Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.012%

Price spread now: Phemex against QFEX+0.051%7-day average +0.025% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1141.138% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now +0.051%, 7d avg +0.025%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.026% dearer against QFEX than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of +0.025%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.017% in total) that is about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NBIS-USD	235.58	0.0038	pay 0.0005% / 1h	5m 11s	$1.5M	$4.9M	10x
Short	Phemex NBISUSDT	235.70	0	get 0.0000% / 8h	7h 05m	$1.6M	$973K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$8.03
Price spread: +0.051% → +0.025%: $2.62
Slippage, 4 orders: −$91.78
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$119.18
Costs to cover: 1.138%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Phemex: 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, 3 min ago	2.12 bp	7.1 bp −$7	8.0 bp −$80	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.82 bp	39.0 bp −$39	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	235.56	−0.010%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.68	+0.042%	$3.4M	$16.7M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.68	+0.042%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.70	+0.051%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.60	+0.008%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.73	+0.064%	$15K	$106K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	235.70	+0.051%	$1.6M	$973K	10x
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.200%	$386K	$737K	10x	as long as short
Bybit NBISUSDT	+0.0037%	8h	235.79	+0.089%	$5.1M	$6.4M	50x	as long as short
QFEX NBIS-USDlong	+0.0038%	1h	235.58	long leg	$1.5M	$4.9M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	235.97	+0.166%	—	$224K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	−0.025%	$175K	$502K	10x	as long as short
SoDEX NBIS-USD	+0.0083%	1h	235.69	+0.047%	$94	$20K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.48	−0.042%	$486K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.67	+0.038%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.70	+0.053%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0116%	8h	235.65	+0.030%	$2.5M	$4.6M	20x	as long as short
Nado NBIS-PERP	+0.0145%	1h	235.65	+0.029%	$31K	$66K	3x	as long as short
Polymarket Perps NBIS-USD	+0.0160%	1h	235.64	+0.025%	$142K	$462K	10x	as long as short
Variational Omni NBIS	+0.0256%	8h	235.67	+0.039%	$2.9M	$591K	—	as long as short
Aster NBISUSDT	+0.0262%	8h	235.85	+0.116%	$82K	$308K	50x	as long as short
BloFin NBIS-USDT	+0.0267%	8h	235.71	+0.055%	$207K	$211K	20x	as long as short
Binance NBISUSDT	+0.0286%	8h	235.70	+0.050%	$19.6M	$85.4M	25x	as long as short
Lighter NBIS	+0.0288%	1h	235.83	+0.106%	$920K	$4.5M	10x	as long as short
Extended NBIS-USD	+0.0288%	1h	235.64	+0.026%	$151K	$705K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0293%	1h	235.70	+0.051%	$55.2M	$23.6M	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.62	+0.017%	$44K	$132K	5x	as long as short
GRVT NBIS_USDT_Perp	+0.0378%	8h	235.55	−0.011%	$5K	$131K	10x	as long as short
Phoenix NBIS	+0.0409%	1h	235.90	+0.136%	$7K	$163K	10x	as long as short
edgeX NBISUSDC	+0.0499%	4h	235.71	+0.056%	$38K	$226K	10x	as long as short
Entropy io:NBIS	+0.0866%	1h	235.64	+0.025%	$10.3M	$3.4M	10x	as long as short