Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0239%/8h= −26.1% APRpaid last 24h −0.042%

Price spread now: Gate against Phoenix−0.194%107s7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.666% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.454%−$45 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.194%, 7d avg −0.078%

Together, before fees−0.403%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Gate is 0.116% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.078%). Swap the legs. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	232.36	0.0239	pay 0.0030% / 1h	1m 29s	$7K	$150K	10x
Short	Gate NBIS_USDT	231.91	0	get 0.0000% / 8h	3h 01m	$2.7M	$5.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.194%Rate

Funding earned: −$50.14
Price spread: −0.194% → −0.078%: −$11.6
Slippage, 4 orders: −$44.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$128.34
Costs to cover: 0.666%
Break-even: never at this rate

Slippage from Phoenix: live order book, 44 min ago; Gate: 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, 44 min ago	5.12 bp	15.9 bp −$16	34.5 bp −$345	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.80 bp	18.9 bp −$19	86.6 bp −$866	294.0 bp −$29.4K	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
BloFin NBIS-USDT	−0.0004%	8h	231.97	−0.168%	$205K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	232.18	−0.078%	$78K	$309K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.74	−0.268%	$145K	$726K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.80	−0.242%	$18.8M	$85.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.85	−0.219%	$4.9M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.79	−0.245%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDTshort	0.0000%	8h	231.91	−0.194%	$2.7M	$5.1M	50x
Bitget NBISUSDT	0.0000%	8h	231.79	−0.245%	$2.3M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	232.62	+0.114%	$2.9M	$552K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	232.41	+0.019%	$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	231.92	−0.189%	$965	$1.6M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	231.75	−0.263%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	232.34	−0.009%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.89	−0.202%	$1.6M	$956K	10x	as long as short
Nado NBIS-PERP	+0.0004%	1h	231.75	−0.262%	$38K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0034%	1h	231.82	−0.232%	$1.5M	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	231.96	−0.172%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.93	−0.185%	—	$217K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0049%	1h	231.86	−0.216%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	231.78	−0.250%	$54.0M	$20.2M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.81	−0.237%	$142K	$459K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.84	−0.224%	$107	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	232.20	−0.069%	$159K	$508K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.73	−0.271%	$478K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.84	−0.224%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.81	−0.237%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	232.30	−0.026%	$361K	$771K	10x	as long as short
Lighter NBIS	+0.0184%	1h	231.86	−0.215%	$916K	$4.0M	10x	as long as short
Phoenix NBISlong	+0.0239%	1h	232.36	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0293%	1h	232.03	−0.142%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0417%	4h	232.07	−0.126%	$37K	$227K	10x	as long as short