Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0239%/8h= +26.1% APRpaid last 24h +0.042%

Price spread now: Phoenix against Gate+0.142%62s7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$670.666% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.454%+$45 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now +0.142%, 7d avg +0.078%

Together, before fees+0.455%+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.065% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.078%. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NBIS_USDT	232.03	0	get 0.0000% / 8h	3h 00m	$2.7M	$5.1M	50x
Short	Phoenix NBIS	232.36	0.0239	get 0.0030% / 1h	0m 21s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.142%Rate

Funding earned: $50.14
Price spread: +0.142% → +0.078%: $6.46
Slippage, 4 orders: −$44.6
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$10.01
Costs to cover: 0.666%
Break-even: 8.4 days

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 46 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 Gate live order book, 3 min ago	2.80 bp	15.9 bp −$16	32.0 bp −$320	56.1 bp −$5,614	doesn't fit
Sell Phoenix live order book, 46 min ago	5.12 bp	15.9 bp −$16	34.5 bp −$345	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
Aster NBISUSDT	0.0000%	8h	232.19	+0.069%	$78K	$309K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.92	−0.049%	$145K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.97	−0.027%	$18.8M	$85.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.93	−0.043%	$4.9M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	232.01	−0.009%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDTlong	0.0000%	8h	232.03	long leg	$2.7M	$5.1M	50x
Bitget NBISUSDT	0.0000%	8h	231.97	−0.026%	$2.3M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	231.79	−0.102%	$2.9M	$552K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	232.41	+0.162%	$5K	$118K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	231.98	−0.022%	$1K	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	231.87	−0.069%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.92	−0.047%	$1.6M	$956K	10x	as long as short
Nado NBIS-PERP	+0.0005%	1h	231.77	−0.111%	$38K	$115K	3x	as long as short
BloFin NBIS-USDT	+0.0026%	8h	231.88	−0.065%	$205K	$205K	20x	as long as short
QFEX NBIS-USD	+0.0034%	1h	231.92	−0.047%	$1.5M	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	231.89	−0.060%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.95	−0.034%	—	$217K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0049%	1h	231.83	−0.088%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	231.83	−0.086%	$54.0M	$20.2M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.88	−0.065%	$142K	$459K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.84	−0.082%	$102	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	231.66	−0.159%	$159K	$506K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.84	−0.082%	$478K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.87	−0.069%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.83	−0.087%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	232.30	+0.116%	$361K	$771K	10x	as long as short
Lighter NBIS	+0.0184%	1h	231.90	−0.056%	$917K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0239%	1h	232.36	+0.142%	$7K	$150K	10x
Entropy io:NBIS	+0.0294%	1h	231.99	−0.017%	$10.1M	$3.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0311%	1h	231.89	−0.060%	$34K	$49K	10x	as long as short
edgeX NBISUSDC	+0.0417%	4h	232.07	+0.016%	$37K	$227K	10x	as long as short