Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.082%

Price spread now: Lighter against BloFin−0.265%720s7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs+$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.188% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 3 days (all we have)+0.371%+$37 · spread now −0.265%, 7d avg +0.046%

Together, before fees+0.798%+ Points / potential airdropLighter: Season 3 · farm board+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.311% cheaper against BloFin than usual: you would sell low and buy high (spread −0.265% now, against its 7-day average of +0.046%). If the spread goes back, that is −$31 on $10k: about 23 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.427% in total) that is about 5.1 days. The two prices were read 720 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	BloFin NBIS-USDT	234.04	0.0234	pay 0.0234% / 8h	6h 37m	$207K	$209K	20x
Short	Lighter NBIS	233.42	0.0280	get 0.0035% / 1h	37m 10s	$901K	$4.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.265%Rate

Funding earned: $9.62
Price spread: −0.265% → +0.046%: −$31.14
Slippage, 4 orders: −$6.85
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$40.37
Costs to cover: 0.188%
Break-even: 36.4 days

Slippage from BloFin: live order book, 23 min ago; Lighter: live order book, 5 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 BloFin live order book, 23 min ago	0.64 bp	9.0 bp −$9	22.5 bp −$225	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.86 bp	0.9 bp −$1	2.5 bp −$25	79.7 bp −$7,972	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
Bybit NBISUSDT	0.0000%	8h	233.42	−0.265%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.43	−0.261%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.41	−0.269%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.43	−0.261%	$2.4M	$4.5M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.36	−0.291%	$996	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.25	−0.338%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.40	−0.273%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.44	−0.256%	$1.6M	$972K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0016%	8h	233.46	−0.246%	$5K	$129K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.39	−0.278%	$1.5M	$4.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	233.34	−0.299%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.43	−0.261%	—	$226K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.38	−0.282%	$148K	$468K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.40	−0.273%	$89	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.42	−0.265%	$163K	$499K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.31	−0.311%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.33	−0.303%	$481K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.42	−0.265%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.35	−0.297%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0109%	1h	233.41	−0.269%	$54.7M	$20.0M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+0.859%	$386K	$721K	10x	as long as short
Nado NBIS-PERP	+0.0140%	1h	233.34	−0.299%	$67K	$94K	3x	as long as short
Aster NBISUSDT	+0.0216%	8h	233.60	−0.186%	$81K	$314K	50x	as long as short
Variational Omni NBIS	+0.0223%	8h	233.46	−0.248%	$2.8M	$570K	—	as long as short
Extended NBIS-USD	+0.0232%	1h	233.33	−0.301%	$150K	$705K	10x	as long as short
BloFin NBIS-USDTlong	+0.0234%	8h	234.04	long leg	$207K	$209K	20x
Binance NBISUSDT	+0.0235%	8h	233.40	−0.275%	$19.2M	$85.1M	25x	as long as short
Lighter NBISshort	+0.0280%	1h	233.42	−0.265%	$901K	$4.4M	10x
Phoenix NBIS	+0.0306%	1h	233.42	−0.265%	$7K	$152K	10x	as long as short
Entropy io:NBIS	+0.0352%	1h	233.50	−0.231%	$10.1M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0636%	4h	233.36	−0.290%	$37K	$226K	10x	as long as short