Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.026%

Price spread now: Variational Omni against Phoenix+0.039%54s7-day average +0.013% · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 3 days (all we have)−0.005%$0 · spread now +0.039%, 7d avg +0.013%

Together, before fees−0.019%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.026% dearer against Phoenix than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of +0.013%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 3 days (−0.015% in total) that is about 5.8 days. The two prices were read 54 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	227.25	0.0070	pay 0.0009% / 1h	36m 21s	$93K	$112K	20x
Short	Variational Omni NVDA	227.34	0	get 0.0000% / 8h	1h 36m	$3.5M	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.039%Rate

Funding earned: −$14.8
Price spread: +0.039% → +0.013%: $2.59
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.21
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 38 min ago; Variational Omni: RFQ quote, 3 min ago. 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 Phoenix live order book, 38 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.79 bp	doesn't fit	3.5 bp −$35	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
Aster NVDAUSDT	0.0000%	8h	227.47	+0.098%	$474K	$574K	20x	as long as short
Binance NVDAUSDT	0.0000%	8h	227.49	+0.106%	$156.2M	$220.8M	50x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.45	+0.088%	$12.7M	$15.7M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.45	+0.088%	$14.4M	$21.1M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.40	+0.066%	$7.2M	$9.5M	100x	as long as short
Variational Omni NVDAshort	0.0000%	8h	227.34	+0.039%	$3.5M	$2.3M	—
GRVT NVDA_USDT_Perp	0.0000%	8h	227.35	+0.044%	$20K	$446K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.01	−0.106%	$2K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.41	+0.070%	$202K	$523K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.43	+0.079%	$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
Aftermath Perps NVDAUSD	+0.0011%	1h	227.17	−0.035%	$118K	$55K	10x	as long as short
Bitget NVDAUSDT	+0.0019%	8h	227.49	+0.106%	$15.6M	$18.0M	100x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.26	+0.006%	$522K	$409K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.45	+0.088%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.50	+0.110%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.33	+0.035%	$147.3M	$49.6M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.38	+0.057%	$401K	$290K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.25	0.000%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.27	+0.009%	$1.6M	$2.1M	15x	as long as short
Phoenix NVDAlong	+0.0070%	1h	227.25	long leg	$93K	$112K	20x
Nado NVDA-PERP	+0.0072%	1h	227.32	+0.030%	$484K	$227K	20x	as long as short
Aevo NVDA-PERP	+0.0080%	1h	227.47	+0.095%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.106%	$1.3M	$888K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.29	+0.017%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.36	+0.048%	$1.6M	$753K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.22	−0.013%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.43	+0.079%	$36K	$22K	20x	as long as short
Lighter RH NVDA	+0.0120%	1h	227.59	+0.150%	$4.9M	$7.0M	20x	as long as short
BloFin NVDA-USDT	+0.0120%	8h	227.49	+0.106%	$714K	$205K	20x	as long as short
Lighter NVDA	+0.0144%	1h	227.48	+0.102%	$2.1M	$3.2M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0146%	1h	227.38	+0.057%	$49K	$1.5M	10x	as long as short
Hotstuff NVDA-PERP	+0.0152%	1h	227.33	+0.035%	$35K	—	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.61	+0.158%	$73K	$136	30x	as long as short
edgeX NVDAUSDC	+0.0268%	4h	227.36	+0.048%	$170K	$1.9M	20x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.35	+0.044%	$388K	$709K	20x	as long as short