Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0856%/8h= −93.7% APRpaid last 24h −0.043%

Price spread now: Bybit against Deribit+0.013%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.180%−$18 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now +0.013%, 7d avg +0.024%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: −$26 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.180% in total (about -13.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NVDA_USDC-PERPETUAL	226.30	0.0856	pay 0.0107% / 1h	58m 46s	$53K	$1.9M	10x
Short	Bybit NVDAUSDT	226.33	0	get 0.0000% / 8h	7h 58m	$12.5M	$14.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$179.75
Price spread: +0.013% → +0.024%: −$1.11
Slippage, 4 orders: −$10.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$209.53
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Bybit: live order book, 5 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 Deribit live order book, 5 min ago	0.22 bp	6.3 bp −$6	6.9 bp −$69	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.22 bp	6.5 bp −$6	8.3 bp −$83	84.9 bp −$8,493	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
Bybit NVDAUSDTshort	0.0000%	8h	226.33	+0.013%	$12.5M	$14.5M	100x
OKX NVDA-USDT-SWAP	0.0000%	8h	226.32	+0.009%	$14.1M	$20.3M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.29	−0.004%	$7.2M	$9.8M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.47	+0.075%	$15.8M	$16.4M	100x	as long as short
Nado NVDA-PERP	0.0000%	1h	226.18	−0.052%	$480K	$223K	20x	as long as short
SunX NVDA-USDT	0.0000%	8h	225.85	−0.199%	$2K	$3.6M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.21	−0.040%	$198K	$438K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	226.58	+0.124%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0016%	1h	226.14	−0.069%	$117K	$51K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.23	−0.031%	$392K	$738K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NVDA-USD-PERP	+0.0046%	1h	226.42	+0.053%	—	$74K	25x	as long as short
Hotstuff NVDA-PERP	+0.0048%	1h	226.21	−0.040%	$35K	—	20x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.23	−0.031%	$147.0M	$43.5M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.24	−0.027%	$391K	$247K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.15	−0.066%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.10	−0.088%	$1.6M	$1.9M	15x	as long as short
GRVT NVDA_USDT_Perp	+0.0058%	8h	226.32	+0.009%	$22K	$423K	10x	as long as short
QFEX NVDA-USD	+0.0064%	1h	226.35	+0.022%	$1.3M	$9.0M	10x	as long as short
Aster NVDAUSDT	+0.0076%	8h	226.30	+0.001%	$482K	$530K	20x	as long as short
Variational Omni NVDA	+0.0099%	8h	226.31	+0.006%	$3.5M	$2.3M	—	as long as short
Pacifica NVDA	+0.0100%	1h	226.20	−0.044%	$297K	$48K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.17	−0.057%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.39	+0.040%	$36K	$21K	20x	as long as short
KuCoin NVDAUSDTM	+0.0113%	8h	226.37	+0.031%	$1.6M	$858K	20x	as long as short
Aevo NVDA-PERP	+0.0120%	1h	226.41	+0.050%	—	—	10x	as long as short
Lighter RH NVDA	+0.0136%	1h	226.47	+0.075%	$5.1M	$6.8M	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0136%	1h	226.23	−0.031%	$1.3M	$696K	10x	as long as short
Binance NVDAUSDT	+0.0161%	8h	226.36	+0.027%	$155.3M	$219.9M	50x	as long as short
Lighter NVDA	+0.0168%	1h	226.30	+0.001%	$2.1M	$3.2M	20x	as long as short
Phoenix NVDA	+0.0177%	1h	226.36	+0.027%	$93K	$83K	20x	as long as short
edgeX NVDAUSDC	+0.0202%	4h	226.42	+0.054%	$170K	$1.9M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.72	+0.186%	$73K	$135	30x	as long as short
BloFin NVDA-USDT	+0.0280%	8h	226.42	+0.053%	$711K	$196K	20x	as long as short
Extended NVDA_24_5-USD	+0.0296%	1h	226.19	−0.047%	$646K	$878K	10x	as long as short
Deribit NVDA_USDC-PERPETUALlong	+0.0856%	1h	226.30	long leg	$53K	$1.9M	10x