Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h −0.106%

Price spread now: Phemex against Lighter+0.026%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1061.062% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.555%−$56 on $10k

Price spread, last 4 days (all we have)−0.298%−$30 · spread now +0.026%, 7d avg −0.047%

Together, before fees−0.853%+ Points / potential airdropLighter: Season 3 · farm board−$85 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.072% dearer against Lighter than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.047%): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	234.75	0.0272	pay 0.0034% / 1h	30m 38s	$907K	$4.3M	10x
Short	Phemex NBISUSDT	234.81	0	get 0.0000% / 8h	5h 30m	$1.6M	$963K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$57.12
Price spread: +0.026% → −0.047%: $7.21
Slippage, 4 orders: −$94.18
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$156.09
Costs to cover: 1.062%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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, 7 min ago	0.64 bp	0.6 bp −$1	3.7 bp −$37	76.9 bp −$7,686	doesn't fit
Sell Phemex live order book, 2 min ago	2.77 bp	53.2 bp −$53	doesn't fit	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	234.91	+0.068%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.74	−0.004%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.75	0.000%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.77	+0.009%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.67	−0.033%	$4K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.77	+0.009%	$972	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.72	−0.013%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.81	+0.026%	$1.6M	$963K	10x
Nado NBIS-PERP	+0.0002%	1h	234.66	−0.040%	$65K	$98K	3x	as long as short
QFEX NBIS-USD	+0.0023%	1h	234.72	−0.013%	$1.5M	$4.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	234.55	−0.085%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.98	+0.098%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.70	−0.021%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.77	+0.009%	$33	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.52	−0.098%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0074%	1h	234.76	+0.004%	$55.0M	$19.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0091%	1h	234.69	−0.026%	$35K	$48K	10x	as long as short
Variational Omni NBIS	+0.0095%	8h	234.77	+0.007%	$2.9M	$569K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.61	−0.060%	$483K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.81	+0.026%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.77	+0.010%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.520%	$382K	$712K	10x	as long as short
Aster NBISUSDT	+0.0126%	8h	234.84	+0.039%	$81K	$307K	50x	as long as short
Binance NBISUSDT	+0.0134%	8h	234.86	+0.047%	$19.1M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0136%	1h	234.72	−0.011%	$146K	$702K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.63	−0.049%	$24K	$15K	20x	as long as short
BloFin NBIS-USDT	+0.0162%	8h	234.84	+0.038%	$207K	$204K	20x	as long as short
Lighter NBISlong	+0.0272%	1h	234.75	long leg	$907K	$4.3M	10x
Phoenix NBIS	+0.0308%	1h	234.70	−0.021%	$7K	$150K	10x	as long as short
edgeX NBISUSDC	+0.0334%	4h	234.66	−0.038%	$38K	$227K	10x	as long as short
Entropy io:NBIS	+0.0473%	1h	234.70	−0.021%	$10.2M	$3.3M	10x	as long as short