Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.034%

Price spread now: Phoenix against GRVT+0.069%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.459%+$46 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now +0.069%, 7d avg +0.119%

Together, before fees+0.404%+ Points / potential airdropGRVT: Active · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.050% cheaper against GRVT than usual: you would sell low and buy high (spread +0.069% now, against its 7-day average of +0.119%). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT NBIS_USDT_Perp	234.03	0.0106	pay 0.0106% / 8h	1h 19m	$5K	$144K	10x
Short	Phoenix NBIS	234.19	0.0343	get 0.0043% / 1h	19m 31s	$7K	$185K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.069%Rate

Funding earned: $49.83
Price spread: +0.069% → +0.119%: −$5
Slippage, 4 orders: −$29.77
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.94
Costs to cover: 0.458%
Break-even: 7.1 days

Slippage from GRVT: live order book, 62 min ago; Phoenix: live order book, 57 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, 62 min ago	1.50 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 57 min ago	3.85 bp	12.7 bp −$13	26.9 bp −$269	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
Bybit NBISUSDT	0.0000%	8h	233.87	−0.067%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.90	−0.054%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.92	−0.046%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.94	−0.037%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.05	+0.010%	$1K	$1.8M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.05	+0.010%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.01	−0.007%	$1.6M	$968K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	233.91	−0.050%	$1.5M	$5.1M	10x	as long as short
Variational Omni NBIS	+0.0039%	8h	234.04	+0.004%	$2.9M	$825K	—	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.96	−0.029%	$44K	$133K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	234.05	+0.010%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.99	−0.016%	$148K	$657K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.97	−0.025%	$19	$20K	10x	as long as short
BloFin NBIS-USDT	+0.0054%	8h	234.06	+0.014%	$206K	$214K	20x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0072%	1h	232.99	−0.443%	$356K	$697K	10x	as long as short
Aster NBISUSDT	+0.0080%	8h	233.83	−0.084%	$79K	$304K	50x	as long as short
Extended NBIS-USD	+0.0080%	1h	233.92	−0.044%	$142K	$697K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0084%	1h	233.92	−0.046%	$174K	$499K	10x	as long as short
Binance NBISUSDT	+0.0090%	8h	233.96	−0.029%	$19.4M	$86.9M	25x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.67	−0.153%	$481K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.93	−0.042%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.94	−0.036%	—	—	10x	as long as short
GRVT NBIS_USDT_Perplong	+0.0106%	8h	234.03	long leg	$5K	$144K	10x
tradeXYZ xyz:NBIS	+0.0196%	1h	234.01	−0.007%	$54.6M	$23.5M	10x	as long as short
Lighter NBIS	+0.0224%	1h	234.02	−0.003%	$935K	$4.6M	10x	as long as short
Nado NBIS-PERP	+0.0250%	1h	233.85	−0.078%	$28K	$63K	3x	as long as short
Entropy io:NBIS	+0.0310%	1h	233.97	−0.025%	$10.2M	$3.3M	10x	as long as short
Phoenix NBISshort	+0.0343%	1h	234.19	+0.069%	$7K	$185K	10x
Kraken Futures PF_NBISUSD	+0.0346%	1h	233.84	−0.080%	$24K	$13K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0349%	1h	233.91	−0.050%	$35K	$47K	10x	as long as short
edgeX NBISUSDC	+0.0431%	4h	234.04	+0.006%	$37K	$234K	10x	as long as short