Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.107%

Price spread now: Entropy against Variational Omni−0.209%7-day average +0.009% · you buy dearer than you sell

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

Long on Variational Omni Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.106%+$11 on $10k

Price spread, last 7 days+0.301%+$30 · spread now −0.209%, 7d avg +0.009%

Together, before fees+0.407%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.219% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.209% now, against its 7-day average of +0.009%). If the spread goes back, that is −$22 on $10k: about 43 hours of funding at the current rate (+$12 a day). At the pace of the last 4 days (+0.106% in total) that is about 7.6 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.106% in total (about 10.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NBIS	230.15	0	get 0.0000% / 8h	7h 48m	$2.8M	$575K	—
Short	Entropy io:NBIS	229.67	0.0404	get 0.0050% / 1h	48m 19s	$10.0M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee EntropybpOrdersPrice spread, now −0.209%Rate

Funding earned: $84.76
Price spread: −0.209% → +0.009%: −$21.85
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Entropy: 9 bp × 2 orders: −$18
Net: $44.91
Costs to cover: 0.180%
Break-even: 3.3 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Entropy: live order book, 9 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 Variational Omni RFQ quote, 1 min ago	3.70 bp	doesn't fit	47.3 bp −$473	doesn't fit	doesn't fit
Sell Entropy live order book, 9 min ago	0.87 bp	11.6 bp −$12	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
GRVT NBIS_USDT_Perp	−0.0686%	8h	229.56	−0.256%	$4K	$114K	10x	as long as short
Bitget NBISUSDT	−0.0321%	8h	229.48	−0.292%	$2.3M	$4.5M	20x	as long as short
Coinbase International NBIS-PERP-INTX	−0.0008%	1h	230.90	+0.325%	$357K	$810K	10x	as long as short
Aster NBISUSDT	0.0000%	8h	229.43	−0.314%	$83K	$313K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	229.43	−0.313%	$147K	$880K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	229.62	−0.231%	$18.6M	$88.4M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	229.53	−0.270%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	229.45	−0.305%	$3.2M	$15.9M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	229.52	−0.275%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBISlong	0.0000%	8h	230.15	long leg	$2.8M	$575K	—

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	229.48	−0.292%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	229.16	−0.431%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	229.98	−0.075%	$1.5M	$972K	10x	as long as short
BloFin NBIS-USDT	+0.0026%	8h	229.72	−0.188%	$203K	$214K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	229.45	−0.305%	$42K	$124K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	229.36	−0.344%	—	$224K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	229.43	−0.314%	$136K	$466K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	229.43	−0.314%	$64	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	229.42	−0.318%	$148K	$539K	10x	as long as short
QFEX NBIS-USD	+0.0064%	1h	229.54	−0.266%	$1.5M	$3.7M	10x	as long as short
Nado NBIS-PERP	+0.0093%	1h	229.40	−0.326%	$38K	$116K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	229.40	−0.327%	$472K	$44K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	229.40	−0.327%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	229.33	−0.359%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0125%	1h	229.51	−0.279%	$53.6M	$21.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0143%	1h	229.37	−0.340%	$34K	$49K	10x	as long as short
edgeX NBISUSDC	+0.0195%	4h	229.58	−0.249%	$37K	$227K	10x	as long as short
Lighter NBIS	+0.0216%	1h	229.56	−0.257%	$917K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0277%	1h	228.94	−0.527%	$7K	$125K	10x	as long as short
Entropy io:NBISshort	+0.0404%	1h	229.67	−0.209%	$10.0M	$3.1M	10x
Kraken Futures PF_NBISUSD	+0.0679%	1h	229.64	−0.224%	$22K	$16K	20x	as long as short