0100	get 0.0100% / 8h	5h 28m	$3K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.045%Rate

Funding earned: −$24.85
Price spread: +0.045% → 0.000%: $4.47
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$33.38
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 34 min ago; Orderly: no order-book sample. Net counts fees only.

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, 34 min ago	6.99 bp	27.0 bp −$27	75.8 bp −$758	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1189%	8h	165.21	+0.093%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.06	+0.004%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.15	+0.057%	$20.7M	$100.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.20	+0.087%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.16	+0.063%	$2.8M	$71K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.11	+0.033%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.02	−0.022%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.595%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0034%	8h	165.14	+0.051%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.07	+0.008%	$27K	$112K	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	165.19	+0.081%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.09	+0.020%	$383K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.00	−0.034%	$868K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.13	+0.045%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0064%	1h	165.05	−0.004%	$55.0M	$36.8M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	165.05	−0.006%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.07	+0.008%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	+0.057%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythosshort	+0.0100%	8h	165.13	+0.045%	$3K	$8K	10x
Binance MSTRUSDT	+0.0101%	8h	165.13	+0.045%	$88.5M	$618.4M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.12	+0.039%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0141%	8h	165.11	+0.032%	$66	—	5x	as long as short
SoDEX MSTR-USD	+0.0172%	1h	165.11	+0.033%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0173%	8h	165.30	+0.150%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.585%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERPlong	+0.0218%	1h	165.06	long leg	$122K	$150K	3x
BloFin MSTR-USDT	+0.0220%	8h	165.14	+0.051%	$1.0M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0277%	4h	164.71	−0.210%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.16	+0.063%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	+0.021%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0343%	8h	165.19	+0.081%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0598%	1h	165.17	+0.069%	$281K	$438K	10x	as long as short