Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0311%/8h= +34.0% APRpaid last 24h +0.078%

Price spread now: Phoenix against Bybit+0.039%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on Bybit 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)+0.094%+$9 · spread now +0.039%, 7d avg +0.101%

Together, before fees+0.516%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.062% cheaper against Bybit than usual: you would sell low and buy high (spread +0.039% now, against its 7-day average of +0.101%). If the spread goes back, that is −$6 on $10k: about 16 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NBISUSDT	230.38	0	get 0.0000% / 8h	1h 38m	$4.9M	$6.6M	50x
Short	Phoenix NBIS	230.47	0.0311	get 0.0039% / 1h	38m 47s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.039%Rate

Funding earned: $65.21
Price spread: +0.039% → +0.101%: −$6.18
Slippage, 4 orders: −$47.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.55
Costs to cover: 0.656%
Break-even: 7.7 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 62 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, 4 min ago	2.39 bp	16.7 bp −$17	74.5 bp −$745	doesn't fit	doesn't fit
Sell Phoenix live order book, 62 min ago	6.07 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 NBISUSDT	−0.0505%	8h	230.43	+0.022%	$2.3M	$4.5M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.36	−0.009%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.33	−0.020%	$144K	$662K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.37	−0.004%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDTlong	0.0000%	8h	230.38	long leg	$4.9M	$6.6M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	230.36	−0.009%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.40	+0.009%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.48	+0.043%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.55	+0.074%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.55	+0.074%	$1K	$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	230.50	+0.052%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.41	+0.013%	$1.6M	$962K	10x	as long as short
BloFin NBIS-USDT	+0.0003%	8h	230.40	+0.009%	$204K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.42	+0.017%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.30	−0.035%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.29	−0.039%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.32	−0.026%	$92	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.45	+0.030%	$152K	$547K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.34	−0.017%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0076%	1h	230.24	−0.062%	$37K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.31	−0.030%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.36	−0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.31	−0.030%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	+0.004%	$351K	$812K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0130%	1h	230.34	−0.017%	$54.2M	$20.9M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0141%	1h	230.32	−0.026%	$34K	$49K	10x	as long as short
Lighter NBIS	+0.0216%	1h	230.44	+0.026%	$947K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0311%	1h	230.47	+0.039%	$7K	$150K	10x
Entropy io:NBIS	+0.0362%	1h	230.49	+0.048%	$10.0M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0496%	4h	230.48	+0.044%	$37K	$226K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0686%	1h	230.30	−0.035%	$23K	$15K	20x	as long as short