NBIS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0352%/8h= +38.5% APRnext payment +$0.44 per $10,000 · paid last 24h +0.020%

Price spread now: Lighter against Coinbase International−0.115%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.115%, 7d avg −0.031%

Together, before fees+0.077%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.084% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of −0.031%). If the spread goes back, that is −$8 on $10k: about 19 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.042% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.042% in total (about 2.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 per $10,000. 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	Coinbase International NBIS-PERP-INTX	234.81	0	get 0.0000% / 1h	12m 17s	$360K	$679K	10x
Short	Lighter NBIS	234.54	0.0352	get 0.0044% / 1h	12m 17s	$925K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now −0.115%Rate

Funding earned: $73.92
Price spread: −0.115% → −0.031%: −$8.42
Slippage, 4 orders: −$9.97
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $45.53
Costs to cover: 0.200%
Break-even: 2.7 days

Slippage from Coinbase International: live order book, 1 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 Coinbase International live order book, 1 min ago	3.20 bp	9.4 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.85 bp	1.0 bp −$1	5.5 bp −$55	79.5 bp −$7,950	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	234.35	−0.196%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.46	−0.149%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.44	−0.158%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.38	−0.183%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.42	−0.166%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.40	−0.175%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTXlong	0.0000%	1h	234.81	long leg	$360K	$679K	10x
HTX NBIS-USDT	0.0000%	8h	234.85	+0.017%	$15K	$116K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.43	−0.162%	$1.6M	$976K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.73	−0.034%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.46	−0.149%	$136K	$747K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.43	−0.162%	$33	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.46	−0.149%	$1.5M	$5.2M	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0052%	1h	234.47	−0.145%	$174K	$507K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.35	−0.196%	$483K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.40	−0.175%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.46	−0.147%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0194%	1h	234.41	−0.169%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	235.11	+0.126%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0230%	8h	234.64	−0.073%	$81K	$308K	50x	as long as short
Binance NBISUSDT	+0.0247%	8h	234.42	−0.166%	$19.4M	$86.5M	25x	as long as short
BloFin NBIS-USDT	+0.0247%	8h	234.66	−0.064%	$206K	$213K	20x	as long as short
Extended NBIS-USD	+0.0248%	1h	234.40	−0.177%	$139K	$703K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.25	−0.240%	$24K	$15K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0249%	8h	235.06	+0.105%	$5K	$138K	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.47	−0.145%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0303%	1h	234.54	−0.115%	$54.7M	$23.5M	10x	as long as short
Lighter NBISshort	+0.0352%	1h	234.54	−0.115%	$925K	$4.6M	10x
Phoenix NBIS	+0.0376%	1h	235.17	+0.153%	$7K	$163K	10x	as long as short
edgeX NBISUSDC	+0.0406%	4h	234.92	+0.048%	$38K	$236K	10x	as long as short
Entropy io:NBIS	+0.0491%	1h	234.75	−0.026%	$10.3M	$3.4M	10x	as long as short