Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0904%/8h= −99.0% APRpaid last 24h −0.138%

Price spread now: SunX against Entropy+0.148%7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$235as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1701.698% of the position

Long on Entropy Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.648%−$65 on $10k

Price spread, last 3 days (all we have)−0.229%−$23 · spread now +0.148%, 7d avg −0.097%

Together, before fees−0.878%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.246% dearer against Entropy than usual: you sell high and buy low (spread +0.148% now, against its 7-day average of −0.097%): +$25 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.648% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:NBIS	235.70	0.0904	pay 0.0113% / 1h	29m 13s	$10.3M	$3.4M	10x
Short	SunX NBIS-USDT	236.05	0	get 0.0000% / 8h	7h 29m	$1K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.148%Rate

Funding earned: −$189.87
Price spread: +0.148% → −0.097%: $24.56
Slippage, 4 orders: −$143.84
Fee Entropy: 9 bp × 2 orders: −$18
Fee SunX: 4 bp × 2 orders: −$8
Net: −$335.16
Costs to cover: 1.698%
Break-even: never at this rate

Slippage from Entropy: live order book, 8 min ago; SunX: 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 Entropy live order book, 8 min ago	1.91 bp	21.5 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	44.83 bp	63.8 bp −$64	doesn't fit	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	235.93	+0.097%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	236.20	+0.212%	$3.4M	$16.8M	25x	as long as short
SunX NBIS-USDTshort	0.0000%	8h	236.05	+0.148%	$1K	$1.7M	10x
Phemex NBISUSDT	0.0000%	8h	236.08	+0.161%	$1.6M	$973K	10x	as long as short
HTX NBIS-USDT	+0.0003%	8h	235.80	+0.042%	$15K	$112K	20x	as long as short
Gate NBIS_USDT	+0.0004%	8h	235.99	+0.123%	$2.8M	$5.1M	50x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.148%	$386K	$739K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	236.06	+0.153%	$1.5M	$5.0M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	236.22	+0.221%	—	$224K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.64	−0.025%	$175K	$504K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NBISUSDT	+0.0059%	8h	236.06	+0.153%	$2.5M	$4.6M	20x	as long as short
Bybit NBISUSDT	+0.0096%	8h	236.19	+0.208%	$5.1M	$6.5M	50x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.89	+0.081%	$486K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	236.11	+0.174%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	236.11	+0.176%	—	—	10x	as long as short
SoDEX NBIS-USD	+0.0162%	1h	236.00	+0.127%	$42	$20K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0174%	1h	236.07	+0.157%	$35K	$48K	10x	as long as short
Nado NBIS-PERP	+0.0192%	1h	236.02	+0.134%	$29K	$63K	3x	as long as short
Variational Omni NBIS	+0.0230%	8h	235.75	+0.021%	$2.9M	$820K	—	as long as short
BloFin NBIS-USDT	+0.0241%	8h	236.13	+0.182%	$207K	$212K	20x	as long as short
Aster NBISUSDT	+0.0245%	8h	235.95	+0.106%	$82K	$308K	50x	as long as short
Extended NBIS-USD	+0.0264%	1h	236.01	+0.131%	$151K	$932K	10x	as long as short
Binance NBISUSDT	+0.0266%	8h	236.18	+0.204%	$19.7M	$85.6M	25x	as long as short
Lighter NBIS	+0.0328%	1h	236.28	+0.246%	$929K	$4.5M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0366%	1h	236.08	+0.161%	$136K	$433K	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.60	−0.042%	$44K	$132K	5x	as long as short
Phoenix NBIS	+0.0409%	1h	236.14	+0.187%	$7K	$163K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0435%	8h	235.71	+0.003%	$5K	$133K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0473%	1h	236.00	+0.127%	$55.2M	$23.6M	10x	as long as short
edgeX NBISUSDC	+0.0550%	4h	235.72	+0.010%	$38K	$229K	10x	as long as short
Entropy io:NBISlong	+0.0904%	1h	235.70	long leg	$10.3M	$3.4M	10x