Nado vs Risex Funding Arbitrage
26 shared markets · net of estimated fees · updated every few minutesNado and Risex both quote 26 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is LIT — long Nado / short Risex at 24.9% net APR — but the median across all shared markets is 9.3%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 16 markets go long on Nado and 10 on Risex. 22 markets clear 5% net APR, 12 clear 10%.
How this pair behaves
Nado pays funding every 24h on 71 markets; Risex pays every 1h on 43 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Nado quotes 71 perpetual markets in total and Risex quotes 43; the 26 they share are what this page ranks. Across its own book Nado runs a median funding rate of -1.8% and Risex 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 26 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| MSTR | Risex | Nado | 56.2% | 58.7% | +6.1% | $86K |
| QQQ | Nado | Risex | 42.8% | 44.4% | -8.9% | $752K |
| INTC | Nado | Risex | 42.1% | 44.1% | -1.1% | $92K |
| META | Nado | Risex | 35.1% | 36.9% | +14.0% | $196K |
| WLD | Nado | Risex | 31.0% | 33.4% | +16.0% | $495K |
| TSLA | Nado | Risex | 30.6% | 32.5% | -3.6% | $99K |
| ENA | Risex | Nado | 25.5% | 27.8% | +1.3% | $148K |
| LIT | Nado | Risex | 24.9% | 27.1% | +20.5% | $1.2M |
| MON | Nado | Risex | 21.4% | 24.5% | +37.8% | $187K |
| ZEC | Risex | Nado | 15.6% | 17.4% | +10.4% | $1.9M |
| SPCX | Risex | Nado | 13.4% | 15.3% | -0.4% | $1.2M |
| HYPE | Risex | Nado | 11.1% | 13.2% | -1.8% | $3.9M |
| SPY | Nado | Risex | 9.7% | 11.4% | -6.6% | $267K |
| SNDK | Nado | Risex | 8.9% | 11.0% | +4.0% | $878K |
| BNB | Nado | Risex | 8.8% | 10.7% | +10.0% | $897K |
| ETH | Nado | Risex | 8.8% | 10.6% | -6.4% | $9.8M |
| AAVE | Risex | Nado | 8.7% | 10.9% | -0.2% | $126K |
| GOOGL | Nado | Risex | 7.5% | 9.2% | +7.1% | $129K |
| ONDO | Nado | Risex | 6.9% | 9.1% | +7.7% | $160K |
| MU | Risex | Nado | 6.7% | 8.5% | -3.2% | $528K |
| ZRO | Nado | Risex | 6.2% | 8.5% | +20.3% | $624K |
| NEAR | Nado | Risex | 6.1% | 8.2% | -3.0% | $1.9M |
| PUMP | Risex | Nado | 4.7% | 6.9% | -3.6% | $616K |
| XAG | Risex | Nado | 3.0% | 4.6% | +11.1% | $303K |
| NVDA | Nado | Risex | 1.3% | 3.4% | +18.3% | $305K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Nado vs Risex — FAQ
How many markets can you arbitrage between Nado and Risex?
26 perpetual markets are quoted on both Nado and Risex right now. 22 of them show a net spread of at least 5% APR after estimated fees, and 6 have at least $1M of 24h volume on the smaller leg.
What is the best Nado / Risex funding spread right now?
LIT: long Nado and short Risex for about 24.9% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 26 shared markets is 9.3%, so the top of the list is not typical.
Which side pays on the Nado / Risex pair?
It varies by market: Nado is the long (funding-receiving) leg in 16 of the shared markets and Risex in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the Nado / Risex spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Nado funding rates · Risex funding rates; the full calculation is in the methodology.