Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.070%

Price spread now: Variational Omni against Phoenix+0.529%69s7-day average −0.094% · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.556%−$56 · spread now +0.529%, 7d avg −0.094%

Together, before fees−0.637%+ Points / potential airdropVariational Omni: Active · farm board−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.624% dearer against Phoenix than usual: you sell high and buy low (spread +0.529% now, against its 7-day average of −0.094%): +$62 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 4 days (−0.080% in total) that is about 28 days. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.080% in total (about -8.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	228.94	0.0277	pay 0.0035% / 1h	48m 22s	$7K	$125K	10x
Short	Variational Omni NBIS	230.15	0	get 0.0000% / 8h	7h 48m	$2.8M	$575K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.529%Rate

Funding earned: −$58.15
Price spread: +0.529% → −0.094%: $62.38
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.78
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 42 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 42 min ago	5.62 bp	16.3 bp −$16	35.6 bp −$356	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.70 bp	doesn't fit	54.5 bp −$545	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
GRVT NBIS_USDT_Perp	−0.0686%	8h	229.56	+0.272%	$4K	$114K	10x	as long as short
Bitget NBISUSDT	−0.0321%	8h	229.48	+0.236%	$2.3M	$4.5M	20x	as long as short
Coinbase International NBIS-PERP-INTX	−0.0008%	1h	230.90	+0.856%	$357K	$810K	10x	as long as short
Aster NBISUSDT	0.0000%	8h	229.43	+0.214%	$83K	$313K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	229.43	+0.215%	$147K	$880K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	229.62	+0.297%	$18.6M	$88.4M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	229.53	+0.258%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	229.45	+0.223%	$3.2M	$15.9M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	229.52	+0.253%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBISshort	0.0000%	8h	230.15	+0.529%	$2.8M	$575K	—

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	229.48	+0.236%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	229.16	+0.096%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	229.98	+0.454%	$1.5M	$972K	10x	as long as short
BloFin NBIS-USDT	+0.0026%	8h	229.72	+0.341%	$203K	$214K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	229.45	+0.223%	$42K	$124K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	229.36	+0.183%	—	$224K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	229.43	+0.214%	$136K	$466K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	229.43	+0.214%	$64	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	229.42	+0.210%	$148K	$539K	10x	as long as short
QFEX NBIS-USD	+0.0064%	1h	229.54	+0.262%	$1.5M	$3.7M	10x	as long as short
Nado NBIS-PERP	+0.0093%	1h	229.40	+0.202%	$38K	$116K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	229.40	+0.201%	$472K	$44K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	229.40	+0.201%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	229.33	+0.169%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0125%	1h	229.51	+0.249%	$53.6M	$21.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0143%	1h	229.37	+0.188%	$34K	$49K	10x	as long as short
edgeX NBISUSDC	+0.0195%	4h	229.58	+0.279%	$37K	$227K	10x	as long as short
Lighter NBIS	+0.0216%	1h	229.56	+0.271%	$917K	$4.0M	10x	as long as short
Phoenix NBISlong	+0.0277%	1h	228.94	long leg	$7K	$125K	10x
Entropy io:NBIS	+0.0404%	1h	229.67	+0.319%	$10.0M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0679%	1h	229.64	+0.304%	$22K	$16K	20x	as long as short