Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.050%

Price spread now: Deribit against Phemex−0.079%7-day average −0.054% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$960.956% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.171%+$17 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.079%, 7d avg −0.054%

Together, before fees+0.214%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread −0.079% now, against its 7-day average of −0.054%). If the spread goes back, that is −$3 on $10k: about 35 hours of funding at the current rate (+$2 a day). At the pace of the last 5 days (+0.171% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	227.76	0	get 0.0000% / 4h	2h 03m	$2.2M	$43K	10x
Short	Deribit NVDA_USDC-PERPETUAL	227.58	0.0058	get 0.0007% / 1h	3m 58s	$49K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.079%Rate

Funding earned: $12.11
Price spread: −0.079% → −0.054%: −$2.53
Slippage, 4 orders: −$76.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.06
Costs to cover: 0.956%
Break-even: 56.7 days

Slippage from Phemex: live order book, 4 min ago; Deribit: 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 Phemex live order book, 4 min ago	1.54 bp	43.0 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	3.73 bp	7.6 bp −$8	8.4 bp −$84	doesn't fit	doesn't fit

NVDA on 34 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	227.70	−0.026%	$483K	$590K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.68	−0.035%	$12.7M	$14.9M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.67	−0.040%	$14.4M	$20.2M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.61	−0.066%	$7.2M	$9.6M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.70	−0.026%	$15.4M	$16.3M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.73	−0.013%	$20K	$389K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.20	−0.246%	$2K	$3.7M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.84	+0.035%	$198K	$483K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	227.76	long leg	$2.2M	$43K	10x
Aftermath Perps NVDAUSD	+0.0015%	1h	227.55	−0.093%	$118K	$54K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NVDA	+0.0021%	8h	227.73	−0.015%	$3.5M	$2.1M	—	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.70	−0.026%	$406K	$712K	20x	as long as short
QFEX NVDA-USD	+0.0045%	1h	227.68	−0.035%	$1.4M	$9.8M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.79	+0.013%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.53	−0.101%	$148.1M	$44.3M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.61	−0.066%	$402K	$277K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.52	−0.105%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.49	−0.119%	$1.6M	$2.0M	15x	as long as short
Hotstuff NVDA-PERP	+0.0056%	1h	227.50	−0.114%	$35K	—	20x	as long as short
Deribit NVDA_USDC-PERPETUALshort	+0.0058%	1h	227.58	−0.079%	$49K	$1.5M	10x
Coinbase International NVDA-PERP-INTX	+0.0072%	1h	227.46	−0.132%	$1.3M	$776K	10x	as long as short
Nado NVDA-PERP	+0.0081%	1h	227.55	−0.093%	$484K	$229K	20x	as long as short
Binance NVDAUSDT	+0.0082%	8h	227.70	−0.027%	$156.3M	$215.5M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	227.55	−0.092%	$299K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.59	−0.075%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.64	−0.053%	$36K	$22K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	227.62	−0.060%	—	—	10x	as long as short
Phoenix NVDA	+0.0105%	1h	227.60	−0.070%	$94K	$112K	20x	as long as short
Lighter NVDA	+0.0120%	1h	227.67	−0.038%	$2.2M	$3.2M	20x	as long as short
KuCoin NVDAUSDTM	+0.0126%	8h	227.73	−0.013%	$1.6M	$731K	20x	as long as short
Lighter RH NVDA	+0.0136%	1h	227.81	+0.022%	$5.1M	$7.1M	20x	as long as short
Extended NVDA_24_5-USD	+0.0160%	1h	227.54	−0.094%	$689K	$714K	10x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.04	+0.123%	$73K	$139	30x	as long as short
edgeX NVDAUSDC	+0.0440%	4h	227.73	−0.014%	$170K	$1.9M	20x	as long as short