Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0168%/8h= +18.3% APRnext payment +$0.21 per $10,000 · paid last 24h —

Price spread now: Phoenix against Aevo+0.118%66s7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.118% dearer against Aevo than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo NBIS-PERP	235.28	0.0104	pay 0.0013% / 1h	24m 16s	—	—	10x
Short	Phoenix NBIS	235.56	0.0272	get 0.0034% / 1h	24m 16s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aevo. 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 AevobpFee PhoenixbpOrdersPrice spread, now +0.118%Rate

Funding earned: $35.18
Price spread: +0.118% → 0.000%: $11.81
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $23.99
Costs to cover: 0.230%
Break-even: 2.2 days

Slippage unknown: Aevo: no order-book sample; Phoenix: live order book, 27 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 Aevo no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 27 min ago	4.67 bp	14.1 bp −$14	30.0 bp −$300	doesn't fit	doesn't fit

Aevo: 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.

NBIS on 31 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 NBIS-PERP	−0.0121%	1h	235.18	−0.042%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.45	+0.071%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.37	+0.037%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.40	+0.050%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.47	+0.080%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.61	+0.139%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.36	+0.033%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.47	+0.080%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.52	+0.101%	$1.6M	$956K	10x	as long as short
Variational Omni NBIS	+0.0005%	8h	235.42	+0.059%	$2.9M	$562K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0038%	1h	235.37	+0.037%	$1.5M	$4.3M	10x	as long as short
BloFin NBIS-USDT	+0.0040%	8h	235.39	+0.046%	$208K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.30	+0.008%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.70	+0.178%	—	$216K	5x	as long as short
Aster NBISUSDT	+0.0050%	8h	235.35	+0.030%	$79K	$310K	50x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.31	+0.012%	$54.8M	$19.8M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.36	+0.033%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.33	+0.020%	$28	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.49	+0.088%	$161K	$503K	10x	as long as short
Binance NBISUSDT	+0.0053%	8h	235.46	+0.075%	$19.4M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0056%	1h	235.37	+0.038%	$150K	$705K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.35	+0.029%	$389K	$723K	10x	as long as short
Lighter NBIS	+0.0064%	1h	235.28	−0.001%	$901K	$4.1M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.13	−0.065%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.31	+0.012%	$2K	$3K	10x	as long as short
Aevo NBIS-PERPlong	+0.0104%	1h	235.28	long leg	—	—	10x
Phoenix NBISshort	+0.0272%	1h	235.56	+0.118%	$7K	$150K	10x
Entropy io:NBIS	+0.0378%	1h	235.37	+0.037%	$10.2M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0453%	4h	235.54	+0.109%	$38K	$225K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0473%	1h	235.31	+0.012%	$35K	$48K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.41	+0.053%	$24K	$15K	20x	as long as short