Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0306%/8h= +33.5% APRpaid last 24h +0.105%

Price spread now: Phoenix against Bitget+0.004%99s7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$640.635% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.430%+$43 on $10k

Price spread, last 4 days (all we have)+0.329%+$33 · spread now +0.004%, 7d avg +0.103%

Together, before fees+0.759%+$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.099% cheaper against Bitget than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.103%). If the spread goes back, that is −$10 on $10k: about 26 hours of funding at the current rate (+$9 a day). The two prices were read 99 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	Bitget NBISUSDT	234.31	0	get 0.0000% / 8h	6h 23m	$2.4M	$4.5M	20x
Short	Phoenix NBIS	234.32	0.0306	get 0.0038% / 1h	23m 52s	$7K	$152K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.004%Rate

Funding earned: $64.19
Price spread: +0.004% → +0.103%: −$9.89
Slippage, 4 orders: −$44.54
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.24
Costs to cover: 0.635%
Break-even: 8.0 days

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 37 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 Bitget live order book, 4 min ago	1.07 bp	16.7 bp −$17	22.4 bp −$224	35.3 bp −$3,527	doesn't fit
Sell Phoenix live order book, 37 min ago	5.09 bp	15.1 bp −$15	32.4 bp −$324	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	234.40	+0.038%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.44	+0.055%	$3.4M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.41	+0.043%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDTlong	0.0000%	8h	234.31	long leg	$2.4M	$4.5M	20x
GRVT NBIS_USDT_Perp	0.0000%	8h	234.25	−0.027%	$5K	$129K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.37	+0.026%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.21	−0.043%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.41	+0.043%	$1.6M	$971K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	234.38	+0.030%	$1.5M	$4.6M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.09	−0.094%	$42K	$132K	5x	as long as short

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	234.50	+0.081%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.30	−0.004%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.40	+0.038%	$52	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.22	−0.038%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0079%	1h	234.31	0.000%	$54.8M	$19.9M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0095%	1h	234.23	−0.034%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.30	−0.004%	$483K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.32	+0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.32	+0.002%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0108%	1h	234.24	−0.028%	$67K	$95K	3x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	233.89	−0.179%	$383K	$714K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0134%	1h	234.29	−0.009%	$35K	$48K	10x	as long as short
Variational Omni NBIS	+0.0191%	8h	234.40	+0.037%	$2.8M	$571K	—	as long as short
Aster NBISUSDT	+0.0203%	8h	234.53	+0.093%	$81K	$314K	50x	as long as short
Extended NBIS-USD	+0.0216%	1h	234.33	+0.008%	$150K	$701K	10x	as long as short
Binance NBISUSDT	+0.0220%	8h	234.39	+0.034%	$19.2M	$84.8M	25x	as long as short
Lighter NBIS	+0.0280%	1h	234.42	+0.047%	$905K	$4.4M	10x	as long as short
Phoenix NBISshort	+0.0306%	1h	234.32	+0.004%	$7K	$152K	10x
Entropy io:NBIS	+0.0429%	1h	234.17	−0.060%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0655%	4h	234.22	−0.040%	$38K	$226K	10x	as long as short