Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.042%

Price spread now: Phemex against Lighter0.000%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$910.911% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.302%−$30 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now 0.000%, 7d avg +0.024%

Together, before fees−0.340%+ Points / potential airdropLighter: Season 3 · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.024% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NVDA	227.62	0.0128	pay 0.0016% / 1h	33m 39s	$2.2M	$3.2M	20x
Short	Phemex NVDAUSDT	227.62	0	get 0.0000% / 4h	3h 33m	$2.2M	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$26.88
Price spread: 0.000% → +0.024%: −$2.45
Slippage, 4 orders: −$79.06
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$120.39
Costs to cover: 0.911%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Phemex: 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 Lighter live order book, 4 min ago	0.20 bp	1.1 bp −$1	2.0 bp −$20	7.4 bp −$745	doesn't fit
Sell Phemex live order book, 5 min ago	1.54 bp	43.3 bp −$43	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
Aster NVDAUSDT	0.0000%	8h	227.60	−0.011%	$483K	$586K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.59	−0.014%	$12.7M	$15.3M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.58	−0.018%	$14.4M	$20.6M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.55	−0.031%	$7.2M	$9.7M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.70	+0.035%	$3.6M	$1.9M	—	as long as short
SunX NVDA-USDT	0.0000%	8h	227.19	−0.189%	$2K	$3.8M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	227.56	−0.027%	$49K	$1.4M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.77	+0.065%	$198K	$512K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.62	0.000%	$2.2M	$42K	10x
GRVT NVDA_USDT_Perp	+0.0009%	8h	227.62	0.000%	$20K	$395K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps NVDAUSD	+0.0017%	1h	227.49	−0.059%	$118K	$55K	10x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.46	−0.071%	$532K	$465K	10x	as long as short
Bitget NVDAUSDT	+0.0038%	8h	227.63	+0.004%	$15.5M	$16.9M	100x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.47	−0.066%	$400K	$724K	20x	as long as short
QFEX NVDA-USD	+0.0042%	1h	227.57	−0.022%	$1.6M	$11.2M	10x	as long as short
Binance NVDAUSDT	+0.0045%	8h	227.61	−0.003%	$156.4M	$217.3M	50x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.71	+0.039%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.43	−0.084%	$147.8M	$46.7M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.57	−0.022%	$402K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.44	−0.080%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.39	−0.101%	$1.6M	$2.0M	15x	as long as short
Nado NVDA-PERP	+0.0076%	1h	227.48	−0.062%	$484K	$229K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0080%	1h	227.46	−0.071%	$1.3M	$800K	10x	as long as short
Aevo NVDA-PERP	+0.0096%	1h	227.60	−0.008%	—	—	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.45	−0.073%	$298K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.54	−0.036%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.60	−0.009%	$36K	$22K	20x	as long as short
Hotstuff NVDA-PERP	+0.0104%	1h	227.44	−0.080%	$35K	—	20x	as long as short
Phoenix NVDA	+0.0106%	1h	227.53	−0.040%	$94K	$112K	20x	as long as short
KuCoin NVDAUSDTM	+0.0123%	8h	227.65	+0.013%	$1.6M	$742K	20x	as long as short
Lighter NVDAlong	+0.0128%	1h	227.62	long leg	$2.2M	$3.2M	20x
Lighter RH NVDA	+0.0136%	1h	227.73	+0.048%	$5.1M	$7.1M	20x	as long as short
BloFin NVDA-USDT	+0.0166%	8h	227.63	+0.004%	$717K	$206K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.38	+0.333%	$73K	$136	30x	as long as short
edgeX NVDAUSDC	+0.0627%	4h	227.62	−0.002%	$170K	$1.9M	20x	as long as short