Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.030%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on SoDEX

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

Funding pays, the price is against you. SoDEX is 0.030% cheaper against Phemex than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 48 hours 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	234.52	0	get 0.0000% / 8h	5h 26m	$1.6M	$962K	10x
Short	SoDEX NBIS-USD	234.45	0.0050	get 0.0006% / 1h	26m 01s	$28	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $10.5
Price spread: −0.030% → 0.000%: −$2.98
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$12.48
Costs to cover: 0.200%
Break-even: 15.3 days

Slippage unknown: Phemex: live order book, 2 min ago; SoDEX: 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, 2 min ago	4.26 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Nado NBIS-PERP	−0.0001%	1h	234.27	−0.108%	$65K	$98K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.54	+0.009%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.40	−0.051%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.48	−0.017%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.42	−0.043%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.57	+0.021%	$4K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.43	−0.038%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.72	+0.085%	$15K	$60K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	234.52	long leg	$1.6M	$962K	10x
QFEX NBIS-USD	+0.0023%	1h	234.48	−0.017%	$1.5M	$4.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	234.44	−0.034%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.68	+0.068%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.43	−0.038%	$149K	$453K	10x	as long as short
SoDEX NBIS-USDshort	+0.0050%	1h	234.45	−0.030%	$28	$20K	10x
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.70	+0.077%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0072%	1h	234.38	−0.060%	$54.9M	$19.7M	10x	as long as short
Variational Omni NBIS	+0.0091%	8h	234.48	−0.018%	$2.9M	$568K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.20	−0.136%	$483K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.42	−0.043%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.41	−0.047%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.422%	$382K	$712K	10x	as long as short
Aster NBISUSDT	+0.0122%	8h	234.61	+0.040%	$81K	$307K	50x	as long as short
Extended NBIS-USD	+0.0128%	1h	234.44	−0.035%	$146K	$702K	10x	as long as short
Binance NBISUSDT	+0.0131%	8h	234.51	−0.004%	$19.1M	$84.5M	25x	as long as short
BloFin NBIS-USDT	+0.0142%	8h	234.52	0.000%	$206K	$204K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.40	−0.052%	$23K	$15K	20x	as long as short
Lighter NBIS	+0.0248%	1h	234.42	−0.043%	$902K	$4.3M	10x	as long as short
Phoenix NBIS	+0.0308%	1h	234.85	+0.141%	$7K	$150K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0348%	1h	234.36	−0.068%	$35K	$48K	10x	as long as short
Entropy io:NBIS	+0.0474%	1h	234.46	−0.026%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0644%	4h	234.66	+0.061%	$38K	$225K	10x	as long as short