Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0443%/8h= −48.5% APRpaid last 24h −0.056%

Price spread now: Lighter against edgeX−0.018%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.277%−$28 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.018%, 7d avg +0.060%

Together, before fees−0.387%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Lighter is 0.078% cheaper against edgeX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.060%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.277% in total (about -14.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX NBISUSDC	235.36	0.0555	pay 0.0277% / 4h	16m 45s	$38K	$227K	10x
Short	Lighter NBIS	235.32	0.0112	get 0.0014% / 1h	16m 45s	$903K	$4.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$92.95
Price spread: −0.018% → +0.060%: −$7.83
Slippage, 4 orders: −$26.26
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$136.04
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from edgeX: live order book, 40 min ago; Lighter: live order book, 6 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 edgeX live order book, 40 min ago	6.15 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.06 bp	1.3 bp −$1	4.2 bp −$42	86.3 bp −$8,627	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
Nado NBIS-PERP	−0.0086%	1h	235.18	−0.077%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.38	+0.007%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.19	−0.074%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.31	−0.023%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.36	−0.001%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	235.53	+0.069%	$2.9M	$562K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.44	+0.032%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.36	−0.001%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.41	+0.020%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.21	−0.065%	$1.6M	$955K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0038%	1h	235.26	−0.044%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.25	−0.048%	$43K	$132K	5x	as long as short
Aster NBISUSDT	+0.0043%	8h	235.34	−0.010%	$79K	$310K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.56	+0.084%	—	$216K	5x	as long as short
Binance NBISUSDT	+0.0048%	8h	235.33	−0.014%	$19.4M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0048%	1h	235.23	−0.058%	$150K	$701K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.27	−0.040%	$54.8M	$19.8M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.19	−0.074%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.17	−0.082%	$38	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.39	+0.011%	$161K	$503K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.56	+0.084%	$389K	$724K	10x	as long as short
BloFin NBIS-USDT	+0.0071%	8h	235.21	−0.065%	$207K	$205K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0090%	1h	235.22	−0.061%	$35K	$48K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.10	−0.112%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.28	−0.035%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.18	−0.077%	—	—	10x	as long as short
Lighter NBISshort	+0.0112%	1h	235.32	−0.018%	$903K	$4.1M	10x
Phoenix NBIS	+0.0272%	1h	235.43	+0.028%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0408%	1h	235.38	+0.007%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.24	−0.050%	$24K	$15K	20x	as long as short
edgeX NBISUSDClong	+0.0555%	4h	235.36	long leg	$38K	$227K	10x