Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0311%/8h= +34.0% APRpaid last 24h +0.059%

Price spread now: Phoenix against Aster+0.030%105s7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$830.825% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.030%, 7d avg +0.101%

Together, before fees+0.552%+ Points / potential airdropAster: Stage 5 · farm board+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.072% cheaper against Aster than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.101%). If the spread goes back, that is −$7 on $10k: about 18 hours of funding at the current rate (+$9 a day). The two prices were read 105 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	Aster NBISUSDT	230.51	0	get 0.0000% / 8h	1h 33m	$84K	$311K	50x
Short	Phoenix NBIS	230.58	0.0311	get 0.0039% / 1h	33m 39s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.030%Rate

Funding earned: $65.21
Price spread: +0.030% → +0.101%: −$7.18
Slippage, 4 orders: −$67.53
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.5
Costs to cover: 0.825%
Break-even: 9.6 days

Slippage from Aster: live order book, 8 min ago; Phoenix: live order book, 2 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 Aster live order book, 8 min ago	4.12 bp	36.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	5.64 bp	17.2 bp −$17	37.7 bp −$377	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
Bitget NBISUSDT	−0.0577%	8h	230.65	+0.060%	$2.3M	$4.5M	20x	as long as short
Aster NBISUSDTlong	0.0000%	8h	230.51	long leg	$84K	$311K	50x
Extended NBIS-USD	0.0000%	1h	230.51	0.000%	$149K	$637K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.56	+0.022%	$18.5M	$87.4M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.53	+0.008%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.49	−0.010%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.51	−0.001%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.25	−0.114%	$2.8M	$601K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.38	−0.056%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.22	−0.127%	$1K	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.14	−0.161%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.42	−0.040%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.37	−0.062%	$1.6M	$962K	10x	as long as short
BloFin NBIS-USDT	+0.0020%	8h	230.39	−0.053%	$203K	$204K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.23	−0.122%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.11	−0.174%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.14	−0.161%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.24	−0.118%	$92	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.16	−0.153%	$151K	$546K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.25	−0.114%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0061%	1h	230.20	−0.134%	$37K	$115K	3x	as long as short
edgeX NBISUSDC	+0.0067%	4h	230.32	−0.082%	$37K	$227K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.40	−0.049%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.23	−0.122%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.19	−0.140%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0110%	1h	230.39	−0.053%	$54.2M	$21.0M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.053%	$351K	$812K	10x	as long as short
Lighter NBIS	+0.0200%	1h	230.56	+0.021%	$951K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0311%	1h	230.58	+0.030%	$7K	$150K	10x
Entropy io:NBIS	+0.0336%	1h	230.42	−0.040%	$10.0M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0686%	1h	230.25	−0.112%	$23K	$15K	20x	as long as short