Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.067%

Price spread now: Variational Omni against Lighter+0.069%7-day average −0.005% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.104%−$10 on $10k

Price spread, last 7 days−0.074%−$7 · spread now +0.069%, 7d avg −0.005%

Together, before fees−0.178%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.074% dearer against Lighter than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of −0.005%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 4 days (−0.104% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	230.93	0.0224	pay 0.0028% / 1h	4m 24s	$937K	$4.0M	10x
Short	Variational Omni NBIS	231.09	0	get 0.0000% / 8h	1h 04m	$2.8M	$595K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.069%Rate

Funding earned: −$47.04
Price spread: +0.069% → −0.005%: $7.44
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$39.6
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 3 min ago; Variational Omni: RFQ quote, 5 min ago. Net counts fees only.

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, 3 min ago	0.65 bp	1.2 bp −$1	3.0 bp −$30	49.3 bp −$4,934	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.79 bp	doesn't fit	53.9 bp −$539	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	−0.0548%	8h	231.00	+0.030%	$2.3M	$4.5M	20x	as long as short
BloFin NBIS-USDT	−0.0004%	8h	231.04	+0.048%	$204K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.79	−0.061%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.86	−0.029%	$149K	$631K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.93	−0.001%	$18.5M	$87.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.95	+0.009%	$4.9M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.86	−0.030%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.96	+0.013%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBISshort	0.0000%	8h	231.09	+0.069%	$2.8M	$595K	—
GRVT NBIS_USDT_Perp	0.0000%	8h	230.98	+0.022%	$5K	$116K	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	231.12	+0.082%	$890	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.89	−0.017%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.97	+0.017%	$1.6M	$965K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.90	−0.013%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.83	−0.043%	—	$222K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.87	−0.026%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.91	−0.009%	$134	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.82	−0.048%	$151K	$543K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	231.00	+0.030%	$1.5M	$3.8M	10x	as long as short
edgeX NBISUSDC	+0.0072%	4h	230.95	+0.007%	$37K	$226K	10x	as long as short
Nado NBIS-PERP	+0.0078%	1h	230.80	−0.058%	$38K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.79	−0.061%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.95	+0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.93	0.000%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.38	−0.238%	$352K	$814K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0122%	1h	230.93	0.000%	$54.3M	$21.1M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0183%	1h	230.99	+0.026%	$34K	$49K	10x	as long as short
Lighter NBISlong	+0.0224%	1h	230.93	long leg	$937K	$4.0M	10x
Phoenix NBIS	+0.0311%	1h	231.15	+0.095%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0359%	1h	230.89	−0.017%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0684%	1h	230.92	−0.003%	$23K	$15K	20x	as long as short