Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0475%/8h= +52.0% APRpaid last 24h +0.127%

Price spread now: Entropy against Bybit−0.137%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$880.875% of the position

Long on Bybit Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.469%+$47 on $10k

Price spread, last 7 days+0.214%+$21 · spread now −0.137%, 7d avg +0.024%

Together, before fees+0.682%+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.161% cheaper against Bybit than usual: you would sell low and buy high (spread −0.137% now, against its 7-day average of +0.024%). If the spread goes back, that is −$16 on $10k: about 27 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.469% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NBISUSDT	233.21	0.0219	pay 0.0219% / 8h	4h 43m	$5.4M	$6.9M	50x
Short	Entropy io:NBIS	232.89	0.0694	get 0.0087% / 1h	43m 08s	$10.2M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Bybit. 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 BybitbpFee EntropybpOrdersPrice spread, now −0.137%Rate

Funding earned: $99.71
Price spread: −0.137% → +0.024%: −$16.09
Slippage, 4 orders: −$58.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$3.91
Costs to cover: 0.875%
Break-even: 7.3 days

Slippage from Bybit: live order book, 3 min ago; Entropy: live order book, 7 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 Bybit live order book, 3 min ago	1.93 bp	19.5 bp −$20	68.8 bp −$688	doesn't fit	doesn't fit
Sell Entropy live order book, 7 min ago	2.79 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	233.01	−0.086%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.03	−0.077%	$2.7M	$4.8M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.10	−0.047%	$2.3M	$4.4M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	232.95	−0.111%	$1K	$1.4M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	232.71	−0.214%	$12K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.14	−0.030%	$1.6M	$968K	10x	as long as short
edgeX NBISUSDC	+0.0025%	4h	232.80	−0.174%	$31K	$235K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0039%	1h	233.10	−0.049%	$22K	$10K	20x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	232.93	−0.120%	$1K	$20K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0050%	1h	233.16	−0.021%	$36K	$50K	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.10	−0.047%	$151K	$520K	10x	as long as short
Vest NBIS-USD-PERP	+0.0052%	1h	233.02	−0.081%	—	$250K	5x	as long as short
QFEX NBIS-USD	+0.0053%	1h	232.90	−0.133%	$1.6M	$3.6M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	232.81	−0.172%	$472K	$253K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	232.94	−0.116%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	232.85	−0.153%	—	—	10x	as long as short
Polymarket Perps NBIS-USD	+0.0108%	1h	232.95	−0.111%	$129K	$478K	10x	as long as short
Variational Omni NBIS	+0.0182%	8h	232.52	−0.298%	$2.9M	$623K	—	as long as short
Nado NBIS-PERP	+0.0184%	1h	232.79	−0.181%	$38K	$54K	3x	as long as short
BloFin NBIS-USDT	+0.0209%	8h	233.09	−0.051%	$208K	$216K	20x	as long as short
Aster NBISUSDT	+0.0213%	8h	233.20	−0.004%	$81K	$314K	50x	as long as short
Bybit NBISUSDTlong	+0.0219%	8h	233.21	long leg	$5.4M	$6.9M	50x
Coinbase International NBIS-PERP-INTX	+0.0224%	1h	234.06	+0.364%	$383K	$861K	10x	as long as short
Binance NBISUSDT	+0.0236%	8h	233.08	−0.056%	$20.6M	$90.3M	25x	as long as short
Extended NBIS-USD	+0.0240%	1h	232.96	−0.106%	$147K	$1.0M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0399%	8h	232.90	−0.131%	$5K	$101K	10x	as long as short
Lighter NBIS	+0.0400%	1h	233.22	+0.004%	$942K	$3.7M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0411%	1h	233.11	−0.043%	$55.8M	$19.0M	10x	as long as short
Phoenix NBIS	+0.0444%	1h	232.80	−0.176%	$7K	$117K	10x	as long as short
Entropy io:NBISshort	+0.0694%	1h	232.89	−0.137%	$10.2M	$2.9M	10x
Arcus NBIS-USD	+0.0870%	1h	232.89	−0.137%	$43K	$116K	5x	as long as short