Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.111%

Price spread now: Variational Omni against Entropy−0.091%7-day average −0.009% · you buy dearer than you sell

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

Long on Entropy Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.096%−$10 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.091%, 7d avg −0.009%

Together, before fees−0.059%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Variational Omni is 0.082% cheaper against Entropy than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.096% in total (about -9.8% 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	230.46	0.0337	pay 0.0042% / 1h	32m 22s	$10.0M	$3.1M	10x
Short	Variational Omni NBIS	230.25	0	get 0.0000% / 8h	1h 32m	$2.8M	$601K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.091%Rate

Funding earned: −$70.75
Price spread: −0.091% → −0.009%: −$8.18
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$96.93
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Entropy: live order book, 5 min ago; Variational Omni: RFQ quote, 2 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 Entropy live order book, 5 min ago	0.65 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.60 bp	doesn't fit	48.9 bp −$489	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
Bitget NBISUSDT	−0.0581%	8h	230.43	−0.013%	$2.3M	$4.5M	20x	as long as short
BloFin NBIS-USDT	−0.0019%	8h	230.72	+0.113%	$204K	$204K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.49	+0.015%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.33	−0.054%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.40	−0.026%	$18.5M	$87.4M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.38	−0.035%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.36	−0.043%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.40	−0.026%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBISshort	0.0000%	8h	230.25	−0.091%	$2.8M	$601K	—
GRVT NBIS_USDT_Perp	0.0000%	8h	230.38	−0.033%	$5K	$116K	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	230.41	−0.022%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.43	−0.013%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.84	+0.165%	$1.6M	$962K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.30	−0.069%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.30	−0.069%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.30	−0.069%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.50	+0.017%	$97	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.16	−0.130%	$151K	$546K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.40	−0.026%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0060%	1h	230.35	−0.050%	$37K	$115K	3x	as long as short
edgeX NBISUSDC	+0.0067%	4h	230.32	−0.059%	$37K	$227K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.36	−0.043%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.40	−0.026%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.37	−0.040%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0108%	1h	230.32	−0.061%	$54.2M	$21.0M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.030%	$351K	$812K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0140%	1h	230.61	+0.065%	$34K	$49K	10x	as long as short
Lighter NBIS	+0.0208%	1h	230.55	+0.039%	$951K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0311%	1h	230.30	−0.069%	$7K	$150K	10x	as long as short
Entropy io:NBISlong	+0.0337%	1h	230.46	long leg	$10.0M	$3.1M	10x
Kraken Futures PF_NBISUSD	+0.0685%	1h	230.68	+0.094%	$23K	$15K	20x	as long as short