Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h +0.044%

Price spread now: Phoenix against SunX+0.176%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$810.812% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.249%+$25 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now +0.176%, 7d avg +0.095%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.081% dearer against SunX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NVDA-USDT	227.34	0	get 0.0000% / 8h	6h 26m	$3K	$3.8M	20x
Short	Phoenix NVDA	227.74	0.0105	get 0.0013% / 1h	26m 23s	$94K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.176%Rate

Funding earned: $22.12
Price spread: +0.176% → +0.095%: $8.09
Slippage, 4 orders: −$66.22
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.01
Costs to cover: 0.812%
Break-even: 23.1 days

Slippage from SunX: live order book, 12 min ago; Phoenix: live order book, 34 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 SunX live order book, 12 min ago	21.97 bp	38.1 bp −$38	67.5 bp −$675	doesn't fit	doesn't fit
Sell Phoenix live order book, 34 min ago	2.63 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit

NVDA on 34 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	227.80	+0.204%	$484K	$581K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.86	+0.229%	$12.7M	$15.1M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.87	+0.233%	$14.4M	$20.3M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.78	+0.194%	$7.2M	$9.6M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.87	+0.233%	$15.4M	$16.3M	100x	as long as short
SunX NVDA-USDTlong	0.0000%	8h	227.34	long leg	$3K	$3.8M	20x
HTX NVDA-USDT	0.0000%	8h	227.88	+0.238%	$198K	$497K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.90	+0.246%	$2.2M	$43K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0011%	1h	227.61	+0.121%	$118K	$54K	10x	as long as short
Variational Omni NVDA	+0.0018%	8h	227.89	+0.241%	$3.5M	$2.0M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT NVDA_USDT_Perp	+0.0021%	8h	227.79	+0.200%	$20K	$385K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.67	+0.145%	$400K	$723K	20x	as long as short
QFEX NVDA-USD	+0.0045%	1h	227.81	+0.207%	$1.4M	$10.0M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.93	+0.260%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.72	+0.167%	$148.1M	$44.7M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.78	+0.194%	$402K	$280K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.68	+0.150%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.56	+0.097%	$1.6M	$2.0M	15x	as long as short
Hotstuff NVDA-PERP	+0.0072%	1h	227.67	+0.145%	$35K	—	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0072%	1h	227.46	+0.053%	$1.3M	$787K	10x	as long as short
Nado NVDA-PERP	+0.0078%	1h	227.69	+0.154%	$484K	$230K	20x	as long as short
Binance NVDAUSDT	+0.0082%	8h	227.89	+0.240%	$156.4M	$216.0M	50x	as long as short
Extended NVDA_24_5-USD	+0.0088%	1h	227.66	+0.139%	$689K	$714K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.66	+0.140%	$299K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.65	+0.136%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.85	+0.224%	$36K	$22K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	227.84	+0.221%	—	—	10x	as long as short
Phoenix NVDAshort	+0.0105%	1h	227.74	+0.176%	$94K	$112K	20x
Lighter NVDA	+0.0120%	1h	227.82	+0.210%	$2.2M	$3.2M	20x	as long as short
KuCoin NVDAUSDTM	+0.0128%	8h	227.84	+0.220%	$1.6M	$738K	20x	as long as short
Lighter RH NVDA	+0.0136%	1h	227.94	+0.264%	$5.1M	$7.0M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0145%	1h	227.74	+0.176%	$49K	$1.5M	10x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.97	+0.277%	$73K	$137	30x	as long as short
edgeX NVDAUSDC	+0.0796%	4h	227.88	+0.239%	$170K	$1.9M	20x	as long as short