Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.091%

Price spread now: Phoenix against Bybit−0.156%7-day average +0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.426%+$43 on $10k

Price spread, last 4 days (all we have)+0.421%+$42 · spread now −0.156%, 7d avg +0.099%

Together, before fees+0.848%+$85 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.255% cheaper against Bybit than usual: you would sell low and buy high (spread −0.156% now, against its 7-day average of +0.099%). If the spread goes back, that is −$25 on $10k: about 16 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.426% in total) that is about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NBISUSDT	230.96	0.0223	pay 0.0223% / 8h	6h 59m	$4.9M	$6.8M	50x
Short	Phoenix NBIS	230.60	0.0277	get 0.0035% / 1h	59m 13s	$7K	$125K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.156%Rate

Funding earned: $11.28
Price spread: −0.156% → +0.099%: −$25.49
Slippage, 4 orders: −$45.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$77.52
Costs to cover: 0.633%
Break-even: 55.1 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 26 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, 4 min ago	1.74 bp	15.8 bp −$16	69.1 bp −$691	doesn't fit	doesn't fit
Sell Phoenix live order book, 26 min ago	5.27 bp	15.5 bp −$15	33.4 bp −$334	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	−0.0068%	8h	230.88	−0.035%	$2.3M	$4.6M	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.83	−0.056%	$3.3M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.94	−0.009%	$2.7M	$5.0M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.37	−0.254%	$2.8M	$601K	—	as long as short
SunX NBIS-USDT	0.0000%	8h	230.91	−0.022%	$1K	$1.6M	10x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.85	−0.048%	$1.6M	$971K	10x	as long as short
Aster NBISUSDT	+0.0014%	8h	230.76	−0.085%	$74K	$320K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.81	−0.065%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.93	−0.013%	$138K	$467K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.20	−0.329%	$149K	$539K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NBISUSDT	+0.0054%	8h	230.91	−0.022%	$18.8M	$90.5M	25x	as long as short
Extended NBIS-USD	+0.0056%	1h	230.79	−0.075%	$144K	$856K	10x	as long as short
BloFin NBIS-USDT	+0.0060%	8h	230.86	−0.043%	$201K	$215K	20x	as long as short
QFEX NBIS-USD	+0.0064%	1h	230.88	−0.035%	$1.6M	$3.7M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0088%	1h	230.78	−0.078%	$382K	$869K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.80	−0.069%	$468K	$98K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.86	−0.043%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.77	−0.084%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0183%	1h	230.87	−0.039%	$34K	$50K	10x	as long as short
HTX NBIS-USDT	+0.0204%	8h	230.68	−0.121%	$13K	$62K	20x	as long as short
Bybit NBISUSDTlong	+0.0223%	8h	230.96	long leg	$4.9M	$6.8M	50x
Nado NBIS-PERP	+0.0256%	1h	230.69	−0.117%	$38K	$116K	3x	as long as short
Arcus NBIS-USD	+0.0257%	1h	230.84	−0.052%	$42K	$124K	5x	as long as short
Phoenix NBISshort	+0.0277%	1h	230.60	−0.156%	$7K	$125K	10x
tradeXYZ xyz:NBIS	+0.0414%	1h	230.93	−0.013%	$54.2M	$22.0M	10x	as long as short
Lighter NBIS	+0.0440%	1h	231.04	+0.035%	$930K	$4.0M	10x	as long as short
Entropy io:NBIS	+0.0507%	1h	230.50	−0.199%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0595%	4h	230.41	−0.240%	$37K	$228K	10x	as long as short
SoDEX NBIS-USD	+0.0642%	1h	230.85	−0.048%	$83	$20K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0769%	1h	230.95	−0.003%	$22K	$16K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0817%	8h	230.41	−0.238%	$5K	$114K	10x	as long as short