Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0211%/8hpaid last 24h +0.046%

Price spread now: Phoenix against Phemex+0.026%47s7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$930.927% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 3 days (all we have)−0.053%−$5 · spread now +0.026%, 7d avg −0.047%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.073% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.047%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	227.49	0	get 0.0000% / 4h	7m 24s	$2.2M	$42K	10x
Short	Phoenix NVDA	227.55	0.0211	get 0.0026% / 1h	7m 24s	$94K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.026%Rate

Funding earned: $44.24
Price spread: +0.026% → −0.047%: $7.33
Slippage, 4 orders: −$73.68
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.11
Costs to cover: 0.927%
Break-even: 13.5 days

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 18 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, 5 min ago	2.20 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 18 min ago	2.20 bp	7.5 bp −$8	15.0 bp −$150	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
Hotstuff NVDA-PERP	−0.0040%	1h	227.25	−0.105%	$35K	—	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.38	−0.048%	$12.8M	$14.9M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.38	−0.048%	$14.4M	$20.7M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.38	−0.048%	$7.2M	$8.9M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.56	+0.031%	$20K	$482K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.02	−0.207%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.59	+0.044%	$197K	$435K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	227.49	long leg	$2.2M	$42K	10x
Variational Omni NVDA	+0.0005%	8h	227.54	+0.024%	$3.3M	$2.2M	—	as long as short
Aster NVDAUSDT	+0.0019%	8h	227.35	−0.062%	$509K	$490K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NVDA_24_5-USD	+0.0032%	1h	227.29	−0.088%	$530K	$341K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.41	−0.035%	$412K	$652K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.58	+0.040%	—	$73K	25x	as long as short
QFEX NVDA-USD	+0.0050%	1h	227.51	+0.009%	$1.5M	$11.0M	10x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.37	−0.053%	$147.5M	$48.4M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.42	−0.031%	$396K	$220K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.32	−0.075%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.27	−0.097%	$1.6M	$2.0M	15x	as long as short
Binance NVDAUSDT	+0.0074%	8h	227.45	−0.018%	$156.5M	$210.7M	50x	as long as short
Aevo NVDA-PERP	+0.0096%	1h	227.39	−0.043%	—	—	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.23	−0.114%	$298K	$52K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.47	−0.009%	$1.6M	$720K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.17	−0.141%	$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	+0.0102%	1h	227.35	−0.062%	$49K	$1.4M	10x	as long as short
Lighter RH NVDA	+0.0104%	1h	227.57	+0.035%	$4.8M	$6.9M	20x	as long as short
Nado NVDA-PERP	+0.0106%	1h	227.26	−0.103%	$479K	$216K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0120%	1h	227.35	−0.062%	$1.3M	$826K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0153%	1h	227.36	−0.056%	$118K	$53K	10x	as long as short
Bitget NVDAUSDT	+0.0175%	8h	227.47	−0.009%	$15.7M	$17.7M	100x	as long as short
Lighter NVDA	+0.0176%	1h	227.47	−0.011%	$2.0M	$3.2M	20x	as long as short
BloFin NVDA-USDT	+0.0195%	8h	227.28	−0.092%	$724K	$199K	20x	as long as short
Phoenix NVDAshort	+0.0211%	1h	227.55	+0.026%	$94K	$112K	20x
Injective NVDA/USDC PERP	+0.0220%	1h	227.88	+0.171%	$73K	$128	30x	as long as short
edgeX NVDAUSDC	+0.0485%	4h	227.45	−0.019%	$165K	$1.8M	20x	as long as short