Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h −0.105%

Price spread now: Bitget against Phoenix−0.013%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$640.635% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.430%−$43 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now −0.013%, 7d avg −0.103%

Together, before fees−0.750%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.090% dearer against Phoenix than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.103%): +$9 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	234.32	0.0306	pay 0.0038% / 1h	23m 31s	$7K	$152K	10x
Short	Bitget NBISUSDT	234.29	0	get 0.0000% / 8h	6h 23m	$2.4M	$4.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$64.19
Price spread: −0.013% → −0.103%: $9.04
Slippage, 4 orders: −$44.54
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$118.69
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; Bitget: live order book, 5 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, 38 min ago	5.09 bp	15.1 bp −$15	32.3 bp −$323	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.07 bp	16.7 bp −$17	35.6 bp −$356	57.8 bp −$5,778	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	234.36	+0.017%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.26	−0.026%	$3.4M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.41	+0.038%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDTshort	0.0000%	8h	234.29	−0.013%	$2.4M	$4.5M	20x
GRVT NBIS_USDT_Perp	0.0000%	8h	234.30	−0.009%	$5K	$129K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.37	+0.021%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.21	−0.047%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.41	+0.038%	$1.6M	$971K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	234.26	−0.026%	$1.5M	$4.6M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.13	−0.081%	$42K	$132K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	234.46	+0.060%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.20	−0.051%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.40	+0.034%	$52	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.27	−0.021%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0074%	1h	234.19	−0.055%	$54.7M	$19.9M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0095%	1h	234.23	−0.038%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.27	−0.021%	$483K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.32	0.000%	$2K	$3K	10x	as long as short
Nado NBIS-PERP	+0.0103%	1h	234.31	−0.006%	$67K	$95K	3x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.32	−0.002%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	233.89	−0.184%	$383K	$714K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0134%	1h	234.29	−0.013%	$35K	$48K	10x	as long as short
Variational Omni NBIS	+0.0191%	8h	234.40	+0.033%	$2.8M	$571K	—	as long as short
Aster NBISUSDT	+0.0203%	8h	234.49	+0.074%	$81K	$314K	50x	as long as short
Extended NBIS-USD	+0.0216%	1h	234.30	−0.009%	$150K	$701K	10x	as long as short
Binance NBISUSDT	+0.0220%	8h	234.29	−0.013%	$19.2M	$84.8M	25x	as long as short
Lighter NBIS	+0.0280%	1h	234.41	+0.038%	$905K	$4.4M	10x	as long as short
Phoenix NBISlong	+0.0306%	1h	234.32	long leg	$7K	$152K	10x
Entropy io:NBIS	+0.0434%	1h	234.20	−0.051%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0655%	4h	234.22	−0.044%	$38K	$226K	10x	as long as short