Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.014%

Price spread now: Phemex against QFEX+0.137%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$950.954% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.025%−$2 on $10k

Price spread, last 4 days (all we have)−0.295%−$29 · spread now +0.137%, 7d avg +0.033%

Together, before fees−0.319%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.104% dearer against QFEX than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of +0.033%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.8 days. At the pace of the last 4 days (−0.025% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NVDA-USD	226.13	0.0072	pay 0.0009% / 1h	34m 41s	$1.3M	$9.1M	10x
Short	Phemex NVDAUSDT	226.44	0	get 0.0000% / 4h	3h 34m	$2.2M	$41K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$15.1
Price spread: +0.137% → +0.033%: $10.38
Slippage, 4 orders: −$73.42
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$100.14
Costs to cover: 0.954%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Phemex: live order book, 4 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 QFEX live order book, 4 min ago	2.43 bp	7.4 bp −$7	8.0 bp −$80	10.8 bp −$1,079	doesn't fit
Sell Phemex live order book, 4 min ago	0.88 bp	42.0 bp −$42	doesn't fit	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	226.09	−0.018%	$12.5M	$14.6M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.09	−0.018%	$14.1M	$20.3M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.08	−0.022%	$7.2M	$9.9M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.19	+0.027%	$15.8M	$16.1M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.29	+0.071%	$21K	$428K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	225.82	−0.137%	$2K	$3.5M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.31	+0.080%	$198K	$437K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	226.44	+0.137%	$2.2M	$41K	10x
Aftermath Perps NVDAUSD	+0.0011%	1h	226.07	−0.025%	$117K	$52K	10x	as long as short
Lighter NVDA	+0.0032%	1h	226.08	−0.023%	$2.1M	$3.2M	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	225.98	−0.065%	$644K	$872K	10x	as long as short
Lighter RH NVDA	+0.0040%	1h	226.23	+0.044%	$5.1M	$7.0M	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.08	−0.022%	$392K	$736K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.26	+0.057%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.00	−0.057%	$146.8M	$43.1M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.00	−0.057%	$390K	$240K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	225.98	−0.066%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.03	−0.044%	$1.6M	$1.9M	15x	as long as short
Nado NVDA-PERP	+0.0058%	1h	226.01	−0.053%	$480K	$222K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0060%	1h	226.07	−0.027%	$53K	$1.9M	10x	as long as short
Hotstuff NVDA-PERP	+0.0064%	1h	226.09	−0.018%	$35K	—	20x	as long as short
Aster NVDAUSDT	+0.0071%	8h	226.12	−0.004%	$481K	$544K	20x	as long as short
QFEX NVDA-USDlong	+0.0072%	1h	226.13	long leg	$1.3M	$9.1M	10x
edgeX NVDAUSDC	+0.0081%	4h	226.27	+0.064%	$171K	$1.9M	20x	as long as short
Pacifica NVDA	+0.0100%	1h	225.98	−0.066%	$297K	$50K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.13	0.000%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.11	−0.009%	$36K	$20K	20x	as long as short
Variational Omni NVDA	+0.0100%	8h	226.16	+0.012%	$3.2M	$2.5M	—	as long as short
KuCoin NVDAUSDTM	+0.0104%	8h	226.17	+0.018%	$1.6M	$949K	20x	as long as short
Aevo NVDA-PERP	+0.0120%	1h	226.13	+0.002%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0136%	1h	226.29	+0.071%	$1.3M	$687K	10x	as long as short
Binance NVDAUSDT	+0.0156%	8h	226.13	0.000%	$154.9M	$220.7M	50x	as long as short
Phoenix NVDA	+0.0212%	1h	226.13	0.000%	$93K	$83K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.54	+0.181%	$73K	$137	30x	as long as short
BloFin NVDA-USDT	+0.0276%	8h	226.18	+0.022%	$715K	$198K	20x	as long as short