Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.085%

Price spread now: Coinbase International against Phemex−0.295%59s7-day average +0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1321.320% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.514%+$51 on $10k

Price spread, last 3 days (all we have)+0.446%+$45 · spread now −0.295%, 7d avg +0.082%

Together, before fees+0.960%+$96 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.376% cheaper against Phemex than usual: you would sell low and buy high (spread −0.295% now, against its 7-day average of +0.082%). If the spread goes back, that is −$38 on $10k: about 12 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.514% in total) that is about 5.1 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	234.22	0	get 0.0000% / 8h	5h 54m	$1.6M	$969K	10x
Short	Coinbase International NBIS-PERP-INTX	233.53	0.0104	get 0.0013% / 1h	54m 23s	$382K	$712K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.295%Rate

Funding earned: $21.84
Price spread: −0.295% → +0.082%: −$37.64
Slippage, 4 orders: −$109.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$147.79
Costs to cover: 1.320%
Break-even: 54.4 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 9 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 Phemex live order book, 4 min ago	1.07 bp	45.3 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 9 min ago	9.19 bp	14.2 bp −$14	19.1 bp −$191	doesn't fit	doesn't fit

NBIS on 30 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	234.16	−0.026%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.09	−0.056%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.19	−0.013%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.12	−0.043%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.04	−0.077%	$5K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.08	−0.060%	$904	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.07	−0.064%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.07	−0.064%	$15K	$60K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	234.22	long leg	$1.6M	$969K	10x
QFEX NBIS-USD	+0.0023%	1h	234.16	−0.026%	$1.5M	$4.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	233.94	−0.120%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.29	+0.030%	—	$215K	5x	as long as short
Nado NBIS-PERP	+0.0047%	1h	234.06	−0.069%	$67K	$95K	3x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.06	−0.068%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.07	−0.064%	$5	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.10	−0.051%	$163K	$496K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.05	−0.073%	$482K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.13	−0.038%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.11	−0.047%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTXshort	+0.0104%	1h	233.53	−0.295%	$382K	$712K	10x
Variational Omni NBIS	+0.0132%	8h	234.03	−0.083%	$2.8M	$570K	—	as long as short
tradeXYZ xyz:NBIS	+0.0135%	1h	234.06	−0.068%	$54.6M	$19.7M	10x	as long as short
Aster NBISUSDT	+0.0149%	8h	234.32	+0.044%	$81K	$307K	50x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.15	−0.029%	$23K	$15K	20x	as long as short
Extended NBIS-USD	+0.0160%	1h	234.08	−0.058%	$147K	$698K	10x	as long as short
Binance NBISUSDT	+0.0160%	8h	234.14	−0.034%	$19.1M	$84.7M	25x	as long as short
edgeX NBISUSDC	+0.0187%	4h	234.02	−0.087%	$38K	$226K	10x	as long as short
Phoenix NBIS	+0.0306%	1h	234.19	−0.013%	$7K	$150K	10x	as long as short
Lighter NBIS	+0.0352%	1h	234.20	−0.009%	$904K	$4.3M	10x	as long as short
Entropy io:NBIS	+0.0490%	1h	234.04	−0.077%	$10.2M	$3.3M	10x	as long as short