Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0885%/8h= +96.9% APRpaid last 24h +0.096%

Price spread now: Phoenix against Bitget+0.004%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

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

costs, in and out, $10k−$640.639% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.422%+$42 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now +0.004%, 7d avg +0.099%

Together, before fees+0.528%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.094% cheaper against Bitget than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.099%). If the spread goes back, that is −$9 on $10k: about 9 hours of funding at the current rate (+$27 a day). At the pace of the last 7 days (+0.422% in total) that is about 38 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.422% in total (about 22.0% 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	Bitget NBISUSDT	230.84	−0.0574	get 0.0574% / 8h	1h 15m	$2.3M	$4.5M	20x
Short	Phoenix NBIS	230.85	0.0311	get 0.0039% / 1h	15m 10s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.004%Rate

Funding earned: $185.75
Price spread: +0.004% → +0.099%: −$9.42
Slippage, 4 orders: −$44.86
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $112.47
Costs to cover: 0.639%
Break-even: 2.8 days

Slippage from Bitget: live order book, 3 min ago; Phoenix: live order book, 21 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 Bitget live order book, 3 min ago	2.38 bp	15.9 bp −$16	16.5 bp −$165	22.9 bp −$2,286	doesn't fit
Sell Phoenix live order book, 21 min ago	5.64 bp	17.2 bp −$17	37.7 bp −$377	doesn't fit	doesn't fit

NBIS on 31 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
Bitget NBISUSDTlong	−0.0574%	8h	230.84	long leg	$2.3M	$4.5M	20x
Aster NBISUSDT	0.0000%	8h	230.70	−0.062%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.69	−0.064%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.77	−0.030%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.82	−0.009%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.69	−0.065%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.85	+0.004%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.80	−0.017%	$2.8M	$599K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.86	+0.009%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.76	−0.035%	$967	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	231.03	+0.082%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.84	0.000%	$1.6M	$964K	10x	as long as short
BloFin NBIS-USDT	+0.0014%	8h	230.79	−0.022%	$203K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.71	−0.056%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.77	−0.030%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.70	−0.061%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.74	−0.043%	$115	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.92	+0.035%	$151K	$543K	10x	as long as short
Nado NBIS-PERP	+0.0055%	1h	230.67	−0.073%	$37K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.83	−0.004%	$1.5M	$3.8M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0073%	1h	230.69	−0.065%	$54.3M	$21.0M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0097%	1h	230.70	−0.061%	$34K	$49K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.70	−0.061%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.75	−0.039%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.71	−0.056%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.195%	$351K	$812K	10x	as long as short
Lighter NBIS	+0.0184%	1h	230.73	−0.048%	$954K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0311%	1h	230.85	+0.004%	$7K	$150K	10x
edgeX NBISUSDC	+0.0345%	4h	230.91	+0.030%	$37K	$227K	10x	as long as short
Entropy io:NBIS	+0.0351%	1h	230.77	−0.030%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0685%	1h	230.65	−0.081%	$23K	$15K	20x	as long as short