Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h −0.075%

Price spread now: Orderly against Phoenix−0.150%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.150% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	234.04	0.0306	pay 0.0038% / 1h	43m 04s	$7K	$152K	10x
Short	Orderly PERP_NBIS_USDC_mythos	233.69	0.0100	get 0.0100% / 8h	6h 43m	$2K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.150%Rate

Funding earned: −$43.19
Price spread: −0.150% → 0.000%: −$14.95
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$71.14
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 18 min ago; Orderly: no order-book sample. Net counts fees only.

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, 18 min ago	5.09 bp	15.1 bp −$15	32.3 bp −$323	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bybit NBISUSDT	0.0000%	8h	233.76	−0.120%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.64	−0.171%	$3.4M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.75	−0.124%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.71	−0.141%	$2.4M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.71	−0.141%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.78	−0.111%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.78	−0.111%	$1.6M	$972K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.70	−0.145%	$1.5M	$4.7M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.75	−0.124%	$42K	$135K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.79	−0.107%	—	$226K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	233.64	−0.171%	$149K	$471K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.63	−0.175%	$93	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.66	−0.162%	$163K	$511K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0062%	8h	233.77	−0.117%	$5K	$130K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.69	−0.150%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.63	−0.175%	$482K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythosshort	+0.0100%	8h	233.69	−0.150%	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	233.66	−0.162%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+0.859%	$386K	$723K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0142%	1h	233.64	−0.171%	$54.8M	$22.8M	10x	as long as short
Nado NBIS-PERP	+0.0164%	1h	233.56	−0.206%	$73K	$92K	3x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0221%	1h	233.63	−0.175%	$35K	$48K	10x	as long as short
Aster NBISUSDT	+0.0227%	8h	233.82	−0.093%	$81K	$314K	50x	as long as short
Variational Omni NBIS	+0.0232%	8h	233.84	−0.086%	$2.9M	$560K	—	as long as short
BloFin NBIS-USDT	+0.0234%	8h	234.04	0.000%	$207K	$209K	20x	as long as short
Binance NBISUSDT	+0.0247%	8h	233.68	−0.154%	$19.2M	$85.4M	25x	as long as short
Extended NBIS-USD	+0.0248%	1h	233.67	−0.157%	$150K	$705K	10x	as long as short
Phoenix NBISlong	+0.0306%	1h	234.04	long leg	$7K	$152K	10x
Lighter NBIS	+0.0312%	1h	233.76	−0.120%	$904K	$4.4M	10x	as long as short
Entropy io:NBIS	+0.0370%	1h	233.84	−0.085%	$10.2M	$3.4M	10x	as long as short
edgeX NBISUSDC	+0.0990%	4h	233.83	−0.092%	$38K	$227K	10x	as long as short