Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.022%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.022% cheaper against Phemex than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	227.56	0	get 0.0000% / 4h	1h 19m	$2.2M	$42K	10x
Short	Orderly PERP_NVDA_USDC	227.51	0.0100	get 0.0100% / 8h	1h 19m	$36K	$22K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $21
Price spread: −0.022% → 0.000%: −$2.2
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.8
Costs to cover: 0.180%
Break-even: 6.7 days

Slippage unknown: Phemex: live order book, 4 min ago; Orderly: no order-book sample. 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 Phemex live order book, 4 min ago	1.98 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	227.49	−0.031%	$474K	$578K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.52	−0.018%	$12.7M	$15.5M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.49	−0.031%	$14.4M	$21.1M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.47	−0.040%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.55	−0.006%	$3.5M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.55	−0.004%	$20K	$435K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.05	−0.224%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.59	+0.013%	$198K	$528K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	227.56	long leg	$2.2M	$42K	10x
Aftermath Perps NVDAUSD	+0.0016%	1h	227.52	−0.019%	$118K	$55K	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	+0.0019%	8h	227.53	−0.013%	$156.3M	$220.6M	50x	as long as short
Hotstuff NVDA-PERP	+0.0024%	1h	227.36	−0.088%	$35K	—	20x	as long as short
Bitget NVDAUSDT	+0.0027%	8h	227.55	−0.004%	$15.6M	$17.7M	100x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.31	−0.108%	$536K	$446K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.51	−0.022%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.57	+0.004%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.37	−0.083%	$147.4M	$49.0M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.40	−0.070%	$401K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.37	−0.083%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.28	−0.123%	$1.6M	$2.1M	15x	as long as short
Phoenix NVDA	+0.0070%	1h	227.42	−0.062%	$94K	$112K	20x	as long as short
BloFin NVDA-USDT	+0.0076%	8h	227.49	−0.031%	$714K	$204K	20x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.51	−0.020%	—	—	10x	as long as short
Nado NVDA-PERP	+0.0094%	1h	227.37	−0.084%	$484K	$227K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.242%	$1.3M	$888K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.38	−0.079%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.57	+0.004%	$1.6M	$753K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.38	−0.079%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDCshort	+0.0100%	8h	227.51	−0.022%	$36K	$22K	20x
Deribit NVDA_USDC-PERPETUAL	+0.0102%	1h	227.42	−0.062%	$49K	$1.4M	10x	as long as short
Lighter RH NVDA	+0.0160%	1h	227.66	+0.044%	$5.1M	$7.2M	20x	as long as short
Lighter NVDA	+0.0184%	1h	227.56	−0.002%	$2.1M	$3.3M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.80	+0.105%	$73K	$139	30x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.35	−0.092%	$400K	$723K	20x	as long as short
edgeX NVDAUSDC	+0.0913%	4h	227.54	−0.009%	$170K	$1.9M	20x	as long as short