Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.018%

Price spread now: Phoenix against OKX−0.044%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

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

costs, in and out, $10k−$280.284% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.044%, 7d avg −0.026%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NVDA-USDT-SWAP	227.44	0	get 0.0000% / 8h	47m 26s	$14.4M	$21.0M	50x
Short	Phoenix NVDA	227.34	0.0106	get 0.0013% / 1h	47m 26s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $22.17
Price spread: −0.044% → −0.026%: −$1.84
Slippage, 4 orders: −$11.37
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.04
Costs to cover: 0.284%
Break-even: 9.5 days

Slippage from OKX: live order book, 1 min ago; Phoenix: live order book, 22 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 OKX live order book, 1 min ago	0.22 bp	5.6 bp −$6	7.4 bp −$74	20.1 bp −$2,006	doesn't fit
Sell Phoenix live order book, 22 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	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	227.42	−0.009%	$482K	$587K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.47	+0.013%	$12.7M	$15.4M	100x	as long as short
OKX NVDA-USDT-SWAPlong	0.0000%	8h	227.44	long leg	$14.4M	$21.0M	50x
Gate NVDA_USDT	0.0000%	8h	227.38	−0.026%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.46	+0.007%	$3.5M	$2.1M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.48	+0.017%	$20K	$427K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.92	−0.229%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.48	+0.018%	$198K	$524K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.55	+0.048%	$2.2M	$42K	10x	as long as short
Hotstuff NVDA-PERP	+0.0024%	1h	227.30	−0.062%	$35K	—	20x	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	+0.0029%	1h	227.46	+0.011%	$118K	$55K	10x	as long as short
Binance NVDAUSDT	+0.0040%	8h	227.47	+0.013%	$156.3M	$220.1M	50x	as long as short
Bitget NVDAUSDT	+0.0042%	8h	227.51	+0.031%	$15.6M	$17.7M	100x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.49	+0.022%	—	$74K	25x	as long as short
Extended NVDA_24_5-USD	+0.0048%	1h	227.24	−0.088%	$536K	$446K	10x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.31	−0.057%	$147.3M	$48.4M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.34	−0.044%	$401K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.30	−0.062%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.26	−0.079%	$1.6M	$2.1M	15x	as long as short
QFEX NVDA-USD	+0.0060%	1h	227.45	+0.004%	$1.6M	$11.4M	10x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.45	+0.006%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.189%	$1.3M	$862K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.29	−0.066%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.51	+0.031%	$1.6M	$746K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.31	−0.057%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.41	−0.013%	$36K	$22K	20x	as long as short
Nado NVDA-PERP	+0.0100%	1h	227.28	−0.069%	$483K	$228K	20x	as long as short
Phoenix NVDAshort	+0.0106%	1h	227.34	−0.044%	$93K	$112K	20x
Arcus NVDA-USD	+0.0127%	1h	227.30	−0.062%	$399K	$724K	20x	as long as short
BloFin NVDA-USDT	+0.0154%	8h	227.48	+0.018%	$672K	$204K	20x	as long as short
edgeX NVDAUSDC	+0.0183%	4h	227.45	+0.003%	$170K	$1.9M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.73	+0.128%	$73K	$135	30x	as long as short
Lighter NVDA	+0.0248%	1h	227.48	+0.019%	$2.1M	$3.3M	20x	as long as short
Lighter RH NVDA	+0.0248%	1h	227.60	+0.070%	$5.1M	$7.2M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0366%	1h	227.40	−0.018%	$49K	$1.4M	10x	as long as short