Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.018%

Price spread now: QFEX against Orderly+0.025%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. QFEX is 0.025% dearer against Orderly than usual: you sell high and buy low (spread +0.025% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	236.27	0.0100	pay 0.0100% / 8h	7h 28m	$2K	$3K	10x
Short	QFEX NBIS-USD	236.33	0.0038	get 0.0005% / 1h	28m 21s	$1.5M	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$12.97
Price spread: +0.025% → 0.000%: $2.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$26.43
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; QFEX: live order book, 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 Orderly no order-book sample	—	—	—	—	—
Sell QFEX live order book, 5 min ago	2.34 bp	7.3 bp −$7	13.2 bp −$132	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	236.18	−0.040%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	236.24	−0.013%	$3.4M	$16.8M	25x	as long as short
SunX NBIS-USDT	0.0000%	8h	236.28	+0.004%	$1K	$1.7M	10x	as long as short
Phemex NBISUSDT	0.0000%	8h	236.08	−0.080%	$1.6M	$973K	10x	as long as short
HTX NBIS-USDT	+0.0003%	8h	235.80	−0.199%	$15K	$112K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0004%	1h	236.14	−0.055%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	−0.093%	$386K	$739K	10x	as long as short
QFEX NBIS-USDshort	+0.0038%	1h	236.33	+0.025%	$1.5M	$5.0M	10x
Vest NBIS-USD-PERP	+0.0046%	1h	236.49	+0.093%	—	$224K	5x	as long as short
Gate NBIS_USDT	+0.0048%	8h	236.30	+0.013%	$2.8M	$5.1M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.64	−0.267%	$175K	$504K	10x	as long as short
Bitget NBISUSDT	+0.0070%	8h	236.20	−0.030%	$2.5M	$4.6M	20x	as long as short
Bybit NBISUSDT	+0.0094%	8h	236.31	+0.017%	$5.1M	$6.5M	50x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	236.13	−0.059%	$487K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	236.27	long leg	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	236.22	−0.022%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0191%	1h	236.25	−0.008%	$31K	$66K	3x	as long as short
SoDEX NBIS-USD	+0.0192%	1h	236.14	−0.055%	$52	$20K	10x	as long as short
Variational Omni NBIS	+0.0230%	8h	235.75	−0.221%	$2.9M	$820K	—	as long as short
BloFin NBIS-USDT	+0.0241%	8h	236.13	−0.059%	$207K	$212K	20x	as long as short
Aster NBISUSDT	+0.0248%	8h	236.12	−0.064%	$82K	$308K	50x	as long as short
Extended NBIS-USD	+0.0264%	1h	236.21	−0.026%	$151K	$915K	10x	as long as short
Binance NBISUSDT	+0.0268%	8h	236.26	−0.004%	$19.7M	$85.6M	25x	as long as short
Lighter NBIS	+0.0328%	1h	236.36	+0.038%	$930K	$4.5M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0357%	1h	236.39	+0.051%	$136K	$433K	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.75	−0.220%	$44K	$132K	5x	as long as short
Phoenix NBIS	+0.0409%	1h	236.14	−0.055%	$7K	$163K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0435%	8h	235.71	−0.238%	$5K	$133K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0462%	1h	236.23	−0.017%	$55.3M	$23.7M	10x	as long as short
edgeX NBISUSDC	+0.0550%	4h	235.72	−0.231%	$38K	$229K	10x	as long as short
Entropy io:NBIS	+0.0905%	1h	235.92	−0.148%	$10.3M	$3.4M	10x	as long as short