Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.005%

Price spread now: Bybit against QFEX−0.004%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.061%+$6 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.004%, 7d avg +0.045%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.050% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.061%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NBIS-USD	233.77	0.0024	pay 0.0003% / 1h	59m 32s	$1.5M	$4.4M	10x
Short	Bybit NBISUSDT	233.76	0	get 0.0000% / 8h	5h 59m	$5.0M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$4.97
Price spread: −0.004% → +0.045%: −$4.97
Slippage, 4 orders: −$20.7
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.64
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Bybit: live order book, 3 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 QFEX live order book, 4 min ago	1.92 bp	10.1 bp −$10	13.7 bp −$137	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.35 bp	12.9 bp −$13	68.9 bp −$689	doesn't fit	doesn't fit

NBIS on 30 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	−0.0152%	1h	233.60	−0.073%	$67K	$95K	3x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	233.76	−0.004%	$5.0M	$6.3M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	233.71	−0.026%	$3.4M	$16.3M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.74	−0.013%	$2.8M	$4.9M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.78	+0.004%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.04	+0.117%	$5K	$128K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.63	−0.060%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.57	−0.086%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.02	+0.107%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.72	−0.021%	$1.6M	$970K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USDlong	+0.0024%	1h	233.77	long leg	$1.5M	$4.4M	10x
Arcus NBIS-USD	+0.0040%	1h	233.78	+0.004%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.95	+0.077%	—	$215K	5x	as long as short
Entropy io:NBIS	+0.0050%	1h	233.81	+0.017%	$10.2M	$3.3M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.66	−0.047%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.66	−0.047%	$14	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.04	+0.115%	$164K	$497K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.72	−0.022%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.71	−0.026%	$482K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.66	−0.047%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.63	−0.058%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	233.53	−0.103%	$382K	$712K	10x	as long as short
Variational Omni NBIS	+0.0141%	8h	233.95	+0.079%	$2.8M	$570K	—	as long as short
Aster NBISUSDT	+0.0155%	8h	233.86	+0.041%	$81K	$307K	50x	as long as short
tradeXYZ xyz:NBIS	+0.0160%	1h	233.73	−0.017%	$54.5M	$19.9M	10x	as long as short
Binance NBISUSDT	+0.0168%	8h	233.73	−0.019%	$19.1M	$84.7M	25x	as long as short
Extended NBIS-USD	+0.0168%	1h	233.65	−0.053%	$147K	$698K	10x	as long as short
Lighter NBIS	+0.0192%	1h	233.72	−0.021%	$902K	$4.3M	10x	as long as short
Phoenix NBIS	+0.0306%	1h	234.08	+0.133%	$7K	$149K	10x	as long as short
edgeX NBISUSDC	+0.0480%	4h	233.91	+0.058%	$38K	$227K	10x	as long as short