Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.007%

Price spread now: BloFin against Phoenix+0.062%106s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as 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−$300.303% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 3 days (all we have)−0.096%−$10 · spread now +0.062%, 7d avg +0.030%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.032% dearer against Phoenix than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of +0.030%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.067%, so the current rate has only just turned against you. The two prices were read 106 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	Phoenix NVDA	227.34	0.0070	pay 0.0009% / 1h	27m 18s	$93K	$112K	20x
Short	BloFin NVDA-USDT	227.48	0.0030	get 0.0030% / 8h	1h 27m	$713K	$204K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$8.42
Price spread: +0.062% → +0.030%: $3.19
Slippage, 4 orders: −$11.26
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$35.49
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; BloFin: live order book, 54 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 Phoenix live order book, 47 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit
Sell BloFin live order book, 54 min ago	0.22 bp	6.8 bp −$7	7.6 bp −$76	13.6 bp −$1,361	17.8 bp −$8,879

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	+0.066%	$474K	$578K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.49	+0.066%	$12.7M	$15.6M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.48	+0.062%	$14.4M	$21.2M	50x	as long as short
Hotstuff NVDA-PERP	0.0000%	1h	227.36	+0.009%	$35K	—	20x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.44	+0.044%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.46	+0.051%	$3.5M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.52	+0.081%	$20K	$435K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.06	−0.123%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.41	+0.031%	$202K	$521K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.53	+0.084%	$2.2M	$41K	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	+0.0012%	8h	227.52	+0.079%	$156.3M	$220.8M	50x	as long as short
Aftermath Perps NVDAUSD	+0.0012%	1h	227.44	+0.043%	$118K	$55K	10x	as long as short
Bitget NVDAUSDT	+0.0024%	8h	227.52	+0.079%	$15.6M	$17.8M	100x	as long as short
BloFin NVDA-USDTshort	+0.0030%	8h	227.48	+0.062%	$713K	$204K	20x
Extended NVDA_24_5-USD	+0.0032%	1h	227.31	−0.015%	$536K	$445K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.46	+0.053%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.55	+0.092%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.35	+0.004%	$147.3M	$49.7M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.39	+0.022%	$401K	$290K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.35	+0.004%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.37	+0.013%	$1.6M	$2.1M	15x	as long as short
Phoenix NVDAlong	+0.0070%	1h	227.34	long leg	$93K	$112K	20x
Aevo NVDA-PERP	+0.0080%	1h	227.50	+0.072%	—	—	10x	as long as short
Nado NVDA-PERP	+0.0090%	1h	227.37	+0.014%	$484K	$227K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.145%	$1.3M	$888K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.35	+0.004%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.51	+0.075%	$1.6M	$754K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.33	−0.004%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.49	+0.066%	$36K	$22K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0102%	1h	227.39	+0.022%	$49K	$1.5M	10x	as long as short
Lighter RH NVDA	+0.0152%	1h	227.65	+0.136%	$5.1M	$7.2M	20x	as long as short
Lighter NVDA	+0.0176%	1h	227.54	+0.088%	$2.1M	$3.3M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.08	+0.326%	$73K	$137	30x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.35	+0.004%	$400K	$723K	20x	as long as short
edgeX NVDAUSDC	+0.0745%	4h	227.50	+0.072%	$170K	$1.9M	20x	as long as short