Funding arb · Price arb /

NAS100

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.029%

Price spread now: Phemex against Ondo Perps−0.148%7-day average −0.204% · you buy dearer than you sell

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now −0.148%, 7d avg −0.204%

Together, before fees−0.157%+ Points / potential airdropOndo Perps: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.056% dearer against Ondo Perps than usual: you sell high and buy low (spread −0.148% now, against its 7-day average of −0.204%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps US100-USD.P	30,471.3	0.0050	pay 0.0006% / 1h	57m 04s	$6.0M	$8.9M	25x
Short	Phemex NAS100USDT	30,426.3	0	get 0.0000% / 4h	57m 04s	$1.4M	$193K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now −0.148%Rate

Funding earned: −$10.58
Price spread: −0.148% → −0.204%: $5.61
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$21.97
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 1 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	12.04 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NAS100 on 15 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
Orderly PERP_NAS100_USDC	−0.0282%	8h	30,458.9	−0.041%	$101K	$38K	20x	as long as short
Gate NAS100_USDT	−0.0200%	8h	30,415.3	−0.184%	$2.0M	$3.3M	100x	as long as short
MEXC NAS100_USDT	−0.0068%	8h	30,470	−0.004%	$24.1M	$20.6M	200x	as long as short
OKX US100-USDT-SWAP	0.0000%	8h	30,440	−0.103%	$264K	$375K	20x	as long as short
Bitget NDX100USDT	0.0000%	8h	30,488	+0.055%	$3.5M	$631K	50x	as long as short
Bullet US100-USD	0.0000%	1h	30,471.1	−0.001%	$4K	$91K	10x	as long as short
Phemex NAS100USDTshort	0.0000%	4h	30,426.3	−0.148%	$1.4M	$193K	10x
QFEX US100-USD	0.0000%	1h	30,467	−0.014%	$1.3M	$1.3M	30x	as long as short
Lighter US100	+0.0032%	1h	30,466	−0.017%	$3.9M	$93.4M	30x	as long as short
Extended TECH100m-USD	+0.0032%	1h	30,472.1	+0.003%	$2.0M	$5.9M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NDX-USD-PERP	+0.0046%	1h	30,766.3	+0.968%	—	$203.2M	50x	as long as short
Paradex US100-USD-PERP	+0.0050%	8h	30,465.6	−0.019%	—	—	5x	as long as short
Polymarket Perps NAS100-USD	+0.0050%	1h	30,468	−0.011%	$7.2M	$2.0M	50x	as long as short
Ondo Perps US100-USD.Plong	+0.0050%	1h	30,471.3	long leg	$6.0M	$8.9M	25x
Kraken Futures PF_US100USD	+0.1160%	1h	30,495	+0.078%	$141K	$141K	20x	as long as short