Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.023%

Price spread now: Phemex against Bitget+0.035%46s7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as 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−$840.840% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.035%, 7d avg −0.001%

Together, before fees−0.274%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.036% dearer against Bitget than usual: you sell high and buy low (spread +0.035% now, against its 7-day average of −0.001%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.1 days. At the pace of the last 7 days (−0.197% in total) that is about 31 hours. The two prices were read 46 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	Bitget NVDAUSDT	227.45	0.0020	pay 0.0020% / 8h	1m 31s	$15.5M	$17.4M	100x
Short	Phemex NVDAUSDT	227.53	0	get 0.0000% / 4h	1m 31s	$2.2M	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$4.2
Price spread: +0.035% → −0.001%: $3.64
Slippage, 4 orders: −$60.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.59
Costs to cover: 0.840%
Break-even: never at this rate

Slippage from Bitget: live order book, 7 min ago; Phemex: 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 Bitget live order book, 7 min ago	0.22 bp	7.2 bp −$7	9.6 bp −$96	22.9 bp −$2,288	doesn't fit
Sell Phemex live order book, 2 min ago	1.98 bp	29.7 bp −$30	doesn't fit	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	227.48	+0.015%	$482K	$586K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.45	0.000%	$12.7M	$15.4M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.45	0.000%	$14.4M	$21.0M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.40	−0.022%	$7.2M	$9.7M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.52	+0.033%	$3.6M	$1.9M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.55	+0.042%	$20K	$405K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.98	−0.207%	$3K	$3.9M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	227.38	−0.031%	$49K	$1.4M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.53	+0.035%	$197K	$524K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.53	+0.035%	$2.2M	$42K	10x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps NVDAUSD	+0.0016%	1h	227.35	−0.042%	$118K	$56K	10x	as long as short
Bitget NVDAUSDTlong	+0.0020%	8h	227.45	long leg	$15.5M	$17.4M	100x
Extended NVDA_24_5-USD	+0.0032%	1h	227.33	−0.053%	$535K	$447K	10x	as long as short
Binance NVDAUSDT	+0.0036%	8h	227.47	+0.008%	$156.3M	$219.3M	50x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.53	+0.035%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.33	−0.053%	$147.8M	$48.8M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.42	−0.013%	$401K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.33	−0.053%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.21	−0.106%	$1.6M	$2.1M	15x	as long as short
Nado NVDA-PERP	+0.0058%	1h	227.36	−0.040%	$484K	$229K	20x	as long as short
QFEX NVDA-USD	+0.0060%	1h	227.42	−0.013%	$1.6M	$11.5M	10x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.44	−0.006%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.193%	$1.3M	$839K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.31	−0.061%	$298K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.37	−0.035%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.42	−0.013%	$36K	$22K	20x	as long as short
Phoenix NVDA	+0.0106%	1h	227.38	−0.031%	$93K	$112K	20x	as long as short
KuCoin NVDAUSDTM	+0.0112%	8h	227.52	+0.031%	$1.6M	$742K	20x	as long as short
Arcus NVDA-USD	+0.0127%	1h	227.28	−0.075%	$399K	$724K	20x	as long as short
Hotstuff NVDA-PERP	+0.0128%	1h	227.30	−0.066%	$35K	—	20x	as long as short
BloFin NVDA-USDT	+0.0148%	8h	227.46	+0.004%	$714K	$205K	20x	as long as short
Lighter NVDA	+0.0168%	1h	227.48	+0.015%	$2.2M	$3.3M	20x	as long as short
Lighter RH NVDA	+0.0168%	1h	227.61	+0.070%	$5.1M	$7.2M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.67	+0.097%	$73K	$140	30x	as long as short
edgeX NVDAUSDC	+0.0312%	4h	227.49	+0.017%	$171K	$1.9M	20x	as long as short