Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.040%

Price spread now: Phemex against Coinbase International+0.040%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$790.794% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.040%, 7d avg +0.082%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.042% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.082%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International NVDA-PERP-INTX	227.01	0.0112	pay 0.0014% / 1h	10m 12s	$1.3M	$911K	10x
Short	Phemex NVDAUSDT	227.10	0	get 0.0000% / 4h	2h 10m	$2.2M	$41K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$23.52
Price spread: +0.040% → +0.082%: −$4.2
Slippage, 4 orders: −$57.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$107.16
Costs to cover: 0.794%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 3 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 Coinbase International live order book, 3 min ago	1.98 bp	8.0 bp −$8	10.8 bp −$108	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.10 bp	30.5 bp −$31	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
Hotstuff NVDA-PERP	−0.0032%	1h	226.93	−0.035%	$35K	—	20x	as long as short
Aster NVDAUSDT	0.0000%	8h	226.95	−0.027%	$473K	$550K	20x	as long as short
Binance NVDAUSDT	0.0000%	8h	227.01	0.000%	$156.1M	$220.8M	50x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.96	−0.022%	$12.6M	$15.8M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.02	+0.004%	$14.4M	$21.2M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.97	−0.018%	$7.2M	$9.4M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.08	+0.032%	$3.5M	$2.4M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.11	+0.043%	$21K	$468K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.72	−0.128%	$2K	$4.0M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	226.95	−0.026%	$49K	$1.5M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NVDA-USDT	0.0000%	8h	227.13	+0.053%	$202K	$527K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.10	+0.040%	$2.2M	$41K	10x
Aftermath Perps NVDAUSD	+0.0014%	1h	227.02	+0.005%	$118K	$54K	10x	as long as short
QFEX NVDA-USD	+0.0030%	1h	227.02	+0.004%	$1.6M	$11.3M	10x	as long as short
Lighter RH NVDA	+0.0032%	1h	227.14	+0.057%	$4.8M	$7.0M	20x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	226.85	−0.072%	$522K	$409K	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.13	+0.053%	—	$73K	25x	as long as short
Bitget NVDAUSDT	+0.0046%	8h	226.99	−0.009%	$15.6M	$18.3M	100x	as long as short
Nado NVDA-PERP	+0.0048%	1h	226.90	−0.049%	$487K	$226K	20x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.87	−0.062%	$147.0M	$50.3M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.00	−0.004%	$400K	$261K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.89	−0.053%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.84	−0.075%	$1.6M	$2.1M	15x	as long as short
Phoenix NVDA	+0.0070%	1h	227.01	0.000%	$93K	$112K	20x	as long as short
Aevo NVDA-PERP	+0.0080%	1h	227.01	0.000%	—	—	10x	as long as short
Lighter NVDA	+0.0088%	1h	227.03	+0.009%	$2.1M	$3.3M	20x	as long as short
Pacifica NVDA	+0.0100%	1h	226.89	−0.054%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.05	+0.018%	$1.6M	$753K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.06	+0.022%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.98	−0.013%	$36K	$22K	20x	as long as short
Coinbase International NVDA-PERP-INTXlong	+0.0112%	1h	227.01	long leg	$1.3M	$911K	10x
BloFin NVDA-USDT	+0.0120%	8h	227.07	+0.026%	$714K	$205K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.44	+0.189%	$73K	$137	30x	as long as short
Arcus NVDA-USD	+0.0419%	1h	226.99	−0.009%	$384K	$695K	20x	as long as short
edgeX NVDAUSDC	+0.0820%	4h	227.14	+0.057%	$170K	$1.9M	20x	as long as short