Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.042%

Price spread now: SunX against Phoenix−0.155%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$830.825% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.242%−$24 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.155%, 7d avg −0.096%

Together, before fees−0.176%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.059% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NVDA	226.33	0.0177	pay 0.0022% / 1h	38m 28s	$93K	$83K	20x
Short	SunX NVDA-USDT	225.98	0	get 0.0000% / 8h	38m 28s	$2K	$3.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$37.13
Price spread: −0.155% → −0.096%: −$5.86
Slippage, 4 orders: −$67.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$125.51
Costs to cover: 0.825%
Break-even: never at this rate

Slippage from Phoenix: live order book, 57 min ago; SunX: live order book, 10 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, 57 min ago	3.10 bp	9.1 bp −$9	19.3 bp −$193	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	21.89 bp	25.9 bp −$26	55.5 bp −$555	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
Bybit NVDAUSDT	0.0000%	8h	226.40	+0.031%	$12.4M	$14.3M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.39	+0.027%	$14.1M	$20.5M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.34	+0.004%	$7.2M	$9.9M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.47	+0.062%	$15.8M	$16.7M	100x	as long as short
SunX NVDA-USDTshort	0.0000%	8h	225.98	−0.155%	$2K	$3.6M	20x
HTX NVDA-USDT	0.0000%	8h	226.39	+0.027%	$198K	$445K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	226.61	+0.124%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0018%	1h	226.16	−0.074%	$117K	$51K	10x	as long as short
GRVT NVDA_USDT_Perp	+0.0020%	8h	226.43	+0.043%	$22K	$428K	10x	as long as short
Aster NVDAUSDT	+0.0036%	8h	226.37	+0.018%	$482K	$530K	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	226.31	−0.009%	$392K	$740K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.45	+0.053%	—	$74K	25x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.22	−0.049%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.24	−0.040%	$1.6M	$1.9M	15x	as long as short
Variational Omni NVDA	+0.0057%	8h	226.39	+0.027%	$3.5M	$2.3M	—	as long as short
QFEX NVDA-USD	+0.0064%	1h	226.39	+0.027%	$1.3M	$9.0M	10x	as long as short
tradeXYZ xyz:NVDA	+0.0097%	1h	226.29	−0.018%	$147.0M	$43.0M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0099%	1h	226.36	+0.013%	$391K	$247K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	226.25	−0.035%	$297K	$49K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.38	+0.022%	$1.6M	$743K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.19	−0.062%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.32	−0.004%	$36K	$21K	20x	as long as short
Aevo NVDA-PERP	+0.0112%	1h	226.34	+0.006%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0120%	1h	226.09	−0.106%	$1.3M	$699K	10x	as long as short
Binance NVDAUSDT	+0.0121%	8h	226.41	+0.035%	$154.4M	$218.4M	50x	as long as short
Phoenix NVDAlong	+0.0177%	1h	226.33	long leg	$93K	$83K	20x
Nado NVDA-PERP	+0.0180%	1h	226.25	−0.036%	$481K	$223K	20x	as long as short
Lighter NVDA	+0.0184%	1h	226.38	+0.023%	$2.1M	$3.2M	20x	as long as short
Hotstuff NVDA-PERP	+0.0200%	1h	226.30	−0.013%	$35K	—	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.00	+0.296%	$73K	$137	30x	as long as short
Lighter RH NVDA	+0.0240%	1h	226.54	+0.093%	$5.1M	$6.9M	20x	as long as short
BloFin NVDA-USDT	+0.0241%	8h	226.39	+0.027%	$710K	$195K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0325%	1h	226.25	−0.035%	$53K	$1.8M	10x	as long as short
Extended NVDA_24_5-USD	+0.0352%	1h	226.16	−0.073%	$644K	$875K	10x	as long as short
edgeX NVDAUSDC	+0.0879%	4h	226.41	+0.034%	$170K	$1.9M	20x	as long as short