Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h −0.015%

Price spread now: Nado against OKX−0.079%7-day average −0.017% · 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−$54as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 3 days (all we have)+0.251%+$25 · spread now −0.079%, 7d avg −0.017%

Together, before fees+0.173%+ Points / potential airdropNado: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.061% cheaper against OKX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSTR-USDT-SWAP	168.85	0	get 0.0000% / 8h	7h 24m	$21.8M	$101.0M	50x
Short	Nado MSTR-PERP	168.72	−0.0035	pay 0.0004% / 1h	24m 54s	$139K	$90K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against OKX. 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 OKXbpFee NadobpOrdersPrice spread, now −0.079%Rate

Funding earned: −$7.44
Price spread: −0.079% → −0.017%: −$6.12
Slippage, 4 orders: −$31.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$61.86
Costs to cover: 0.483%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Nado: live order book, 47 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 OKX live order book, 4 min ago	0.30 bp	6.6 bp −$7	11.7 bp −$117	54.7 bp −$5,471	doesn't fit
Sell Nado live order book, 47 min ago	4.15 bp	11.3 bp −$11	69.4 bp −$694	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
Nado MSTR-PERPshort	−0.0035%	1h	168.72	−0.079%	$139K	$90K	3x
Aster MSTRUSDT	0.0000%	8h	168.84	−0.005%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAPlong	0.0000%	8h	168.85	long leg	$21.8M	$101.0M	50x
Gate MSTR_USDT	0.0000%	8h	168.85	0.000%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.91	+0.036%	$28.5M	$113.6M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	168.83	−0.014%	$1.2M	$2.1M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	168.67	−0.107%	$85K	$825K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.94	+0.053%	$2.9M	$67K	10x	as long as short
Binance MSTRUSDT	+0.0024%	8h	168.87	+0.012%	$89.0M	$614.5M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.76	−0.053%	$3.6M	$2.0M	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	168.72	−0.077%	$579K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.75	−0.059%	$1.4M	$9.1M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.80	−0.030%	$27K	$117K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.81	−0.024%	—	$1.7M	25x	as long as short
BloFin MSTR-USDT	+0.0047%	8h	168.89	+0.024%	$1.1M	$1.9M	20x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.76	−0.053%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.84	−0.006%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.44	−0.243%	$736K	$4.9M	10x	as long as short
Bybit MSTRUSDT	+0.0057%	8h	168.91	+0.036%	$15.2M	$39.2M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.231%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0092%	8h	168.81	−0.025%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.78	−0.043%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.76	−0.053%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.68	−0.101%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.82	−0.018%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.78	−0.042%	$140	—	10x	as long as short
edgeX MSTRUSDC	+0.0166%	4h	168.67	−0.105%	$47K	$5.5M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0207%	1h	168.82	−0.018%	$56.9M	$35.6M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.290%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.64	−0.127%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.82	−0.018%	$275K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0936%	1h	168.83	−0.012%	$287K	$438K	10x	as long as short