Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.074%

Price spread now: Binance against Phoenix+0.047%7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.460%−$46 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.047%, 7d avg −0.117%

Together, before fees−0.546%−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.165% dearer against Phoenix than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.117%): +$16 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	235.68	0.0272	pay 0.0034% / 1h	41m 16s	$7K	$150K	10x
Short	Binance NBISUSDT	235.79	0.0086	get 0.0086% / 8h	4h 41m	$19.4M	$84.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.047%Rate

Funding earned: −$39.06
Price spread: +0.047% → −0.117%: $16.46
Slippage, 4 orders: −$28.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$67.96
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from Phoenix: live order book, 10 min ago; Binance: live order book, 1 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 Phoenix live order book, 10 min ago	4.67 bp	14.1 bp −$14	30.0 bp −$300	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	0.21 bp	7.4 bp −$7	21.8 bp −$218	75.4 bp −$7,539	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
Nado NBIS-PERP	−0.0179%	1h	235.65	−0.011%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.78	+0.042%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.71	+0.013%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.76	+0.034%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.75	+0.030%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.51	−0.073%	$5K	$119K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.85	+0.072%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.66	−0.008%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.77	+0.038%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.81	+0.055%	$1.6M	$958K	10x	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	+0.0038%	1h	235.68	0.000%	$1.5M	$4.2M	10x	as long as short
Variational Omni NBIS	+0.0039%	8h	235.31	−0.156%	$2.9M	$573K	—	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.45	−0.098%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.97	+0.123%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.63	−0.021%	$55.0M	$19.9M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.64	−0.017%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.74	+0.025%	$5	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.74	+0.025%	$161K	$504K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.35	−0.140%	$389K	$724K	10x	as long as short
Lighter NBIS	+0.0072%	1h	235.76	+0.034%	$900K	$4.0M	10x	as long as short
Aster NBISUSDT	+0.0083%	8h	235.69	+0.004%	$79K	$310K	50x	as long as short
Binance NBISUSDTshort	+0.0086%	8h	235.79	+0.047%	$19.4M	$84.6M	25x
Extended NBIS-USD	+0.0088%	1h	235.72	+0.016%	$147K	$702K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.56	−0.051%	$485K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.80	+0.051%	$2K	$3K	10x	as long as short
BloFin NBIS-USDT	+0.0100%	8h	235.83	+0.064%	$207K	$205K	20x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.76	+0.033%	—	—	10x	as long as short
Phoenix NBISlong	+0.0272%	1h	235.68	long leg	$7K	$150K	10x
edgeX NBISUSDC	+0.0307%	4h	235.68	0.000%	$38K	$225K	10x	as long as short
Entropy io:NBIS	+0.0424%	1h	235.60	−0.034%	$10.2M	$3.3M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0476%	1h	235.55	−0.055%	$24K	$15K	20x	as long as short