Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.033%

Price spread now: Phemex against Arcus+0.133%7-day average +0.025% · 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−$109as in the Price arb table

costs, in and out, $10k−$1201.197% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.162%−$16 on $10k

Price spread, last 3 days (all we have)−0.175%−$18 · spread now +0.133%, 7d avg +0.025%

Together, before fees−0.337%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.108% dearer against Arcus than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.025%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.9 days. At the pace of the last 4 days (−0.162% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus NBIS-USD	233.91	0.0040	pay 0.0005% / 1h	55m 08s	$42K	$132K	5x
Short	Phemex NBISUSDT	234.22	0	get 0.0000% / 8h	5h 55m	$1.6M	$969K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$8.46
Price spread: +0.133% → +0.025%: $10.77
Slippage, 4 orders: −$103.17
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.36
Costs to cover: 1.197%
Break-even: never at this rate

Slippage from Arcus: live order book, 8 min ago; Phemex: live order book, 3 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, 8 min ago	4.70 bp	7.5 bp −$8	17.0 bp −$170	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.07 bp	58.2 bp −$58	doesn't fit	doesn't fit	doesn't fit

NBIS on 30 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
Bybit NBISUSDT	0.0000%	8h	234.16	+0.107%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.09	+0.077%	$3.4M	$16.3M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.22	+0.133%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.10	+0.081%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.04	+0.056%	$5K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.08	+0.073%	$904	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.07	+0.068%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.22	+0.133%	$1.6M	$969K	10x
QFEX NBIS-USD	+0.0023%	1h	234.08	+0.073%	$1.5M	$4.4M	10x	as long as short
Arcus NBIS-USDlong	+0.0040%	1h	233.91	long leg	$42K	$132K	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	234.20	+0.124%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.02	+0.047%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.05	+0.060%	$9	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.96	+0.021%	$163K	$496K	10x	as long as short
Nado NBIS-PERP	+0.0060%	1h	233.88	−0.014%	$67K	$95K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.03	+0.051%	$482K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.05	+0.060%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.05	+0.060%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.162%	$382K	$712K	10x	as long as short
Variational Omni NBIS	+0.0132%	8h	234.03	+0.050%	$2.8M	$570K	—	as long as short
Aster NBISUSDT	+0.0151%	8h	234.33	+0.181%	$81K	$307K	50x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.11	+0.084%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0159%	1h	234.12	+0.090%	$54.6M	$19.9M	10x	as long as short
Extended NBIS-USD	+0.0160%	1h	234.03	+0.051%	$147K	$698K	10x	as long as short
Binance NBISUSDT	+0.0162%	8h	234.12	+0.090%	$19.1M	$84.7M	25x	as long as short
edgeX NBISUSDC	+0.0187%	4h	234.02	+0.046%	$38K	$226K	10x	as long as short
Phoenix NBIS	+0.0306%	1h	234.19	+0.120%	$7K	$150K	10x	as long as short
Lighter NBIS	+0.0352%	1h	234.23	+0.137%	$904K	$4.3M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0391%	1h	234.00	+0.038%	$35K	$48K	10x	as long as short
Entropy io:NBIS	+0.0475%	1h	234.00	+0.038%	$10.2M	$3.3M	10x	as long as short