Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0067%/8h= +7.4% APRpaid last 24h +0.015%

Price spread now: Phoenix against Binance−0.044%65s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as 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−$300.301% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 2 days (all we have)−0.103%−$10 · spread now −0.044%, 7d avg −0.040%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 65 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	Binance NVDAUSDT	227.18	0.0003	pay 0.0003% / 8h	2h 26m	$156.2M	$220.6M	50x
Short	Phoenix NVDA	227.08	0.0070	get 0.0009% / 1h	26m 18s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $14.11
Price spread: −0.044% → −0.040%: −$0.41
Slippage, 4 orders: −$13.12
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.42
Costs to cover: 0.301%
Break-even: 15.1 days

Slippage from Binance: live order book, 2 min ago; Phoenix: live order book, 54 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 Binance live order book, 2 min ago	0.22 bp	5.2 bp −$5	7.2 bp −$72	18.7 bp −$1,869	doesn't fit
Sell Phoenix live order book, 54 min ago	3.08 bp	9.7 bp −$10	21.2 bp −$212	doesn't fit	doesn't fit

NVDA on 35 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 NVDAUSDT	0.0000%	8h	227.09	−0.038%	$473K	$550K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.16	−0.009%	$12.7M	$15.8M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.15	−0.014%	$14.4M	$21.2M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.13	−0.022%	$7.2M	$9.4M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.13	−0.020%	$3.4M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.11	−0.031%	$21K	$468K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.85	−0.146%	$2K	$4.0M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	227.14	−0.018%	$49K	$1.5M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.20	+0.008%	$202K	$528K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.17	−0.005%	$2.2M	$41K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NVDAUSDTlong	+0.0003%	8h	227.18	long leg	$156.2M	$220.6M	50x
Aftermath Perps NVDAUSD	+0.0013%	1h	227.05	−0.059%	$118K	$54K	10x	as long as short
BloFin NVDA-USDT	+0.0014%	8h	227.18	0.000%	$714K	$205K	20x	as long as short
QFEX NVDA-USD	+0.0030%	1h	227.14	−0.018%	$1.6M	$11.3M	10x	as long as short
Lighter RH NVDA	+0.0032%	1h	227.31	+0.057%	$4.8M	$7.0M	20x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.05	−0.057%	$522K	$407K	10x	as long as short
Nado NVDA-PERP	+0.0044%	1h	227.08	−0.044%	$487K	$223K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.33	+0.066%	—	$73K	25x	as long as short
Hotstuff NVDA-PERP	+0.0048%	1h	227.07	−0.049%	$35K	—	20x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.05	−0.058%	$147.1M	$50.3M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.11	−0.031%	$390K	$235K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.07	−0.049%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.96	−0.097%	$1.6M	$2.1M	15x	as long as short
Bitget NVDAUSDT	+0.0064%	8h	227.17	−0.005%	$15.5M	$18.3M	100x	as long as short
Phoenix NVDAshort	+0.0070%	1h	227.08	−0.044%	$93K	$112K	20x
Lighter NVDA	+0.0072%	1h	227.18	0.000%	$2.1M	$3.3M	20x	as long as short
Aevo NVDA-PERP	+0.0080%	1h	227.17	−0.007%	—	—	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.10	−0.034%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.15	−0.014%	$1.6M	$752K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.00	−0.080%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.14	−0.018%	$36K	$22K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0112%	1h	227.01	−0.075%	$1.3M	$911K	10x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.48	+0.132%	$73K	$136	30x	as long as short
Arcus NVDA-USD	+0.0419%	1h	227.16	−0.009%	$395K	$683K	20x	as long as short
edgeX NVDAUSDC	+0.0909%	4h	227.15	−0.015%	$170K	$1.9M	20x	as long as short