Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0064%/8h= −7.1% APRpaid last 24h +0.012%

Price spread now: Variational Omni against QFEX−0.081%47s7-day average +0.062% · you buy dearer than you sell

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.073%+$7 on $10k

Price spread, last 7 days+0.105%+$11 · spread now −0.081%, 7d avg +0.062%

Together, before fees+0.179%+ Points / potential airdropVariational Omni: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.143% cheaper against QFEX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.062%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.073%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NBIS-USD	230.56	0.0064	pay 0.0008% / 1h	59m 44s	$1.6M	$3.7M	10x
Short	Variational Omni NBIS	230.37	0	get 0.0000% / 8h	6h 59m	$2.8M	$601K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.081%Rate

Funding earned: −$13.52
Price spread: −0.081% → +0.062%: −$14.31
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$37.84
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 QFEX live order book, 4 min ago	1.95 bp	7.0 bp −$7	11.5 bp −$115	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.16 bp	doesn't fit	31.0 bp −$310	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
Bitget NBISUSDT	−0.0068%	8h	230.83	+0.117%	$2.3M	$4.6M	20x	as long as short
Coinbase International NBIS-PERP-INTX	−0.0008%	1h	230.78	+0.095%	$382K	$869K	10x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.75	+0.082%	$3.3M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.80	+0.104%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBISshort	0.0000%	8h	230.37	−0.081%	$2.8M	$601K	—
SunX NBIS-USDT	0.0000%	8h	230.48	−0.035%	$1K	$1.6M	10x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.55	−0.004%	$1.6M	$971K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0010%	1h	230.47	−0.039%	$34K	$50K	10x	as long as short
Aster NBISUSDT	+0.0014%	8h	230.33	−0.099%	$74K	$320K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.47	−0.039%	—	$246K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NBIS-USD	+0.0048%	1h	230.61	+0.022%	$144K	$856K	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.49	−0.030%	$137K	$467K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.20	−0.156%	$149K	$539K	10x	as long as short
Binance NBISUSDT	+0.0054%	8h	230.80	+0.102%	$18.6M	$90.3M	25x	as long as short
QFEX NBIS-USDlong	+0.0064%	1h	230.56	long leg	$1.6M	$3.7M	10x
BloFin NBIS-USDT	+0.0065%	8h	230.49	−0.030%	$200K	$215K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.50	−0.026%	$474K	$98K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.60	+0.017%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.55	−0.003%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0133%	1h	230.32	−0.102%	$38K	$116K	3x	as long as short
HTX NBIS-USDT	+0.0202%	8h	230.68	+0.052%	$13K	$62K	20x	as long as short
Bybit NBISUSDT	+0.0223%	8h	230.72	+0.069%	$4.8M	$6.8M	50x	as long as short
Lighter NBIS	+0.0256%	1h	230.96	+0.173%	$929K	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0257%	1h	230.84	+0.121%	$42K	$124K	5x	as long as short
Phoenix NBIS	+0.0277%	1h	230.48	−0.035%	$7K	$125K	10x	as long as short
SoDEX NBIS-USD	+0.0395%	1h	230.58	+0.009%	$78	$20K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0436%	1h	230.84	+0.121%	$54.2M	$22.0M	10x	as long as short
Entropy io:NBIS	+0.0507%	1h	230.50	−0.026%	$10.1M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0677%	1h	230.58	+0.008%	$22K	$16K	20x	as long as short
edgeX NBISUSDC	+0.0741%	4h	230.53	−0.014%	$37K	$227K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0765%	8h	230.54	−0.009%	$5K	$114K	10x	as long as short