Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.033%

Price spread now: Phemex against Ondo Perps+0.088%7-day average +0.120% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.088%, 7d avg +0.120%

Together, before fees−0.180%+ Points / potential airdropOndo Perps: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.032% cheaper against Ondo Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NVDA-USD.P	227.29	0.0050	pay 0.0006% / 1h	14m 42s	$1.6M	$2.1M	15x
Short	Phemex NVDAUSDT	227.49	0	get 0.0000% / 4h	1h 14m	$2.2M	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$10.58
Price spread: +0.088% → +0.120%: −$3.18
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.64 bp	26.5 bp −$27	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	227.46	+0.075%	$474K	$578K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.44	+0.066%	$12.7M	$15.5M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.43	+0.062%	$14.4M	$21.1M	50x	as long as short
Hotstuff NVDA-PERP	0.0000%	1h	227.27	−0.009%	$35K	—	20x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.36	+0.031%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.42	+0.056%	$3.5M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.48	+0.084%	$20K	$432K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.93	−0.158%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.47	+0.079%	$198K	$528K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.49	+0.088%	$2.2M	$42K	10x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps NVDAUSD	+0.0019%	1h	227.45	+0.069%	$118K	$55K	10x	as long as short
Binance NVDAUSDT	+0.0022%	8h	227.47	+0.077%	$156.3M	$220.7M	50x	as long as short
Bitget NVDAUSDT	+0.0029%	8h	227.49	+0.088%	$15.6M	$17.7M	100x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.24	−0.023%	$536K	$446K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.40	+0.048%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.46	+0.075%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.30	+0.004%	$147.3M	$49.0M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.30	+0.004%	$401K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.26	−0.013%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.Plong	+0.0050%	1h	227.29	long leg	$1.6M	$2.1M	15x
Phoenix NVDA	+0.0070%	1h	227.26	−0.013%	$93K	$112K	20x	as long as short
BloFin NVDA-USDT	+0.0086%	8h	227.48	+0.084%	$715K	$204K	20x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.41	+0.054%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.123%	$1.3M	$880K	10x	as long as short
Nado NVDA-PERP	+0.0098%	1h	227.27	−0.009%	$483K	$227K	20x	as long as short
Pacifica NVDA	+0.0100%	1h	227.26	−0.013%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.52	+0.101%	$1.6M	$750K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.29	0.000%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.39	+0.044%	$36K	$22K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0146%	1h	227.32	+0.013%	$49K	$1.4M	10x	as long as short
Lighter RH NVDA	+0.0168%	1h	227.57	+0.123%	$5.1M	$7.2M	20x	as long as short
edgeX NVDAUSDC	+0.0172%	4h	227.42	+0.059%	$170K	$1.9M	20x	as long as short
Lighter NVDA	+0.0184%	1h	227.46	+0.076%	$2.1M	$3.3M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.80	+0.224%	$73K	$139	30x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.26	−0.013%	$400K	$723K	20x	as long as short