Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.075%

Price spread now: Phemex against Coinbase International−0.773%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1211.209% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.509%−$51 on $10k

Price spread, last 4 days (all we have)+0.650%+$65 · spread now −0.773%, 7d avg −0.080%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.693% cheaper against Coinbase International than usual: you would sell low and buy high (−$69 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International NBIS-PERP-INTX	235.56	0.0104	pay 0.0013% / 1h	40m 25s	$389K	$724K	10x
Short	Phemex NBISUSDT	233.74	0	get 0.0000% / 8h	3h 40m	$1.6M	$954K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.773%Rate

Funding earned: −$21.84
Price spread: −0.773% → −0.080%: −$69.31
Slippage, 4 orders: −$98.88
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$212.03
Costs to cover: 1.209%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 13 min ago; Phemex: live order book, 3 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, 13 min ago	2.99 bp	8.9 bp −$9	16.6 bp −$166	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.48 bp	51.0 bp −$51	doesn't fit	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
BloFin NBIS-USDT	−0.0010%	8h	233.67	−0.802%	$206K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	233.93	−0.693%	$78K	$310K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	233.63	−0.818%	$147K	$699K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	233.72	−0.782%	$19.2M	$84.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	233.72	−0.781%	$5.0M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.55	−0.853%	$3.4M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.73	−0.777%	$2.7M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.68	−0.798%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	233.67	−0.801%	$2.9M	$556K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.45	−0.472%	$4K	$120K	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	233.70	−0.790%	$848	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.59	−0.836%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.10	−0.620%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	233.74	−0.773%	$1.6M	$954K	10x
Nado NBIS-PERP	+0.0028%	1h	233.62	−0.825%	$38K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0034%	1h	233.81	−0.743%	$1.5M	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.87	−0.717%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	233.99	−0.666%	—	$216K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0049%	1h	233.57	−0.846%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	233.67	−0.802%	$54.5M	$20.0M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.68	−0.798%	$147K	$456K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.73	−0.777%	$79	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.98	−0.671%	$160K	$502K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.68	−0.798%	$481K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.70	−0.790%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.65	−0.811%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTXlong	+0.0104%	1h	235.56	long leg	$389K	$724K	10x
Lighter NBIS	+0.0216%	1h	233.76	−0.764%	$912K	$3.9M	10x	as long as short
Phoenix NBIS	+0.0239%	1h	234.36	−0.509%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0299%	1h	233.88	−0.713%	$10.2M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0607%	4h	234.16	−0.596%	$38K	$225K	10x	as long as short