Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h +0.042%

Price spread now: Phoenix against Bybit−0.048%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.048%, 7d avg −0.018%

Together, before fees+0.315%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.031% cheaper against Bybit than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of −0.018%). If the spread goes back, that is −$3 on $10k: about 23 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NVDAUSDT	227.88	0	get 0.0000% / 8h	6h 23m	$12.7M	$15.1M	100x
Short	Phoenix NVDA	227.77	0.0105	get 0.0013% / 1h	23m 24s	$94K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.048%Rate

Funding earned: $22.12
Price spread: −0.048% → −0.018%: −$3.07
Slippage, 4 orders: −$11.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$10.81
Costs to cover: 0.299%
Break-even: 10.4 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 37 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 Bybit live order book, 5 min ago	0.22 bp	6.0 bp −$6	8.5 bp −$85	57.4 bp −$5,740	doesn't fit
Sell Phoenix live order book, 37 min ago	2.63 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit

NVDA on 34 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
Hotstuff NVDA-PERP	−0.0056%	1h	227.72	−0.070%	$35K	—	20x	as long as short
Aster NVDAUSDT	0.0000%	8h	227.79	−0.038%	$484K	$581K	20x	as long as short
Bybit NVDAUSDTlong	0.0000%	8h	227.88	long leg	$12.7M	$15.1M	100x
OKX NVDA-USDT-SWAP	0.0000%	8h	227.88	0.000%	$14.4M	$20.3M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.83	−0.022%	$7.2M	$9.6M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.93	+0.022%	$15.4M	$16.3M	100x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.40	−0.211%	$2K	$3.8M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.96	+0.035%	$198K	$496K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.93	+0.022%	$2.2M	$43K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0011%	1h	227.77	−0.047%	$118K	$54K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NVDA	+0.0018%	8h	227.89	+0.003%	$3.5M	$2.0M	—	as long as short
GRVT NVDA_USDT_Perp	+0.0023%	8h	227.84	−0.018%	$20K	$386K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.71	−0.075%	$400K	$723K	20x	as long as short
QFEX NVDA-USD	+0.0045%	1h	227.88	0.000%	$1.4M	$10.0M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.97	+0.039%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.75	−0.057%	$148.2M	$44.6M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.84	−0.018%	$402K	$277K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.76	−0.053%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.73	−0.066%	$1.6M	$2.0M	15x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0072%	1h	227.46	−0.184%	$1.3M	$786K	10x	as long as short
Nado NVDA-PERP	+0.0081%	1h	227.72	−0.072%	$484K	$230K	20x	as long as short
Binance NVDAUSDT	+0.0084%	8h	227.91	+0.013%	$156.4M	$216.0M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	227.68	−0.087%	$299K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.67	−0.092%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.88	0.000%	$36K	$22K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	227.88	+0.002%	—	—	10x	as long as short
Phoenix NVDAshort	+0.0105%	1h	227.77	−0.048%	$94K	$112K	20x
Lighter NVDA	+0.0128%	1h	227.85	−0.014%	$2.2M	$3.2M	20x	as long as short
KuCoin NVDAUSDTM	+0.0131%	8h	227.90	+0.009%	$1.6M	$737K	20x	as long as short
Extended NVDA_24_5-USD	+0.0136%	1h	227.69	−0.083%	$689K	$714K	10x	as long as short
Lighter RH NVDA	+0.0144%	1h	227.98	+0.044%	$5.1M	$7.0M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.09	+0.092%	$73K	$138	30x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0277%	1h	227.83	−0.022%	$49K	$1.5M	10x	as long as short
edgeX NVDAUSDC	+0.0318%	4h	227.81	−0.030%	$170K	$1.9M	20x	as long as short