Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.010%

Price spread now: Bybit against Deribit−0.056%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.056% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NBIS_USDC-PERPETUAL	231.98	0.0138	pay 0.0017% / 1h	13m 04s	$34K	$49K	10x
Short	Bybit NBISUSDT	231.85	0	get 0.0000% / 8h	2h 13m	$4.9M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$29.01
Price spread: −0.056% → 0.000%: −$5.6
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.61
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 5 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.94 bp	14.0 bp −$14	79.7 bp −$797	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0518%	8h	231.95	−0.013%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0023%	8h	232.00	+0.009%	$204K	$206K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.63	−0.150%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.84	−0.062%	$146K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.95	−0.013%	$18.6M	$86.9M	25x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	231.85	−0.056%	$4.9M	$6.5M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	231.93	−0.022%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.91	−0.030%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.28	−0.301%	$2.9M	$555K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.39	−0.255%	$5K	$117K	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	231.31	−0.289%	$999	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.14	−0.362%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.88	−0.043%	$1.6M	$955K	10x	as long as short
QFEX NBIS-USD	+0.0029%	1h	231.91	−0.030%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0036%	1h	231.76	−0.094%	$38K	$115K	3x	as long as short
Arcus NBIS-USD	+0.0040%	1h	231.41	−0.246%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.77	−0.091%	—	$220K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.88	−0.043%	$138K	$473K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	231.56	−0.181%	$150K	$542K	10x	as long as short
SoDEX NBIS-USD	+0.0075%	1h	231.86	−0.052%	$111	$20K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.66	−0.138%	$477K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.82	−0.069%	$2K	$3K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0103%	1h	231.88	−0.043%	$54.5M	$21.1M	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.77	−0.089%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUALlong	+0.0138%	1h	231.98	long leg	$34K	$49K	10x
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	231.49	−0.211%	$349K	$810K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0222%	1h	231.81	−0.075%	$23K	$15K	20x	as long as short
Phoenix NBIS	+0.0242%	1h	231.41	−0.246%	$7K	$150K	10x	as long as short
Lighter NBIS	+0.0248%	1h	231.98	0.000%	$938K	$4.0M	10x	as long as short
Entropy io:NBIS	+0.0354%	1h	231.50	−0.207%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0406%	4h	231.38	−0.257%	$37K	$227K	10x	as long as short