Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0382%/8h= +41.9% APRpaid last 24h +0.103%

Price spread now: Entropy against Orderly−0.026%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Entropy is 0.026% cheaper against Orderly than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	234.88	0.0100	pay 0.0100% / 8h	21m 11s	$2K	$3K	10x
Short	Entropy io:NBIS	234.82	0.0482	get 0.0060% / 1h	21m 11s	$10.3M	$3.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Orderly. 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 OrderlybpFee EntropybpOrdersPrice spread, now −0.026%Rate

Funding earned: $80.31
Price spread: −0.026% → 0.000%: −$2.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Entropy: 9 bp × 2 orders: −$18
Net: $53.75
Costs to cover: 0.240%
Break-even: 2.3 days

Slippage unknown: Orderly: no order-book sample; Entropy: live order book, 6 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 Orderly no order-book sample	—	—	—	—	—
Sell Entropy live order book, 6 min ago	0.85 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit NBIS_USDC-PERPETUAL	−0.0005%	1h	234.80	−0.034%	$35K	$48K	10x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.89	+0.004%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.90	+0.009%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.88	0.000%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.86	−0.009%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.78	−0.043%	$1K	$1.8M	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	233.76	−0.477%	$358K	$676K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	236.05	+0.498%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.91	+0.013%	$1.6M	$974K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.04	+0.068%	—	$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	234.88	0.000%	$150K	$723K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.85	−0.013%	$38	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.84	−0.017%	$1.5M	$5.2M	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0095%	1h	234.65	−0.098%	$174K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.77	−0.047%	$484K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	234.88	long leg	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	234.93	+0.023%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0196%	1h	234.91	+0.012%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	234.86	−0.007%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0235%	8h	234.86	−0.007%	$79K	$306K	50x	as long as short
BloFin NBIS-USDT	+0.0236%	8h	234.87	−0.004%	$206K	$214K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.65	−0.099%	$24K	$14K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0252%	8h	234.83	−0.021%	$5K	$139K	10x	as long as short
Binance NBISUSDT	+0.0254%	8h	234.91	+0.013%	$19.4M	$86.5M	25x	as long as short
Extended NBIS-USD	+0.0256%	1h	234.87	−0.006%	$144K	$699K	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.91	+0.013%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0301%	1h	234.95	+0.030%	$54.8M	$23.4M	10x	as long as short
edgeX NBISUSDC	+0.0366%	4h	234.75	−0.057%	$38K	$235K	10x	as long as short
Phoenix NBIS	+0.0376%	1h	235.01	+0.055%	$7K	$163K	10x	as long as short
Lighter NBIS	+0.0384%	1h	235.02	+0.060%	$933K	$4.6M	10x	as long as short
Entropy io:NBISshort	+0.0482%	1h	234.82	−0.026%	$10.3M	$3.4M	10x