Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.103%

Price spread now: Phemex against Phoenix+0.106%7-day average −0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1131.134% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.599%−$60 on $10k

Price spread, last 4 days (all we have)−0.392%−$39 · spread now +0.106%, 7d avg −0.088%

Together, before fees−0.991%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.194% dearer against Phoenix than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of −0.088%): +$19 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	235.19	0.0308	pay 0.0039% / 1h	6m 55s	$7K	$150K	10x
Short	Phemex NBISUSDT	235.44	0	get 0.0000% / 8h	5h 06m	$1.6M	$960K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$64.7
Price spread: +0.106% → −0.088%: $19.41
Slippage, 4 orders: −$94.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$158.73
Costs to cover: 1.134%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; Phemex: live order book, 1 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, 49 min ago	5.12 bp	15.7 bp −$16	34.0 bp −$340	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.49 bp	37.5 bp −$38	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	−0.0002%	1h	235.40	+0.091%	$64K	$99K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.54	+0.149%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.47	+0.119%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.48	+0.123%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.46	+0.115%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.28	+0.038%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.52	+0.140%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.39	+0.085%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.29	+0.043%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	235.44	+0.106%	$1.6M	$960K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	235.41	+0.094%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.14	−0.021%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.66	+0.200%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.39	+0.085%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.43	+0.102%	$66	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.00	−0.081%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0073%	1h	235.37	+0.077%	$55.2M	$19.6M	10x	as long as short
Variational Omni NBIS	+0.0085%	8h	235.11	−0.034%	$2.9M	$566K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.26	+0.030%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.48	+0.123%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.45	+0.111%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.35	+0.068%	$389K	$725K	10x	as long as short
Aster NBISUSDT	+0.0118%	8h	235.41	+0.094%	$81K	$307K	50x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.44	+0.105%	$147K	$706K	10x	as long as short
BloFin NBIS-USDT	+0.0123%	8h	235.44	+0.106%	$206K	$205K	20x	as long as short
Binance NBISUSDT	+0.0123%	8h	235.50	+0.132%	$19.2M	$84.4M	25x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.25	+0.027%	$24K	$15K	20x	as long as short
Lighter NBIS	+0.0272%	1h	235.50	+0.132%	$901K	$4.3M	10x	as long as short
Phoenix NBISlong	+0.0308%	1h	235.19	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0527%	1h	235.33	+0.060%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0729%	4h	235.26	+0.028%	$38K	$226K	10x	as long as short