Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0343%/8h= −37.6% APRpaid last 24h −0.077%

Price spread now: HTX against Phoenix−0.124%72s7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as 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−$480.477% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.575%−$57 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.124%, 7d avg −0.084%

Together, before fees−0.589%−$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and HTX is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.084%). Swap the legs. The two prices were read 72 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	233.45	0.0343	pay 0.0043% / 1h	46m 17s	$7K	$185K	10x
Short	HTX NBIS-USDT	233.16	0	get 0.0000% / 8h	1h 46m	$15K	$115K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$72.09
Price spread: −0.124% → −0.084%: −$4.07
Slippage, 4 orders: −$28.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$123.84
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from Phoenix: live order book, 30 min ago; HTX: live order book, 35 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	3.85 bp	12.7 bp −$13	26.9 bp −$269	doesn't fit	doesn't fit
Sell HTX live order book, 35 min ago	0.86 bp	11.0 bp −$11	33.2 bp −$332	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
Deribit NBIS_USDC-PERPETUAL	−0.0050%	1h	233.11	−0.146%	$35K	$47K	10x	as long as short
Bybit NBISUSDT	0.0000%	8h	233.18	−0.116%	$5.1M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.19	−0.111%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.20	−0.107%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.18	−0.116%	$2.5M	$4.7M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	233.27	−0.077%	$2.8M	$945K	—	as long as short
SunX NBIS-USDT	0.0000%	8h	233.27	−0.077%	$1K	$1.8M	10x	as long as short
HTX NBIS-USDTshort	0.0000%	8h	233.16	−0.124%	$15K	$115K	20x
Phemex NBISUSDT	0.0000%	8h	233.27	−0.077%	$1.6M	$967K	10x	as long as short
BloFin NBIS-USDT	+0.0019%	8h	233.20	−0.107%	$205K	$213K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NBISUSDT	+0.0021%	8h	233.30	−0.064%	$19.4M	$86.9M	25x	as long as short
Aster NBISUSDT	+0.0022%	8h	233.49	+0.017%	$79K	$304K	50x	as long as short
Extended NBIS-USD	+0.0024%	1h	233.23	−0.094%	$141K	$697K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	233.19	−0.111%	$1.5M	$5.1M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0039%	8h	233.25	−0.084%	$5K	$147K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.20	−0.107%	$44K	$133K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.35	−0.043%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.24	−0.090%	$136K	$645K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.26	−0.081%	$19	$20K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0072%	1h	232.99	−0.197%	$356K	$702K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0074%	1h	233.27	−0.077%	$173K	$498K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.05	−0.171%	$480K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.26	−0.081%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.28	−0.073%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0254%	1h	233.19	−0.110%	$28K	$63K	3x	as long as short
Lighter NBIS	+0.0264%	1h	233.32	−0.056%	$934K	$4.6M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0266%	1h	233.26	−0.081%	$54.4M	$23.5M	10x	as long as short
Entropy io:NBIS	+0.0268%	1h	233.24	−0.090%	$10.2M	$3.3M	10x	as long as short
Phoenix NBISlong	+0.0343%	1h	233.45	long leg	$7K	$185K	10x
Kraken Futures PF_NBISUSD	+0.0347%	1h	233.11	−0.144%	$24K	$13K	20x	as long as short
edgeX NBISUSDC	+0.0602%	4h	233.27	−0.078%	$37K	$234K	10x	as long as short