Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0376%/8h= −41.2% APRpaid last 24h −0.121%

Price spread now: SunX against Lighter−0.017%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1311.307% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.561%−$56 on $10k

Price spread, last 3 days (all we have)−0.097%−$10 · spread now −0.017%, 7d avg −0.065%

Together, before fees−0.658%+ Points / potential airdropLighter: Season 3 · farm board−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.048% dearer against Lighter than usual: you sell high and buy low (spread −0.017% now, against its 7-day average of −0.065%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.12	0.0376	pay 0.0047% / 1h	17m 40s	$934K	$4.6M	10x
Short	SunX NBIS-USDT	235.08	0	get 0.0000% / 8h	17m 40s	$1K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$78.96
Price spread: −0.017% → −0.065%: $4.76
Slippage, 4 orders: −$122.73
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$204.93
Costs to cover: 1.307%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; SunX: live order book, 8 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	1.06 bp	1.2 bp −$1	2.7 bp −$27	61.8 bp −$6,180	doesn't fit
Sell SunX live order book, 8 min ago	44.93 bp	64.1 bp −$64	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	235.09	−0.013%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.03	−0.038%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.00	−0.051%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.92	−0.085%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDTshort	0.0000%	8h	235.08	−0.017%	$1K	$1.8M	10x
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.93	−0.081%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	233.76	−0.578%	$358K	$676K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	236.05	+0.396%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.07	−0.021%	$1.6M	$973K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.18	+0.026%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	235.03	−0.038%	$150K	$723K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.03	−0.038%	$28	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.93	−0.081%	$1.5M	$5.2M	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0073%	1h	234.89	−0.098%	$174K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.78	−0.145%	$484K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.04	−0.034%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.06	−0.024%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0195%	1h	234.91	−0.091%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	234.86	−0.109%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0236%	8h	235.26	+0.061%	$79K	$308K	50x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.75	−0.158%	$24K	$14K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0252%	8h	234.83	−0.123%	$5K	$139K	10x	as long as short
Binance NBISUSDT	+0.0254%	8h	235.04	−0.034%	$19.4M	$86.5M	25x	as long as short
Extended NBIS-USD	+0.0256%	1h	235.01	−0.049%	$141K	$701K	10x	as long as short
BloFin NBIS-USDT	+0.0262%	8h	234.98	−0.060%	$206K	$214K	20x	as long as short
Arcus NBIS-USD	+0.0269%	1h	235.00	−0.051%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0305%	1h	235.10	−0.009%	$54.8M	$23.4M	10x	as long as short
edgeX NBISUSDC	+0.0366%	4h	234.75	−0.159%	$38K	$235K	10x	as long as short
Phoenix NBIS	+0.0376%	1h	235.01	−0.047%	$7K	$163K	10x	as long as short
Lighter NBISlong	+0.0376%	1h	235.12	long leg	$934K	$4.6M	10x
Entropy io:NBIS	+0.0487%	1h	234.95	−0.072%	$10.3M	$3.4M	10x	as long as short