Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.094%

Price spread now: Lighter against Bybit+0.017%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.387%+$39 on $10k

Price spread, last 7 days+0.008%+$1 · spread now +0.017%, 7d avg +0.023%

Together, before fees+0.395%+ Points / potential airdropLighter: Season 3 · farm board+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NBISUSDT	233.56	0	get 0.0000% / 8h	6h 42m	$5.1M	$6.3M	50x
Short	Lighter NBIS	233.60	0.0312	get 0.0039% / 1h	42m 33s	$903K	$4.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.017%Rate

Funding earned: $65.52
Price spread: +0.017% → +0.023%: −$0.63
Slippage, 4 orders: −$32.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $21.08
Costs to cover: 0.438%
Break-even: 4.7 days

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 10 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, 5 min ago	2.35 bp	11.8 bp −$12	71.0 bp −$710	doesn't fit	doesn't fit
Sell Lighter live order book, 10 min ago	2.56 bp	6.9 bp −$7	15.3 bp −$153	103.3 bp −$10.3K	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	233.56	long leg	$5.1M	$6.3M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	233.50	−0.026%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.57	+0.004%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.58	+0.009%	$2.4M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.71	+0.064%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.78	+0.094%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.78	+0.094%	$1.6M	$972K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.52	−0.017%	$1.5M	$4.7M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.67	+0.047%	$42K	$135K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.65	+0.039%	—	$226K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	233.64	+0.034%	$149K	$471K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.63	+0.030%	$93	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.66	+0.043%	$163K	$502K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0062%	8h	233.77	+0.088%	$5K	$130K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.69	+0.055%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.51	−0.021%	$481K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.69	+0.056%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.66	+0.043%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+1.066%	$386K	$723K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0139%	1h	233.46	−0.043%	$54.8M	$22.8M	10x	as long as short
Nado NBIS-PERP	+0.0177%	1h	233.46	−0.044%	$73K	$92K	3x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0221%	1h	233.63	+0.030%	$35K	$48K	10x	as long as short
Aster NBISUSDT	+0.0225%	8h	233.75	+0.080%	$81K	$314K	50x	as long as short
Variational Omni NBIS	+0.0232%	8h	233.84	+0.119%	$2.9M	$560K	—	as long as short
BloFin NBIS-USDT	+0.0234%	8h	234.04	+0.206%	$207K	$209K	20x	as long as short
Binance NBISUSDT	+0.0245%	8h	233.53	−0.015%	$19.2M	$85.3M	25x	as long as short
Extended NBIS-USD	+0.0248%	1h	233.48	−0.033%	$150K	$705K	10x	as long as short
Phoenix NBIS	+0.0306%	1h	234.04	+0.206%	$7K	$152K	10x	as long as short
Lighter NBISshort	+0.0312%	1h	233.60	+0.017%	$903K	$4.4M	10x
Entropy io:NBIS	+0.0370%	1h	233.76	+0.086%	$10.2M	$3.4M	10x	as long as short
edgeX NBISUSDC	+0.0990%	4h	233.83	+0.114%	$38K	$227K	10x	as long as short