Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0821%/8h= −89.9% APRpaid last 24h −0.121%

Price spread now: Bybit against Entropy+0.072%52s7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.550% of the position

Long on Entropy Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.072%, 7d avg −0.029%

Together, before fees−0.619%−$62 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.101% dearer against Entropy than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of −0.029%): +$10 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.478% in total) that is about 36 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.478% in total (about -24.9% 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	Entropy io:NBIS	235.62	0.0865	pay 0.0108% / 1h	5m 54s	$10.3M	$3.4M	10x
Short	Bybit NBISUSDT	235.79	0.0044	get 0.0044% / 8h	7h 05m	$5.1M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Entropy. 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 EntropybpFee BybitbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$172.37
Price spread: +0.072% → −0.029%: $10.13
Slippage, 4 orders: −$26
Fee Entropy: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$217.24
Costs to cover: 0.550%
Break-even: never at this rate

Slippage from Entropy: live order book, 1 min ago; Bybit: live order book, 2 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 Entropy live order book, 1 min ago	1.06 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.18 bp	14.9 bp −$15	79.6 bp −$796	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	235.53	−0.038%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.67	+0.021%	$3.4M	$16.7M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.66	+0.017%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.60	−0.008%	$978	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.55	−0.030%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.73	+0.047%	$15K	$106K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.71	+0.038%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.182%	$386K	$737K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.59	−0.013%	$1.5M	$4.9M	10x	as long as short
Bybit NBISUSDTshort	+0.0044%	8h	235.79	+0.072%	$5.1M	$6.4M	50x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	235.98	+0.153%	—	$224K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	−0.042%	$175K	$502K	10x	as long as short
SoDEX NBIS-USD	+0.0085%	1h	235.68	+0.025%	$85	$20K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.47	−0.064%	$486K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.67	+0.021%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.64	+0.010%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0118%	8h	235.65	+0.013%	$2.5M	$4.6M	20x	as long as short
Nado NBIS-PERP	+0.0147%	1h	235.56	−0.026%	$31K	$66K	3x	as long as short
Polymarket Perps NBIS-USD	+0.0166%	1h	235.62	0.000%	$142K	$462K	10x	as long as short
Variational Omni NBIS	+0.0256%	8h	235.67	+0.022%	$2.9M	$591K	—	as long as short
BloFin NBIS-USDT	+0.0260%	8h	235.75	+0.055%	$207K	$211K	20x	as long as short
Aster NBISUSDT	+0.0262%	8h	235.83	+0.090%	$82K	$308K	50x	as long as short
edgeX NBISUSDC	+0.0284%	4h	235.51	−0.046%	$38K	$226K	10x	as long as short
Binance NBISUSDT	+0.0285%	8h	235.70	+0.034%	$19.6M	$85.4M	25x	as long as short
Extended NBIS-USD	+0.0288%	1h	235.62	+0.001%	$151K	$705K	10x	as long as short
Lighter NBIS	+0.0296%	1h	235.76	+0.059%	$920K	$4.5M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0297%	1h	235.67	+0.021%	$55.1M	$23.6M	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.61	−0.004%	$44K	$132K	5x	as long as short
GRVT NBIS_USDT_Perp	+0.0378%	8h	235.55	−0.028%	$5K	$131K	10x	as long as short
Phoenix NBIS	+0.0409%	1h	235.90	+0.119%	$7K	$163K	10x	as long as short
Entropy io:NBISlong	+0.0865%	1h	235.62	long leg	$10.3M	$3.4M	10x