Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.025%

Price spread now: Phoenix against Variational Omni−0.051%99s7-day average −0.016% · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.051%, 7d avg −0.016%

Together, before fees+0.036%+ Points / potential airdropVariational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.035% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of −0.016%). If the spread goes back, that is −$3 on $10k: about 28 hours of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.024% in total) that is about 5.1 days. The two prices were read 99 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	Variational Omni NVDA	226.43	0.0006	pay 0.0006% / 8h	2h 19m	$3.6M	$2.1M	—
Short	Phoenix NVDA	226.31	0.0106	get 0.0013% / 1h	19m 46s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.051%Rate

Funding earned: $21.07
Price spread: −0.051% → −0.016%: −$3.47
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.6
Costs to cover: 0.070%
Break-even: 3.5 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: live order book, 20 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 Variational Omni RFQ quote, 4 min ago	2.80 bp	doesn't fit	6.9 bp −$69	doesn't fit	doesn't fit
Sell Phoenix live order book, 20 min ago	3.09 bp	9.3 bp −$9	20.0 bp −$200	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
Hotstuff NVDA-PERP	−0.0096%	1h	226.37	−0.024%	$35K	—	20x	as long as short
Aster NVDAUSDT	0.0000%	8h	226.68	+0.114%	$482K	$571K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.67	+0.108%	$12.5M	$15.0M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.64	+0.095%	$14.2M	$20.5M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.62	+0.086%	$7.3M	$9.8M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.65	+0.099%	$15.3M	$16.4M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.43	+0.004%	$22K	$412K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.28	−0.064%	$2K	$3.7M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.47	+0.020%	$198K	$458K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	226.71	+0.126%	$2.2M	$42K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NVDAlong	+0.0006%	8h	226.43	long leg	$3.6M	$2.1M	—
Aftermath Perps NVDAUSD	+0.0012%	1h	226.33	−0.043%	$117K	$52K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.44	+0.006%	$398K	$728K	20x	as long as short
QFEX NVDA-USD	+0.0042%	1h	226.46	+0.015%	$1.3M	$9.1M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.56	+0.059%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.52	+0.042%	$147.1M	$43.4M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.45	+0.011%	$398K	$278K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.37	−0.024%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.19	−0.104%	$1.6M	$2.0M	15x	as long as short
Lighter NVDA	+0.0056%	1h	226.63	+0.090%	$2.1M	$3.4M	20x	as long as short
Nado NVDA-PERP	+0.0080%	1h	226.36	−0.027%	$481K	$227K	20x	as long as short
Binance NVDAUSDT	+0.0081%	8h	226.69	+0.117%	$154.5M	$218.5M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	226.48	+0.025%	$297K	$48K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.53	+0.046%	$1.6M	$740K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.27	−0.069%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.53	+0.046%	$36K	$21K	20x	as long as short
Lighter RH NVDA	+0.0104%	1h	226.75	+0.143%	$5.1M	$7.1M	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	226.56	+0.059%	—	—	10x	as long as short
Phoenix NVDAshort	+0.0106%	1h	226.31	−0.051%	$93K	$112K	20x
Coinbase International NVDA-PERP-INTX	+0.0128%	1h	226.29	−0.060%	$1.3M	$789K	10x	as long as short
edgeX NVDAUSDC	+0.0200%	4h	226.41	−0.008%	$170K	$1.9M	20x	as long as short
BloFin NVDA-USDT	+0.0201%	8h	226.44	+0.006%	$715K	$191K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.71	+0.126%	$73K	$138	30x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0236%	1h	226.54	+0.051%	$53K	$1.8M	10x	as long as short
Extended NVDA_24_5-USD	+0.0344%	1h	226.45	+0.013%	$668K	$766K	10x	as long as short