Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0183%/8h= −20.0% APRpaid last 24h −0.032%

Price spread now: Phemex against Deribit+0.026%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.026% dearer against Deribit than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NBIS_USDC-PERPETUAL	231.13	0.0183	pay 0.0023% / 1h	15m 02s	$34K	$49K	10x
Short	Phemex NBISUSDT	231.19	0	get 0.0000% / 8h	15m 02s	$1.6M	$969K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$38.4
Price spread: +0.026% → 0.000%: $2.6
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.8
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	4.11 bp	53.3 bp −$53	doesn't fit	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	−0.0386%	8h	231.27	+0.061%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0005%	8h	231.23	+0.043%	$204K	$212K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.23	+0.043%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.14	+0.002%	$144K	$879K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.24	+0.048%	$18.8M	$87.9M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.20	+0.030%	$4.9M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.14	+0.004%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.18	+0.022%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.19	+0.026%	$2.8M	$589K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.20	+0.030%	$4K	$115K	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	231.20	+0.030%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.32	+0.082%	$15K	$57K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	231.19	+0.026%	$1.6M	$969K	10x
Arcus NBIS-USD	+0.0040%	1h	231.00	−0.056%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	231.18	+0.022%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.09	−0.017%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.10	−0.013%	$137K	$473K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	231.22	+0.039%	$150K	$543K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.39	−0.320%	$353K	$805K	10x	as long as short
SoDEX NBIS-USD	+0.0062%	1h	231.14	+0.004%	$88	$20K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.01	−0.052%	$476K	$24K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.22	+0.039%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.16	+0.011%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0114%	1h	231.15	+0.009%	$54.1M	$21.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUALlong	+0.0183%	1h	231.13	long leg	$34K	$49K	10x
Nado NBIS-PERP	+0.0185%	1h	231.02	−0.045%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0280%	1h	231.13	0.000%	$942K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.02	−0.048%	$7K	$125K	10x	as long as short
edgeX NBISUSDC	+0.0358%	4h	231.31	+0.079%	$37K	$228K	10x	as long as short
Entropy io:NBIS	+0.0421%	1h	231.05	−0.035%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0540%	1h	231.13	−0.001%	$23K	$15K	20x	as long as short