Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.028%

Price spread now: Phoenix against Binance+0.057%55s7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as 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−$460.457% of the position

Long on Binance 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 2 days (all we have)+0.320%+$32 · spread now +0.057%, 7d avg +0.083%

Together, before fees+0.782%+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.026% cheaper against Binance than usual: you would sell low and buy high (spread +0.057% now, against its 7-day average of +0.083%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$8 a day). The two prices were read 55 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	Binance NBISUSDT	233.28	0	get 0.0000% / 8h	2h 12m	$19.4M	$87.1M	25x
Short	Phoenix NBIS	233.41	0.0276	get 0.0034% / 1h	12m 33s	$7K	$185K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.057%Rate

Funding earned: $57.88
Price spread: +0.057% → +0.083%: −$2.56
Slippage, 4 orders: −$28.68
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $9.64
Costs to cover: 0.457%
Break-even: 5.8 days

Slippage from Binance: live order book, 15 min ago; Phoenix: live order book, 4 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 Binance live order book, 15 min ago	0.22 bp	9.3 bp −$9	30.1 bp −$301	96.5 bp −$9,650	doesn't fit
Sell Phoenix live order book, 4 min ago	3.85 bp	12.7 bp −$13	26.9 bp −$269	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
Deribit NBIS_USDC-PERPETUAL	−0.0050%	1h	233.24	−0.016%	$35K	$67K	10x	as long as short
Aster NBISUSDT	0.0000%	8h	233.28	+0.001%	$79K	$304K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	233.25	−0.012%	$141K	$697K	10x	as long as short
Binance NBISUSDTlong	0.0000%	8h	233.28	long leg	$19.4M	$87.1M	25x
Bybit NBISUSDT	0.0000%	8h	233.19	−0.037%	$5.1M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.17	−0.046%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.23	−0.020%	$2.9M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.21	−0.028%	$2.5M	$4.7M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	233.19	−0.035%	$2.8M	$945K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	233.23	−0.022%	$5K	$148K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	233.38	+0.044%	$432	$1.8M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.19	−0.037%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.31	+0.014%	$1.6M	$962K	10x	as long as short
BloFin NBIS-USDT	+0.0012%	8h	233.32	+0.019%	$205K	$216K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	233.28	+0.002%	$1.5M	$5.1M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.27	−0.003%	$44K	$134K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.46	+0.079%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.37	+0.040%	$131K	$588K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.28	+0.002%	$56	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.24	−0.016%	$180K	$514K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0056%	1h	233.07	−0.087%	$24K	$13K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	232.95	−0.140%	$480K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.32	+0.019%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.32	+0.017%	—	—	10x	as long as short
Lighter NBIS	+0.0128%	1h	233.28	+0.002%	$935K	$4.6M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0136%	1h	232.99	−0.123%	$355K	$704K	10x	as long as short
Nado NBIS-PERP	+0.0184%	1h	233.20	−0.031%	$28K	$65K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0189%	1h	233.32	+0.019%	$54.4M	$23.5M	10x	as long as short
Entropy io:NBIS	+0.0195%	1h	233.27	−0.003%	$10.2M	$3.3M	10x	as long as short
Phoenix NBISshort	+0.0276%	1h	233.41	+0.057%	$7K	$185K	10x
edgeX NBISUSDC	+0.0292%	4h	233.33	+0.024%	$37K	$235K	10x	as long as short