Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0141%/8h= −15.4% APRpaid last 24h −0.042%

Price spread now: Bybit against Phoenix+0.040%55s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as 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−$300.301% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$20 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.040%, 7d avg +0.018%

Together, before fees−0.226%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.021% dearer against Phoenix than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.018%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 12 hours. The two prices were read 55 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	227.57	0.0141	pay 0.0018% / 1h	58m 41s	$94K	$112K	20x
Short	Bybit NVDAUSDT	227.66	0	get 0.0000% / 8h	3h 58m	$12.7M	$14.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$29.52
Price spread: +0.040% → +0.018%: $2.12
Slippage, 4 orders: −$12.1
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.51
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Bybit: 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 Phoenix live order book, 52 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.22 bp	6.1 bp −$6	8.4 bp −$84	64.0 bp −$6,398	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
Bybit NVDAUSDTshort	0.0000%	8h	227.66	+0.040%	$12.7M	$14.8M	100x
OKX NVDA-USDT-SWAP	0.0000%	8h	227.66	+0.040%	$14.4M	$20.4M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.60	+0.013%	$7.2M	$9.6M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.67	+0.044%	$15.5M	$16.3M	100x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.27	−0.132%	$2K	$3.7M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.71	+0.062%	$198K	$467K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.64	+0.031%	$2.2M	$43K	10x	as long as short
GRVT NVDA_USDT_Perp	+0.0002%	8h	227.59	+0.009%	$20K	$390K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0013%	1h	227.46	−0.048%	$118K	$54K	10x	as long as short
Aster NVDAUSDT	+0.0026%	8h	227.65	+0.036%	$483K	$590K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NVDA-USD	+0.0040%	1h	227.56	−0.004%	$399K	$741K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.75	+0.079%	—	$74K	25x	as long as short
Hotstuff NVDA-PERP	+0.0048%	1h	227.51	−0.026%	$35K	—	20x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.52	−0.022%	$147.9M	$43.5M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.60	+0.013%	$401K	$276K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.54	−0.013%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.42	−0.066%	$1.6M	$2.0M	15x	as long as short
QFEX NVDA-USD	+0.0057%	1h	227.61	+0.018%	$1.3M	$9.2M	10x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0058%	1h	227.58	+0.004%	$49K	$1.6M	10x	as long as short
Variational Omni NVDA	+0.0060%	8h	227.67	+0.042%	$3.5M	$2.1M	—	as long as short
Nado NVDA-PERP	+0.0062%	1h	227.54	−0.012%	$484K	$228K	20x	as long as short
Pacifica NVDA	+0.0100%	1h	227.49	−0.033%	$299K	$51K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.49	−0.035%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.62	+0.022%	$36K	$21K	20x	as long as short
Binance NVDAUSDT	+0.0111%	8h	227.68	+0.048%	$156.2M	$215.9M	50x	as long as short
Lighter NVDA	+0.0112%	1h	227.61	+0.019%	$2.2M	$3.3M	20x	as long as short
Aevo NVDA-PERP	+0.0112%	1h	227.64	+0.030%	—	—	10x	as long as short
KuCoin NVDAUSDTM	+0.0121%	8h	227.64	+0.031%	$1.6M	$724K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0128%	1h	227.53	−0.018%	$1.3M	$775K	10x	as long as short
Phoenix NVDAlong	+0.0141%	1h	227.57	long leg	$94K	$112K	20x
Lighter RH NVDA	+0.0176%	1h	227.77	+0.088%	$5.1M	$7.1M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.92	+0.154%	$73K	$135	30x	as long as short
BloFin NVDA-USDT	+0.0231%	8h	227.61	+0.018%	$722K	$201K	20x	as long as short
Extended NVDA_24_5-USD	+0.0280%	1h	227.50	−0.031%	$669K	$769K	10x	as long as short
edgeX NVDAUSDC	+0.0633%	4h	227.64	+0.031%	$171K	$1.9M	20x	as long as short