Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0174%/8h= +19.1% APRpaid last 24h −0.092%

Price spread now: GRVT against Lighter−0.042%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.424%−$42 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now −0.042%, 7d avg −0.069%

Together, before fees−0.321%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GRVT is 0.026% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.069%. Mind the row above: over the last 7 days funding on this pair cost −0.424%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.59	0.0392	pay 0.0049% / 1h	52m 56s	$930K	$4.4M	10x
Short	GRVT NBIS_USDT_Perp	235.49	0.0566	get 0.0566% / 8h	7h 52m	$5K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.042%Rate

Funding earned: $36.54
Price spread: −0.042% → −0.069%: $2.64
Slippage, 4 orders: −$14.59
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $15.59
Costs to cover: 0.236%
Break-even: 4.0 days

Slippage from Lighter: live order book, 5 min ago; GRVT: live order book, 15 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, 5 min ago	0.43 bp	0.7 bp −$1	2.6 bp −$26	70.8 bp −$7,079	doesn't fit
Sell GRVT live order book, 15 min ago	2.98 bp	11.9 bp −$12	30.7 bp −$307	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
Kraken Futures PF_NBISUSD	−0.0179%	1h	235.29	−0.125%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.41	−0.076%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.50	−0.038%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.50	−0.038%	$2.5M	$4.7M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.63	+0.017%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.44	−0.064%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.69	+0.042%	$15K	$113K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.58	−0.004%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	234.10	−0.632%	$359K	$678K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.53	−0.025%	$1.5M	$5.1M	10x	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	235.75	+0.068%	—	$234K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.58	−0.004%	$174K	$507K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.40	−0.081%	$485K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.56	−0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.35	−0.527%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0187%	1h	235.46	−0.055%	$29K	$63K	3x	as long as short
Variational Omni NBIS	+0.0195%	8h	235.77	+0.076%	$2.9M	$817K	—	as long as short
Aster NBISUSDT	+0.0214%	8h	235.73	+0.060%	$81K	$308K	50x	as long as short
Extended NBIS-USD	+0.0232%	1h	235.40	−0.081%	$138K	$700K	10x	as long as short
Binance NBISUSDT	+0.0232%	8h	235.47	−0.051%	$19.5M	$86.1M	25x	as long as short
BloFin NBIS-USDT	+0.0237%	8h	235.61	+0.008%	$205K	$213K	20x	as long as short
Bybit NBISUSDT	+0.0278%	8h	235.63	+0.017%	$5.1M	$6.5M	50x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.30	−0.123%	$44K	$134K	5x	as long as short
Lighter NBISlong	+0.0392%	1h	235.59	long leg	$930K	$4.4M	10x
Phoenix NBIS	+0.0409%	1h	235.65	+0.025%	$7K	$163K	10x	as long as short
edgeX NBISUSDC	+0.0438%	4h	235.44	−0.064%	$38K	$228K	10x	as long as short
GRVT NBIS_USDT_Perpshort	+0.0566%	8h	235.49	−0.042%	$5K	$137K	10x
Entropy io:NBIS	+0.0778%	1h	235.34	−0.106%	$10.3M	$3.4M	10x	as long as short
SoDEX NBIS-USD	+0.0786%	1h	235.52	−0.030%	$9	$20K	10x	as long as short
Polymarket Perps NBIS-USD	+0.1556%	1h	235.50	−0.038%	$141K	$432K	10x	as long as short
tradeXYZ xyz:NBIS	+0.1597%	1h	235.43	−0.068%	$54.9M	$23.4M	10x	as long as short