Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0083%/8h= +9.0% APRpaid last 24h +0.019%

Price spread now: Phoenix against Bitget−0.088%99s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$340.337% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now −0.088%, 7d avg −0.048%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.040% cheaper against Bitget than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of −0.048%). If the spread goes back, that is −$4 on $10k: about 39 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.054% in total) that is about 5.2 days. The two prices were read 99 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	227.55	0.0023	pay 0.0023% / 8h	3m 56s	$15.5M	$17.4M	100x
Short	Phoenix NVDA	227.35	0.0106	get 0.0013% / 1h	3m 56s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.088%Rate

Funding earned: $17.34
Price spread: −0.088% → −0.048%: −$4.02
Slippage, 4 orders: −$14.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.33
Costs to cover: 0.337%
Break-even: 15.2 days

Slippage from Bitget: live order book, 5 min ago; Phoenix: live order book, 1 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, 5 min ago	0.22 bp	7.2 bp −$7	9.6 bp −$96	22.9 bp −$2,288	doesn't fit
Sell Phoenix live order book, 1 min ago	3.08 bp	9.4 bp −$9	20.8 bp −$208	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	227.50	−0.023%	$482K	$586K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.50	−0.022%	$12.7M	$15.4M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.50	−0.022%	$14.4M	$21.0M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.45	−0.044%	$7.2M	$9.7M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.52	−0.011%	$3.6M	$1.9M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.42	−0.057%	$20K	$407K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.06	−0.215%	$2K	$3.9M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.61	+0.026%	$198K	$524K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.62	+0.031%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0017%	1h	227.33	−0.097%	$118K	$56K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NVDAUSDTlong	+0.0023%	8h	227.55	long leg	$15.5M	$17.4M	100x
Extended NVDA_24_5-USD	+0.0032%	1h	227.37	−0.079%	$535K	$447K	10x	as long as short
Binance NVDAUSDT	+0.0036%	8h	227.52	−0.013%	$156.3M	$219.3M	50x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.67	+0.053%	—	$74K	25x	as long as short
Hotstuff NVDA-PERP	+0.0048%	1h	227.42	−0.057%	$35K	—	20x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.40	−0.066%	$147.9M	$48.8M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.50	−0.022%	$402K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.40	−0.066%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.29	−0.114%	$1.6M	$2.1M	15x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0058%	1h	227.50	−0.022%	$49K	$1.4M	10x	as long as short
QFEX NVDA-USD	+0.0060%	1h	227.50	−0.022%	$1.6M	$11.5M	10x	as long as short
Nado NVDA-PERP	+0.0062%	1h	227.45	−0.044%	$484K	$229K	20x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.52	−0.014%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.237%	$1.3M	$842K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.42	−0.058%	$298K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.38	−0.075%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.48	−0.031%	$36K	$22K	20x	as long as short
Phoenix NVDAshort	+0.0106%	1h	227.35	−0.088%	$93K	$112K	20x
KuCoin NVDAUSDTM	+0.0111%	8h	227.47	−0.035%	$1.6M	$742K	20x	as long as short
Arcus NVDA-USD	+0.0127%	1h	227.37	−0.079%	$400K	$724K	20x	as long as short
BloFin NVDA-USDT	+0.0144%	8h	227.49	−0.026%	$714K	$205K	20x	as long as short
Lighter NVDA	+0.0176%	1h	227.53	−0.008%	$2.2M	$3.3M	20x	as long as short
Lighter RH NVDA	+0.0176%	1h	227.65	+0.044%	$5.1M	$7.2M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.67	+0.053%	$73K	$140	30x	as long as short
edgeX NVDAUSDC	+0.0498%	4h	227.48	−0.032%	$171K	$1.9M	20x	as long as short