Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.055%

Price spread now: Aster against Lighter−0.121%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$750.745% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.421%−$42 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.121%, 7d avg −0.057%

Together, before fees−0.311%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.065% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	231.94	0.0256	pay 0.0032% / 1h	13m 48s	$938K	$4.0M	10x
Short	Aster NBISUSDT	231.66	0	get 0.0000% / 8h	2h 13m	$84K	$311K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$53.76
Price spread: −0.121% → −0.057%: −$6.46
Slippage, 4 orders: −$66.51
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$134.74
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Aster: live order book, 33 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 Lighter live order book, 4 min ago	0.22 bp	0.9 bp −$1	2.7 bp −$27	63.6 bp −$6,356	doesn't fit
Sell Aster live order book, 33 min ago	3.45 bp	26.4 bp −$26	1766.0 bp −$17.7K	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	−0.0527%	8h	231.97	+0.013%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0027%	8h	231.41	−0.229%	$204K	$205K	20x	as long as short
Aster NBISUSDTshort	0.0000%	8h	231.66	−0.121%	$84K	$311K	50x
Extended NBIS-USD	0.0000%	1h	231.91	−0.014%	$146K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.97	+0.013%	$18.6M	$86.9M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.98	+0.017%	$4.9M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.94	0.000%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.87	−0.030%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.28	−0.284%	$2.9M	$555K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.22	−0.311%	$5K	$118K	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	231.31	−0.272%	$999	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.14	−0.345%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.96	+0.009%	$1.6M	$955K	10x	as long as short
QFEX NBIS-USD	+0.0029%	1h	231.65	−0.125%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0036%	1h	231.62	−0.140%	$38K	$115K	3x	as long as short
Arcus NBIS-USD	+0.0040%	1h	231.23	−0.306%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.46	−0.207%	—	$220K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.71	−0.099%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.65	−0.125%	$107	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	231.56	−0.164%	$150K	$542K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.64	−0.129%	$477K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.71	−0.099%	$2K	$3K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0102%	1h	231.89	−0.022%	$54.5M	$21.1M	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.66	−0.122%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	230.62	−0.569%	$353K	$792K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0222%	1h	231.68	−0.114%	$23K	$15K	20x	as long as short
Phoenix NBIS	+0.0242%	1h	231.41	−0.229%	$7K	$150K	10x	as long as short
Lighter NBISlong	+0.0256%	1h	231.94	long leg	$938K	$4.0M	10x
Deribit NBIS_USDC-PERPETUAL	+0.0268%	1h	231.77	−0.073%	$34K	$49K	10x	as long as short
Entropy io:NBIS	+0.0354%	1h	231.50	−0.190%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0733%	4h	231.31	−0.270%	$37K	$227K	10x	as long as short