Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.044%

Price spread now: Phoenix against Gate−0.048%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.300%+$30 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now −0.048%, 7d avg −0.006%

Together, before fees+0.353%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.043% cheaper against Gate than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of −0.006%). If the spread goes back, that is −$4 on $10k: about 2.0 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.300% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NVDA_USDT	227.08	0	get 0.0000% / 8h	2h 33m	$7.2M	$9.4M	100x
Short	Phoenix NVDA	226.97	0.0070	get 0.0009% / 1h	33m 20s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.048%Rate

Funding earned: $14.8
Price spread: −0.048% → −0.006%: −$4.26
Slippage, 4 orders: −$20.87
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.33
Costs to cover: 0.429%
Break-even: 22.3 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 47 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 Gate live order book, 5 min ago	0.66 bp	11.0 bp −$11	16.7 bp −$167	doesn't fit	doesn't fit
Sell Phoenix live order book, 47 min ago	3.08 bp	9.7 bp −$10	21.2 bp −$212	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	227.00	−0.036%	$473K	$550K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.07	−0.004%	$12.6M	$15.7M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.08	0.000%	$14.3M	$21.2M	50x	as long as short
Gate NVDA_USDTlong	0.0000%	8h	227.08	long leg	$7.2M	$9.4M	100x
Variational Omni NVDA	0.0000%	8h	227.07	−0.006%	$3.4M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.08	+0.001%	$21K	$470K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.76	−0.141%	$2K	$4.0M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	226.99	−0.040%	$49K	$1.5M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.21	+0.057%	$202K	$530K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.08	0.000%	$2.2M	$41K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NVDAUSDT	+0.0005%	8h	227.09	+0.004%	$156.2M	$220.2M	50x	as long as short
Aftermath Perps NVDAUSD	+0.0014%	1h	226.97	−0.048%	$118K	$54K	10x	as long as short
Hotstuff NVDA-PERP	+0.0016%	1h	226.97	−0.048%	$35K	—	20x	as long as short
BloFin NVDA-USDT	+0.0018%	8h	227.12	+0.018%	$713K	$205K	20x	as long as short
QFEX NVDA-USD	+0.0030%	1h	227.07	−0.004%	$1.6M	$11.3M	10x	as long as short
Lighter RH NVDA	+0.0032%	1h	227.22	+0.062%	$4.8M	$7.0M	20x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	226.98	−0.045%	$523K	$406K	10x	as long as short
Nado NVDA-PERP	+0.0040%	1h	227.00	−0.035%	$487K	$223K	20x	as long as short
edgeX NVDAUSDC	+0.0045%	4h	227.08	−0.001%	$170K	$1.9M	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.24	+0.070%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.96	−0.053%	$147.0M	$50.2M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.05	−0.013%	$390K	$235K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.97	−0.048%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.87	−0.092%	$1.6M	$2.1M	15x	as long as short
Phoenix NVDAshort	+0.0070%	1h	226.97	−0.048%	$93K	$112K	20x
Bitget NVDAUSDT	+0.0071%	8h	227.11	+0.013%	$15.5M	$18.3M	100x	as long as short
Lighter NVDA	+0.0072%	1h	227.14	+0.026%	$2.1M	$3.3M	20x	as long as short
Aevo NVDA-PERP	+0.0080%	1h	227.07	−0.005%	—	—	10x	as long as short
Pacifica NVDA	+0.0100%	1h	226.98	−0.042%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.08	0.000%	$1.6M	$751K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.96	−0.053%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.04	−0.018%	$36K	$22K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0112%	1h	226.95	−0.057%	$1.3M	$909K	10x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.30	+0.097%	$73K	$135	30x	as long as short
Arcus NVDA-USD	+0.0419%	1h	227.08	0.000%	$395K	$683K	20x	as long as short