Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.066%

Price spread now: Phoenix against Orderly−0.065%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 Phoenix

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. Phoenix is 0.065% cheaper against Orderly than usual: you would sell low and buy high (spread −0.065% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 25 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	230.98	0.0100	pay 0.0100% / 8h	20m 52s	$2K	$3K	10x
Short	Phoenix NBIS	230.83	0.0312	get 0.0039% / 1h	20m 52s	$7K	$125K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.065%Rate

Funding earned: $44.45
Price spread: −0.065% → 0.000%: −$6.49
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.96
Costs to cover: 0.130%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 10 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 Phoenix live order book, 10 min ago	5.62 bp	16.3 bp −$16	35.7 bp −$357	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
Bitget NBISUSDT	−0.0407%	8h	231.12	+0.061%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0005%	8h	231.09	+0.048%	$205K	$209K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.11	+0.058%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.03	+0.020%	$144K	$879K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.12	+0.061%	$18.8M	$87.9M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.14	+0.069%	$4.9M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.96	−0.009%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.06	+0.035%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.88	−0.044%	$2.8M	$593K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.90	−0.035%	$4K	$115K	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	231.04	+0.026%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.10	+0.052%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.07	+0.039%	$1.6M	$970K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.76	−0.095%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	231.08	+0.043%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.86	−0.052%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.93	−0.022%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.01	+0.013%	$97	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.63	−0.152%	$150K	$541K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.39	−0.255%	$353K	$805K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.81	−0.074%	$475K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	230.98	long leg	$2K	$3K	10x
tradeXYZ xyz:NBIS	+0.0101%	1h	230.84	−0.061%	$54.1M	$21.2M	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.93	−0.020%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0167%	1h	230.82	−0.069%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0272%	1h	230.95	−0.013%	$944K	$4.1M	10x	as long as short
Phoenix NBISshort	+0.0312%	1h	230.83	−0.065%	$7K	$125K	10x
Deribit NBIS_USDC-PERPETUAL	+0.0313%	1h	230.91	−0.030%	$34K	$49K	10x	as long as short
Entropy io:NBIS	+0.0401%	1h	230.91	−0.030%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0541%	1h	230.98	+0.001%	$23K	$15K	20x	as long as short
edgeX NBISUSDC	+0.0776%	4h	230.81	−0.074%	$37K	$227K	10x	as long as short