Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.103%

Price spread now: Phoenix against Phemex−0.059%73s7-day average +0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as 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−$1261.261% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.599%+$60 on $10k

Price spread, last 4 days (all we have)+0.345%+$35 · spread now −0.059%, 7d avg +0.088%

Together, before fees+0.944%+$94 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.147% cheaper against Phemex than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.088%). If the spread goes back, that is −$15 on $10k: about 38 hours of funding at the current rate (+$9 a day). The two prices were read 73 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	235.33	0	get 0.0000% / 8h	5h 07m	$1.6M	$960K	10x
Short	Phoenix NBIS	235.19	0.0308	get 0.0039% / 1h	7m 43s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.059%Rate

Funding earned: $64.7
Price spread: −0.059% → +0.088%: −$14.73
Slippage, 4 orders: −$107.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$76.09
Costs to cover: 1.261%
Break-even: 15.2 days

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 48 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, 5 min ago	1.27 bp	39.0 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 48 min ago	5.12 bp	15.8 bp −$16	34.1 bp −$341	doesn't fit	doesn't fit

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
Bybit NBISUSDT	0.0000%	8h	235.52	+0.081%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.46	+0.055%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.49	+0.068%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.45	+0.051%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.25	−0.034%	$4K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.40	+0.030%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.26	−0.030%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.29	−0.017%	$15K	$60K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	235.33	long leg	$1.6M	$960K	10x
Nado NBIS-PERP	+0.0001%	1h	235.27	−0.024%	$64K	$99K	3x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	235.34	+0.004%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.14	−0.081%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.60	+0.115%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.30	−0.013%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.32	−0.004%	$71	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.00	−0.140%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0074%	1h	235.36	+0.013%	$55.2M	$19.6M	10x	as long as short
Variational Omni NBIS	+0.0085%	8h	235.11	−0.094%	$2.9M	$566K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.24	−0.038%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.36	+0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.35	+0.009%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.765%	$382K	$712K	10x	as long as short
BloFin NBIS-USDT	+0.0110%	8h	235.29	−0.017%	$206K	$205K	20x	as long as short
Aster NBISUSDT	+0.0118%	8h	235.44	+0.047%	$81K	$307K	50x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.44	+0.048%	$147K	$706K	10x	as long as short
Binance NBISUSDT	+0.0123%	8h	235.46	+0.055%	$19.2M	$84.5M	25x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.15	−0.075%	$24K	$15K	20x	as long as short
Lighter NBIS	+0.0272%	1h	235.49	+0.068%	$901K	$4.3M	10x	as long as short
Phoenix NBISshort	+0.0308%	1h	235.19	−0.059%	$7K	$150K	10x
Entropy io:NBIS	+0.0527%	1h	235.33	0.000%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0976%	4h	235.20	−0.056%	$38K	$226K	10x	as long as short