Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0266%/8h= −29.1% APRpaid last 24h −0.070%

Price spread now: BloFin against Phoenix+0.130%7-day average −0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)−0.240%−$24 · spread now +0.130%, 7d avg −0.081%

Together, before fees−0.706%−$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.210% dearer against Phoenix than usual: you sell high and buy low (spread +0.130% now, against its 7-day average of −0.081%): +$21 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	230.78	0.0242	pay 0.0030% / 1h	29m 16s	$7K	$150K	10x
Short	BloFin NBIS-USDT	231.08	−0.0024	pay 0.0024% / 8h	2h 29m	$206K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.130%Rate

Funding earned: −$55.83
Price spread: +0.130% → −0.081%: $21.05
Slippage, 4 orders: −$33.69
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$87.47
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Phoenix: live order book, 12 min ago; BloFin: live order book, 51 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, 12 min ago	6.07 bp	17.2 bp −$17	37.7 bp −$377	doesn't fit	doesn't fit
Sell BloFin live order book, 51 min ago	0.21 bp	8.2 bp −$8	16.7 bp −$167	49.5 bp −$4,949	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
Bitget NBISUSDT	−0.0405%	8h	230.94	+0.069%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDTshort	−0.0024%	8h	231.08	+0.130%	$206K	$205K	20x
Aster NBISUSDT	0.0000%	8h	231.06	+0.120%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.94	+0.068%	$144K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.91	+0.057%	$18.4M	$86.5M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.92	+0.061%	$4.9M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.84	+0.026%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.06	+0.121%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.59	−0.083%	$2.9M	$555K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.62	−0.069%	$5K	$118K	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	230.70	−0.035%	$711	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.89	+0.048%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.83	+0.022%	$1.6M	$955K	10x	as long as short
Nado NBIS-PERP	+0.0015%	1h	230.87	+0.038%	$38K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0029%	1h	230.92	+0.061%	$1.5M	$3.9M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.70	−0.035%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.69	−0.039%	—	$219K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.90	+0.052%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.85	+0.030%	$92	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.75	−0.013%	$159K	$531K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0069%	1h	230.95	+0.074%	$53.7M	$20.5M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.91	+0.056%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.95	+0.074%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.92	+0.062%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0140%	1h	230.93	+0.065%	$34K	$49K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	230.62	−0.069%	$353K	$792K	10x	as long as short
Lighter NBIS	+0.0216%	1h	230.87	+0.039%	$924K	$3.9M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0223%	1h	230.82	+0.019%	$23K	$15K	20x	as long as short
Phoenix NBISlong	+0.0242%	1h	230.78	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0317%	1h	230.87	+0.039%	$10.0M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0817%	4h	230.62	−0.071%	$37K	$227K	10x	as long as short