Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.016%

Price spread now: Ondo Perps against Phemex−0.108%7-day average −0.036% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$17 on $10k

Price spread, last 4 days (all we have)+0.135%+$13 · spread now −0.108%, 7d avg −0.036%

Together, before fees+0.300%+ Points / potential airdropOndo Perps: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.072% cheaper against Phemex than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.036%). If the spread goes back, that is −$7 on $10k: about 4.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	230.97	0	get 0.0000% / 8h	1h 10m	$1.6M	$965K	10x
Short	Ondo Perps NBIS-USD.P	230.72	0.0050	get 0.0006% / 1h	10m 26s	$151K	$543K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. 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 PhemexbpFee Ondo PerpsbpOrdersPrice spread, now −0.108%Rate

Funding earned: $10.58
Price spread: −0.108% → −0.036%: −$7.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$13.66
Costs to cover: 0.170%
Break-even: 16.0 days

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: no order-book sample. 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 Phemex live order book, 3 min ago	4.11 bp	40.9 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0568%	8h	231.00	+0.013%	$2.3M	$4.5M	20x	as long as short
BloFin NBIS-USDT	−0.0028%	8h	231.01	+0.017%	$203K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.74	−0.102%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.93	−0.016%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.98	+0.004%	$18.5M	$87.5M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.02	+0.022%	$4.9M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.89	−0.035%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.97	0.000%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.96	−0.006%	$2.8M	$599K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.95	−0.008%	$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	231.00	+0.013%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.77	−0.087%	$15K	$57K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	230.97	long leg	$1.6M	$965K	10x
Arcus NBIS-USD	+0.0040%	1h	230.78	−0.082%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.80	−0.074%	—	$222K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.88	−0.039%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.93	−0.017%	$120	$20K	10x	as long as short
Ondo Perps NBIS-USD.Pshort	+0.0050%	1h	230.72	−0.108%	$151K	$543K	10x
QFEX NBIS-USD	+0.0056%	1h	230.95	−0.009%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0062%	1h	230.68	−0.125%	$37K	$115K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0094%	1h	230.92	−0.022%	$54.3M	$21.1M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.75	−0.095%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.76	−0.091%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.76	−0.093%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.38	−0.255%	$352K	$814K	10x	as long as short
Lighter NBIS	+0.0192%	1h	230.84	−0.056%	$941K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0311%	1h	230.77	−0.087%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0347%	1h	230.80	−0.074%	$10.1M	$3.1M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0661%	1h	230.82	−0.065%	$34K	$49K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0685%	1h	230.81	−0.067%	$23K	$15K	20x	as long as short
edgeX NBISUSDC	+0.0762%	4h	230.88	−0.040%	$37K	$226K	10x	as long as short