Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.103%

Price spread now: Phoenix against SunX+0.043%69s7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1531.528% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.604%+$60 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now +0.043%, 7d avg +0.103%

Together, before fees+0.731%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.060% cheaper against SunX than usual: you would sell low and buy high (spread +0.043% now, against its 7-day average of +0.103%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). The two prices were read 69 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	SunX NBIS-USDT	233.38	0	get 0.0000% / 8h	2h 14m	$432	$1.8M	10x
Short	Phoenix NBIS	233.48	0.0276	get 0.0034% / 1h	14m 09s	$7K	$185K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.043%Rate

Funding earned: $57.88
Price spread: +0.043% → +0.103%: −$6
Slippage, 4 orders: −$137.78
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$100.89
Costs to cover: 1.528%
Break-even: 19.2 days

Slippage from SunX: live order book, 11 min ago; Phoenix: live order book, 2 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, 11 min ago	44.84 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	3.85 bp	12.7 bp −$13	26.9 bp −$269	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
Aster NBISUSDT	0.0000%	8h	233.38	0.000%	$79K	$304K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	233.35	−0.014%	$141K	$697K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	233.36	−0.009%	$19.4M	$87.1M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	233.29	−0.039%	$5.1M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.27	−0.047%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.33	−0.021%	$2.9M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.40	+0.009%	$2.5M	$4.7M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	233.19	−0.079%	$2.8M	$945K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	233.23	−0.066%	$5K	$148K	10x	as long as short
SunX NBIS-USDTlong	0.0000%	8h	233.38	long leg	$432	$1.8M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.26	−0.051%	$35K	$67K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.19	−0.081%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.39	+0.004%	$1.6M	$961K	10x	as long as short
BloFin NBIS-USDT	+0.0007%	8h	233.31	−0.030%	$205K	$216K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	233.36	−0.009%	$1.5M	$5.1M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.30	−0.034%	$44K	$134K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.44	+0.026%	—	$234K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.38	0.000%	$131K	$588K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.32	−0.026%	$70	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.26	−0.051%	$180K	$514K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0056%	1h	233.16	−0.096%	$24K	$13K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.08	−0.129%	$480K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.34	−0.017%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.33	−0.020%	—	—	10x	as long as short
Lighter NBIS	+0.0128%	1h	233.32	−0.026%	$935K	$4.6M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0136%	1h	232.99	−0.167%	$355K	$704K	10x	as long as short
edgeX NBISUSDC	+0.0151%	4h	233.23	−0.066%	$37K	$235K	10x	as long as short
Nado NBIS-PERP	+0.0185%	1h	233.20	−0.075%	$28K	$65K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0193%	1h	233.38	0.000%	$54.5M	$23.5M	10x	as long as short
Entropy io:NBIS	+0.0196%	1h	233.20	−0.077%	$10.2M	$3.3M	10x	as long as short
Phoenix NBISshort	+0.0276%	1h	233.48	+0.043%	$7K	$185K	10x