Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0309%/8h= +33.8% APRpaid last 24h +0.052%

Price spread now: Entropy against Bybit+0.060%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$510.509% of the position

Long on Bybit Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.485%+$48 on $10k

Price spread, last 7 days+0.017%+$2 · spread now +0.060%, 7d avg +0.029%

Together, before fees+0.502%+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Entropy is 0.031% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NBISUSDT	233.71	0	get 0.0000% / 8h	1h 16m	$5.2M	$6.5M	50x
Short	Entropy io:NBIS	233.85	0.0309	get 0.0039% / 1h	16m 04s	$10.2M	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Bybit. 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 BybitbpFee EntropybpOrdersPrice spread, now +0.060%Rate

Funding earned: $64.91
Price spread: +0.060% → +0.029%: $3.1
Slippage, 4 orders: −$21.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Entropy: 9 bp × 2 orders: −$18
Net: $17.11
Costs to cover: 0.509%
Break-even: 5.2 days

Slippage from Bybit: live order book, 2 min ago; Entropy: live order book, 1 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 Bybit live order book, 2 min ago	1.50 bp	14.3 bp −$14	66.7 bp −$667	doesn't fit	doesn't fit
Sell Entropy live order book, 1 min ago	1.28 bp	14.8 bp −$15	doesn't fit	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
Bybit NBISUSDTlong	0.0000%	8h	233.71	long leg	$5.2M	$6.5M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	233.70	−0.004%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.71	0.000%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.67	−0.017%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.79	+0.034%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.65	−0.026%	$35K	$47K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.89	+0.077%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.78	+0.030%	$1.6M	$970K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	233.74	+0.013%	$1.5M	$5.1M	10x	as long as short
Variational Omni NBIS	+0.0039%	8h	234.04	+0.139%	$2.9M	$825K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	233.75	+0.017%	$44K	$133K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.86	+0.064%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.77	+0.026%	$132K	$683K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.75	+0.017%	$19	$20K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0072%	1h	232.99	−0.308%	$356K	$697K	10x	as long as short
BloFin NBIS-USDT	+0.0079%	8h	233.78	+0.030%	$205K	$214K	20x	as long as short
Aster NBISUSDT	+0.0095%	8h	233.77	+0.027%	$79K	$304K	50x	as long as short
Ondo Perps NBIS-USD.P	+0.0100%	1h	233.84	+0.056%	$173K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.55	−0.068%	$481K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.78	+0.030%	$2K	$3K	10x	as long as short
Binance NBISUSDT	+0.0102%	8h	233.78	+0.030%	$19.4M	$86.9M	25x	as long as short
Extended NBIS-USD	+0.0104%	1h	233.72	+0.006%	$142K	$697K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.78	+0.028%	—	—	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0117%	8h	233.96	+0.106%	$5K	$142K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0201%	1h	233.76	+0.021%	$54.5M	$23.5M	10x	as long as short
Lighter NBIS	+0.0224%	1h	233.85	+0.060%	$930K	$4.6M	10x	as long as short
Nado NBIS-PERP	+0.0257%	1h	233.66	−0.023%	$28K	$63K	3x	as long as short
Entropy io:NBISshort	+0.0309%	1h	233.85	+0.060%	$10.2M	$3.3M	10x
Phoenix NBIS	+0.0343%	1h	233.99	+0.120%	$7K	$185K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0346%	1h	233.57	−0.059%	$24K	$13K	20x	as long as short
edgeX NBISUSDC	+0.0431%	4h	234.04	+0.142%	$37K	$234K	10x	as long as short