Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.057%

Price spread now: Lighter against GRVT−0.040%48s7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as 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−$260.264% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 4 days (all we have)−0.172%−$17 · spread now −0.040%, 7d avg +0.052%

Together, before fees+0.244%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.092% cheaper against GRVT than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.052%). If the spread goes back, that is −$9 on $10k: about 3.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.416% in total) that is about 37 hours. The two prices were read 48 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	GRVT NBIS_USDT_Perp	227.49	0	get 0.0000% / 8h	7h 26m	$4K	$113K	10x
Short	Lighter NBIS	227.40	0.0096	get 0.0012% / 1h	26m 47s	$905K	$4.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: $20.16
Price spread: −0.040% → +0.052%: −$9.2
Slippage, 4 orders: −$17.37
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$15.41
Costs to cover: 0.264%
Break-even: 12.4 days

Slippage from GRVT: live order book, 1 min ago; Lighter: 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 GRVT live order book, 1 min ago	2.64 bp	12.3 bp −$12	30.9 bp −$309	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.44 bp	0.6 bp −$1	3.3 bp −$33	63.3 bp −$6,330	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	−0.0235%	8h	227.44	−0.022%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0025%	8h	227.52	+0.013%	$202K	$212K	20x	as long as short
Coinbase International NBIS-PERP-INTX	−0.0008%	1h	226.87	−0.273%	$352K	$801K	10x	as long as short
Aster NBISUSDT	0.0000%	8h	227.29	−0.088%	$80K	$320K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	227.50	+0.004%	$145K	$854K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	227.43	−0.026%	$18.2M	$89.5M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	227.45	−0.018%	$4.8M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	227.35	−0.062%	$3.2M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	227.58	+0.040%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	227.51	+0.010%	$2.8M	$596K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT NBIS_USDT_Perplong	0.0000%	8h	227.49	long leg	$4K	$113K	10x
SunX NBIS-USDT	0.0000%	8h	227.36	−0.057%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	227.07	−0.185%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	227.54	+0.022%	$1.5M	$971K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	227.27	−0.097%	$41K	$124K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	226.96	−0.233%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	227.23	−0.114%	$135K	$466K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	227.15	−0.149%	$64	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	226.75	−0.325%	$146K	$532K	10x	as long as short
Nado NBIS-PERP	+0.0063%	1h	227.19	−0.130%	$38K	$116K	3x	as long as short
QFEX NBIS-USD	+0.0064%	1h	227.33	−0.070%	$1.5M	$3.7M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0080%	1h	227.42	−0.031%	$53.0M	$21.5M	10x	as long as short
Lighter NBISshort	+0.0096%	1h	227.40	−0.040%	$905K	$4.1M	10x
KuCoin NBISUSDTM	+0.0100%	8h	227.30	−0.084%	$467K	$68K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	227.15	−0.149%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	227.18	−0.138%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0190%	1h	227.40	−0.040%	$34K	$49K	10x	as long as short
Phoenix NBIS	+0.0277%	1h	227.02	−0.207%	$7K	$125K	10x	as long as short
Entropy io:NBIS	+0.0297%	1h	227.26	−0.101%	$9.9M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0686%	1h	227.43	−0.028%	$22K	$16K	20x	as long as short
edgeX NBISUSDC	+0.0926%	4h	227.34	−0.066%	$37K	$228K	10x	as long as short