Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.004%

Price spread now: Nado against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Nado

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

Funding pays, the price is against you. Nado is 0.028% cheaper against Orderly than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 19 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSTR_USDC_mythos	164.95	0.0100	pay 0.0100% / 8h	5h 26m	$3K	$8K	10x
Short	Nado MSTR-PERP	164.90	0.0217	get 0.0027% / 1h	26m 40s	$122K	$150K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Orderly. 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 OrderlybpFee NadobpOrdersPrice spread, now −0.028%Rate

Funding earned: $24.5
Price spread: −0.028% → 0.000%: −$2.76
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $8.74
Costs to cover: 0.130%
Break-even: 4.5 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 36 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Nado live order book, 36 min ago	6.99 bp	30.2 bp −$30	92.1 bp −$921	doesn't fit	doesn't fit

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	−0.1164%	8h	165.08	+0.079%	$27.8M	$114.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.91	−0.027%	$1.9M	$8.5M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.00	+0.030%	$20.7M	$99.9M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.07	+0.073%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.03	+0.048%	$2.8M	$71K	10x	as long as short
Lighter MSTR	+0.0032%	1h	164.86	−0.055%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.76	−0.115%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.661%	$8K	$26K	30x	as long as short
Variational Omni MSTR	+0.0034%	8h	165.14	+0.116%	$1.2M	$2.1M	—	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.08	+0.079%	$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	165.07	+0.073%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.93	−0.012%	$384K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.78	−0.103%	$862K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	164.98	+0.018%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0064%	1h	164.80	−0.091%	$54.9M	$36.8M	10x	as long as short
Binance MSTRUSDT	+0.0099%	8h	164.97	+0.012%	$88.4M	$618.1M	50x	as long as short
Pacifica MSTR	+0.0100%	1h	164.89	−0.035%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.87	−0.048%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	+0.121%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythoslong	+0.0100%	8h	164.95	long leg	$3K	$8K	10x
Aevo MSTR-PERP	+0.0104%	1h	164.92	−0.016%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0139%	8h	164.92	−0.019%	$66	—	5x	as long as short
SoDEX MSTR-USD	+0.0153%	1h	164.92	−0.018%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0167%	8h	165.20	+0.152%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.521%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERPshort	+0.0217%	1h	164.90	−0.028%	$122K	$150K	3x
BloFin MSTR-USDT	+0.0221%	8h	165.00	+0.030%	$1.0M	$2.0M	20x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.02	+0.045%	$270K	$447K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0296%	1h	164.98	+0.018%	$281K	$438K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	+0.085%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0339%	8h	164.99	+0.024%	$17.2M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0473%	4h	165.16	+0.128%	$50K	$5.4M	10x	as long as short