Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.002%

Price spread now: Ondo Perps against Bybit−0.133%47s7-day average −0.022% · you buy dearer than you sell

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.133%, 7d avg −0.022%

Together, before fees+0.170%+ Points / potential airdropOndo Perps: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.111% cheaper against Bybit than usual: you would sell low and buy high (spread −0.133% now, against its 7-day average of −0.022%). If the spread goes back, that is −$11 on $10k: about 7.4 days of funding at the current rate (+$2 a day). The two prices were read 47 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	Bybit NBISUSDT	232.39	0	get 0.0000% / 8h	3h 05m	$5.0M	$6.4M	50x
Short	Ondo Perps NBIS-USD.P	232.08	0.0050	get 0.0006% / 1h	5m 45s	$160K	$507K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. 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 BybitbpFee Ondo PerpsbpOrdersPrice spread, now −0.133%Rate

Funding earned: $10.58
Price spread: −0.133% → −0.022%: −$11.15
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$16.57
Costs to cover: 0.160%
Break-even: 18.0 days

Slippage unknown: Bybit: live order book, 2 min ago; Ondo Perps: no order-book sample. 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 Bybit live order book, 2 min ago	1.29 bp	10.0 bp −$10	68.1 bp −$681	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

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.

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
BloFin NBIS-USDT	−0.0014%	8h	232.20	−0.082%	$206K	$204K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	232.50	+0.047%	$78K	$310K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	232.24	−0.064%	$146K	$599K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	232.30	−0.039%	$18.9M	$85.6M	25x	as long as short
Bybit NBISUSDTlong	0.0000%	8h	232.39	long leg	$5.0M	$6.4M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	232.33	−0.026%	$3.4M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	232.39	0.000%	$2.7M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	232.43	+0.017%	$2.4M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	232.62	+0.101%	$2.9M	$552K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.97	−0.181%	$5K	$118K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	232.66	+0.116%	$940	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	232.16	−0.099%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	232.50	+0.047%	$1.6M	$956K	10x	as long as short
Nado NBIS-PERP	+0.0009%	1h	232.56	+0.073%	$38K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0034%	1h	232.57	+0.077%	$1.5M	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	232.17	−0.095%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	232.57	+0.077%	—	$217K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0049%	1h	232.69	+0.131%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	232.26	−0.056%	$54.1M	$20.2M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	232.59	+0.086%	$143K	$459K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	232.37	−0.009%	$93	$21K	10x	as long as short
Ondo Perps NBIS-USD.Pshort	+0.0050%	1h	232.08	−0.133%	$160K	$507K	10x
KuCoin NBISUSDTM	+0.0100%	8h	232.30	−0.039%	$479K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	232.63	+0.103%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	232.57	+0.079%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	232.30	−0.039%	$361K	$771K	10x	as long as short
Lighter NBIS	+0.0200%	1h	232.52	+0.056%	$918K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0239%	1h	232.25	−0.060%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0294%	1h	232.39	0.000%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0317%	4h	231.93	−0.197%	$37K	$226K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0524%	1h	232.69	+0.129%	$35K	$49K	10x	as long as short