Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0272%/8h= −29.7% APRpaid last 24h −0.080%

Price spread now: GRVT against Phoenix−0.016%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.016%, 7d avg −0.109%

Together, before fees−0.450%+ Points / potential airdropGRVT: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.093% dearer against Phoenix than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.109%): +$9 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	235.56	0.0272	pay 0.0034% / 1h	21m 16s	$7K	$150K	10x
Short	GRVT NBIS_USDT_Perp	235.52	0	get 0.0000% / 8h	4h 21m	$5K	$120K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$57.02
Price spread: −0.016% → −0.109%: $9.3
Slippage, 4 orders: −$34.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$98.08
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Phoenix: live order book, 30 min ago; GRVT: live order book, 31 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, 30 min ago	4.67 bp	14.1 bp −$14	30.0 bp −$300	doesn't fit	doesn't fit
Sell GRVT live order book, 31 min ago	1.91 bp	9.6 bp −$10	doesn't fit	doesn't fit	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	−0.0101%	1h	235.36	−0.084%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.50	−0.025%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.45	−0.047%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.53	−0.013%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.51	−0.021%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perpshort	0.0000%	8h	235.52	−0.016%	$5K	$120K	10x
SunX NBIS-USDT	0.0000%	8h	235.50	−0.025%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.51	−0.021%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.56	0.000%	$1.6M	$956K	10x	as long as short
Variational Omni NBIS	+0.0005%	8h	235.42	−0.059%	$2.9M	$562K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin NBIS-USDT	+0.0038%	8h	235.40	−0.068%	$208K	$205K	20x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.50	−0.025%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.32	−0.102%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.74	+0.076%	—	$216K	5x	as long as short
Aster NBISUSDT	+0.0047%	8h	235.40	−0.068%	$79K	$310K	50x	as long as short
Extended NBIS-USD	+0.0048%	1h	235.39	−0.071%	$150K	$701K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.36	−0.085%	$54.9M	$19.8M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.43	−0.055%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.45	−0.047%	$38	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.54	−0.008%	$161K	$503K	10x	as long as short
Binance NBISUSDT	+0.0051%	8h	235.44	−0.053%	$19.4M	$84.6M	25x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.35	−0.089%	$389K	$723K	10x	as long as short
Lighter NBIS	+0.0088%	1h	235.51	−0.021%	$903K	$4.1M	10x	as long as short
edgeX NBISUSDC	+0.0095%	4h	235.47	−0.037%	$38K	$226K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.27	−0.123%	$485K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.42	−0.059%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.41	−0.064%	—	—	10x	as long as short
Phoenix NBISlong	+0.0272%	1h	235.56	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0397%	1h	235.43	−0.055%	$10.2M	$3.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0430%	1h	235.44	−0.051%	$35K	$48K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0476%	1h	235.53	−0.013%	$24K	$15K	20x	as long as short