NBIS

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0308%/8h= +33.8% APRnext payment +$0.39 per $10,000 · paid last 24h +0.036%

Price spread now: Entropy against Phoenix−0.113%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Phoenix Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now −0.113%, 7d avg −0.013%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.099% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.113% now, against its 7-day average of −0.013%). If the spread goes back, that is −$10 on $10k: about 26 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.041% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.39 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	230.98	0.0347	pay 0.0043% / 1h	18m 10s	$7K	$127K	10x
Short	Entropy io:NBIS	230.72	0.0655	get 0.0082% / 1h	18m 10s	$10.1M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy 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 EntropybpOrdersPrice spread, now −0.113%Rate

Funding earned: $64.76
Price spread: −0.113% → −0.013%: −$9.92
Slippage, 4 orders: −$35.97
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$6.14
Costs to cover: 0.610%
Break-even: 7.7 days

Slippage from Phoenix: live order book, 27 min ago; Entropy: live order book, 2 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, 27 min ago	5.20 bp	15.3 bp −$15	33.0 bp −$330	doesn't fit	doesn't fit
Sell Entropy live order book, 2 min ago	1.08 bp	16.2 bp −$16	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	231.01	+0.013%	$3.3M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.94	−0.017%	$2.7M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	231.00	+0.009%	$2.3M	$4.7M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.86	−0.052%	$1K	$1.5M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.79	−0.082%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.96	−0.009%	$1.6M	$970K	10x	as long as short
Variational Omni NBIS	+0.0010%	8h	230.73	−0.107%	$2.8M	$642K	—	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0010%	1h	230.68	−0.130%	$34K	$50K	10x	as long as short
Bybit NBISUSDT	+0.0023%	8h	230.88	−0.043%	$4.9M	$6.8M	50x	as long as short
Aster NBISUSDT	+0.0027%	8h	230.91	−0.031%	$74K	$315K	50x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	230.85	−0.056%	—	$250K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.72	−0.113%	$137K	$472K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.79	−0.082%	$65	$19K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.68	−0.130%	$151K	$538K	10x	as long as short
QFEX NBIS-USD	+0.0054%	1h	230.76	−0.095%	$1.5M	$3.7M	10x	as long as short
Extended NBIS-USD	+0.0056%	1h	230.76	−0.095%	$145K	$854K	10x	as long as short
Binance NBISUSDT	+0.0059%	8h	230.90	−0.033%	$19.6M	$91.5M	25x	as long as short
BloFin NBIS-USDT	+0.0079%	8h	230.88	−0.043%	$205K	$219K	20x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0088%	1h	230.69	−0.126%	$380K	$873K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.69	−0.126%	$468K	$145K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.85	−0.056%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.78	−0.086%	—	—	10x	as long as short
edgeX NBISUSDC	+0.0109%	4h	230.76	−0.096%	$37K	$227K	10x	as long as short
Nado NBIS-PERP	+0.0132%	1h	230.67	−0.135%	$38K	$116K	3x	as long as short
Arcus NBIS-USD	+0.0257%	1h	230.73	−0.108%	$42K	$122K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0299%	1h	230.89	−0.039%	$54.3M	$20.4M	10x	as long as short
Phoenix NBISlong	+0.0347%	1h	230.98	long leg	$7K	$127K	10x
GRVT NBIS_USDT_Perp	+0.0353%	8h	230.77	−0.091%	$5K	$104K	10x	as long as short
Lighter NBIS	+0.0392%	1h	231.01	+0.013%	$935K	$4.1M	10x	as long as short
Entropy io:NBISshort	+0.0655%	1h	230.72	−0.113%	$10.1M	$3.1M	10x
Kraken Futures PF_NBISUSD	+0.0770%	1h	230.68	−0.129%	$22K	$11K	20x	as long as short