Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.011%

Price spread now: Bybit against Arcus+0.068%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.068%, 7d avg +0.014%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.054% dearer against Arcus than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.014%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 3 days (−0.079% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.079% in total (about -8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus NBIS-USD	235.60	0.0366	pay 0.0046% / 1h	7m 42s	$44K	$132K	5x
Short	Bybit NBISUSDT	235.76	0.0050	get 0.0050% / 8h	7h 07m	$5.1M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Arcus. 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 ArcusbpFee BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$66.41
Price spread: +0.068% → +0.014%: $5.41
Slippage, 4 orders: −$18.69
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.18
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from Arcus: live order book, 65 min ago; Bybit: live order book, 5 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 Arcus live order book, 65 min ago	2.98 bp	5.2 bp −$5	10.8 bp −$108	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.33 bp	10.9 bp −$11	74.3 bp −$743	doesn't fit	doesn't fit

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
Kraken Futures PF_NBISUSD	−0.0178%	1h	235.55	−0.023%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.76	+0.068%	$3.4M	$16.8M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.62	+0.008%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.71	+0.047%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.54	−0.025%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	236.48	+0.374%	$15K	$106K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.69	+0.038%	$1.6M	$972K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.191%	$386K	$737K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.66	+0.025%	$1.5M	$4.9M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.91	+0.132%	—	$224K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NBISUSDTshort	+0.0050%	8h	235.76	+0.068%	$5.1M	$6.4M	50x
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	−0.034%	$175K	$503K	10x	as long as short
SoDEX NBIS-USD	+0.0084%	1h	235.59	−0.004%	$80	$20K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.48	−0.051%	$486K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.64	+0.017%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.60	+0.001%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0119%	8h	235.65	+0.021%	$2.5M	$4.6M	20x	as long as short
Nado NBIS-PERP	+0.0148%	1h	235.50	−0.043%	$31K	$66K	3x	as long as short
Polymarket Perps NBIS-USD	+0.0181%	1h	235.62	+0.008%	$142K	$462K	10x	as long as short
Variational Omni NBIS	+0.0252%	8h	235.56	−0.016%	$2.9M	$591K	—	as long as short
Aster NBISUSDT	+0.0260%	8h	235.81	+0.089%	$82K	$308K	50x	as long as short
Extended NBIS-USD	+0.0280%	1h	235.65	+0.019%	$151K	$705K	10x	as long as short
Binance NBISUSDT	+0.0284%	8h	235.70	+0.042%	$19.6M	$85.4M	25x	as long as short
BloFin NBIS-USDT	+0.0284%	8h	235.45	−0.064%	$207K	$210K	20x	as long as short
Lighter NBIS	+0.0296%	1h	235.75	+0.064%	$920K	$4.5M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0303%	1h	235.72	+0.051%	$55.2M	$23.6M	10x	as long as short
Arcus NBIS-USDlong	+0.0366%	1h	235.60	long leg	$44K	$132K	5x
Phoenix NBIS	+0.0409%	1h	235.90	+0.127%	$7K	$163K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0440%	8h	235.92	+0.134%	$5K	$131K	10x	as long as short
edgeX NBISUSDC	+0.0735%	4h	235.65	+0.020%	$38K	$225K	10x	as long as short
Entropy io:NBIS	+0.0863%	1h	235.62	+0.008%	$10.3M	$3.4M	10x	as long as short