Funding arb · Price arb /

NMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0896%/8h= −98.1% APRpaid last 24h −0.003%

Price spread now: Bitget against Gate−0.011%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1261.255% of the position

Long on Gate Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now −0.011%, 7d avg −0.053%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.042% dearer against Gate than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.053%): +$4 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.003% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.003% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NMR_USDT	9.4950	0.0996	pay 0.0996% / 8h	7h 41m	$224K	$76K	50x
Short	Bitget NMRUSDT	9.4940	0.0100	get 0.0050% / 4h	3h 41m	$863K	$160K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Gate. 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 GatebpFee BitgetbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$188.16
Price spread: −0.011% → −0.053%: $4.21
Slippage, 4 orders: −$98.51
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$309.46
Costs to cover: 1.255%
Break-even: never at this rate

Slippage from Gate: live order book, 25 min ago; Bitget: live order book, 29 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 Gate live order book, 25 min ago	4.22 bp	47.7 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 29 min ago	3.70 bp	20.6 bp −$21	66.5 bp −$665	doesn't fit	doesn't fit

NMR on 11 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
Binance NMRUSDT	+0.0100%	4h	9.4923	−0.029%	$2.0M	$2.2M	50x	as long as short
Bybit NMRUSDT	+0.0100%	4h	9.4950	0.000%	$626K	$211K	50x	as long as short
OKX NMR-USDT-SWAP	+0.0100%	4h	9.4830	−0.126%	$419K	$396K	20x	as long as short
MEXC NMR_USDT	+0.0100%	4h	9.4930	−0.021%	$5.0M	$160K	50x	as long as short
KuCoin NMRUSDTM	+0.0100%	4h	9.4920	−0.032%	$285K	$37K	30x	as long as short
Bitget NMRUSDTshort	+0.0100%	4h	9.4940	−0.011%	$863K	$160K	50x
BingX NMR-USDT	+0.0100%	4h	9.4890	−0.063%	—	$2.4M	—	as long as short
Variational Omni NMR	+0.0100%	4h	9.4920	−0.031%	$2K	$442	—	as long as short
Lighter NMR	+0.0152%	1h	9.5034	+0.088%	$47K	$20K	3x	as long as short
Gate NMR_USDTlong	+0.0996%	8h	9.4950	long leg	$224K	$76K	50x

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_NMRUSD	+0.2099%	1h	9.5183	+0.246%	$27K	$14K	10x	as long as short