Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.100%

Price spread now: Orderly against Entropy−0.030%7-day average — · you buy dearer than you sell

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

Long on Entropy Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 −$6 a day on $10k at the current rate, and Orderly is 0.030% cheaper against Entropy than usual: you would sell low and buy high (−$3 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	Entropy io:NBIS	233.85	0.0309	pay 0.0039% / 1h	16m 24s	$10.2M	$3.3M	10x
Short	Orderly PERP_NBIS_USDC_mythos	233.78	0.0100	get 0.0100% / 8h	1h 16m	$2K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.030%Rate

Funding earned: −$43.91
Price spread: −0.030% → 0.000%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$70.91
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Entropy: live order book, 1 min ago; Orderly: no order-book sample. 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 Entropy live order book, 1 min ago	1.28 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Bybit NBISUSDT	0.0000%	8h	233.74	−0.047%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.70	−0.064%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.74	−0.047%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.68	−0.073%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.79	−0.026%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.65	−0.086%	$35K	$47K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.89	+0.017%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.78	−0.030%	$1.6M	$970K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	233.74	−0.047%	$1.5M	$5.1M	10x	as long as short
Variational Omni NBIS	+0.0039%	8h	234.04	+0.079%	$2.9M	$825K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	233.75	−0.043%	$44K	$133K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.86	+0.004%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.77	−0.034%	$132K	$683K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.75	−0.043%	$19	$20K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0072%	1h	232.99	−0.368%	$356K	$697K	10x	as long as short
BloFin NBIS-USDT	+0.0079%	8h	233.78	−0.030%	$205K	$214K	20x	as long as short
Aster NBISUSDT	+0.0095%	8h	233.78	−0.031%	$79K	$304K	50x	as long as short
Ondo Perps NBIS-USD.P	+0.0100%	1h	233.84	−0.004%	$173K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.55	−0.128%	$481K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythosshort	+0.0100%	8h	233.78	−0.030%	$2K	$3K	10x
Binance NBISUSDT	+0.0102%	8h	233.77	−0.034%	$19.4M	$86.9M	25x	as long as short
Extended NBIS-USD	+0.0104%	1h	233.72	−0.054%	$142K	$697K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.78	−0.032%	—	—	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0117%	8h	233.96	+0.046%	$5K	$142K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0200%	1h	233.78	−0.030%	$54.5M	$23.5M	10x	as long as short
Lighter NBIS	+0.0224%	1h	233.88	+0.013%	$930K	$4.6M	10x	as long as short
Nado NBIS-PERP	+0.0257%	1h	233.66	−0.083%	$28K	$63K	3x	as long as short
Entropy io:NBISlong	+0.0309%	1h	233.85	long leg	$10.2M	$3.3M	10x
Phoenix NBIS	+0.0343%	1h	233.99	+0.060%	$7K	$185K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0346%	1h	233.57	−0.118%	$24K	$13K	20x	as long as short
edgeX NBISUSDC	+0.0431%	4h	234.04	+0.082%	$37K	$234K	10x	as long as short