Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.136%

Price spread now: Lighter against SunX−0.021%7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1351.347% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.564%+$56 on $10k

Price spread, last 3 days (all we have)+0.178%+$18 · spread now −0.021%, 7d avg +0.065%

Together, before fees+0.742%+ Points / potential airdropLighter: Season 3 · farm board+$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.086% cheaper against SunX than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.065%). If the spread goes back, that is −$9 on $10k: about 2.4 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.564% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NBIS-USDT	232.95	0	get 0.0000% / 8h	2h 03m	$461	$1.8M	10x
Short	Lighter NBIS	232.90	0.0120	get 0.0015% / 1h	3m 30s	$932K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.021%Rate

Funding earned: $25.2
Price spread: −0.021% → +0.065%: −$8.64
Slippage, 4 orders: −$126.69
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$118.12
Costs to cover: 1.347%
Break-even: 39.8 days

Slippage from SunX: live order book, 12 min ago; Lighter: live order book, 4 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 SunX live order book, 12 min ago	45.20 bp	63.8 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.50 bp	3.7 bp −$4	17.5 bp −$175	90.8 bp −$9,081	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
BloFin NBIS-USDT	−0.0001%	8h	233.07	+0.052%	$205K	$216K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	232.92	−0.011%	$79K	$304K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	232.91	−0.016%	$141K	$697K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	232.94	−0.004%	$19.3M	$87.2M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	232.96	+0.004%	$5.1M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	232.85	−0.043%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	232.87	−0.034%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	232.97	+0.009%	$2.5M	$4.8M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	232.99	+0.019%	$2.8M	$945K	—	as long as short
SunX NBIS-USDTlong	0.0000%	8h	232.95	long leg	$461	$1.8M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	232.91	−0.017%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	232.95	0.000%	$1.6M	$966K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0007%	8h	232.99	+0.019%	$5K	$147K	10x	as long as short
QFEX NBIS-USD	+0.0033%	1h	232.90	−0.021%	$1.5M	$5.1M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	232.92	−0.013%	$43K	$134K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.04	+0.039%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	232.62	−0.142%	$139K	$637K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	232.84	−0.047%	$51	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	232.88	−0.030%	$180K	$513K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0057%	1h	232.82	−0.057%	$24K	$13K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	232.75	−0.086%	$480K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	232.93	−0.009%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	232.91	−0.018%	—	—	10x	as long as short
Lighter NBISshort	+0.0120%	1h	232.90	−0.021%	$932K	$4.6M	10x
Coinbase International NBIS-PERP-INTX	+0.0136%	1h	232.99	+0.017%	$355K	$704K	10x	as long as short
Entropy io:NBIS	+0.0194%	1h	232.86	−0.039%	$10.2M	$3.3M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0197%	1h	232.96	+0.004%	$54.4M	$23.5M	10x	as long as short
Nado NBIS-PERP	+0.0202%	1h	232.68	−0.118%	$28K	$65K	3x	as long as short
Phoenix NBIS	+0.0276%	1h	233.08	+0.056%	$7K	$185K	10x	as long as short
edgeX NBISUSDC	+0.0674%	4h	233.00	+0.021%	$37K	$234K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0738%	1h	232.95	0.000%	$35K	$67K	10x	as long as short