Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0687%/8h= +75.2% APRpaid last 24h −0.003%

Price spread now: Entropy against edgeX−0.084%7-day average +0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on edgeX Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.084%, 7d avg +0.095%

Together, before fees−0.154%+ Points / potential airdropedgeX: Active · farm board−$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.179% cheaper against edgeX than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of +0.095%). If the spread goes back, that is −$18 on $10k: about 21 hours of funding at the current rate (+$21 a day). Mind the row above: over the last 7 days funding on this pair cost −0.160%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.160% in total (about -8.4% a year). A funding rate is set anew for every payment. 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	edgeX NBISUSDC	235.95	0.0184	pay 0.0092% / 4h	3h 23m	$38K	$228K	10x
Short	Entropy io:NBIS	235.75	0.0870	get 0.0109% / 1h	23m 06s	$10.3M	$3.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against edgeX. 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 edgeXbpFee EntropybpOrdersPrice spread, now −0.084%Rate

Funding earned: $144.17
Price spread: −0.084% → +0.095%: −$17.9
Slippage, 4 orders: −$32.82
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Entropy: 9 bp × 2 orders: −$18
Net: $66.44
Costs to cover: 0.598%
Break-even: 3.8 days

Slippage from edgeX: live order book, 49 min ago; Entropy: live order book, 4 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 edgeX live order book, 49 min ago	5.33 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 4 min ago	1.48 bp	13.6 bp −$14	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	235.58	−0.154%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.63	−0.134%	$3.4M	$16.8M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.66	−0.122%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.91	−0.016%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.57	−0.160%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.58	−0.156%	$15K	$112K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.70	−0.105%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.044%	$386K	$739K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.57	−0.160%	$1.5M	$4.9M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.98	+0.014%	—	$224K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NBISUSDT	+0.0049%	8h	235.78	−0.071%	$5.1M	$6.5M	50x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	236.13	+0.077%	$176K	$505K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.42	−0.223%	$485K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.58	−0.156%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.60	−0.146%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0108%	8h	235.74	−0.088%	$2.5M	$4.6M	20x	as long as short
SoDEX NBIS-USD	+0.0131%	1h	235.67	−0.118%	$52	$20K	10x	as long as short
Nado NBIS-PERP	+0.0182%	1h	235.47	−0.201%	$31K	$66K	3x	as long as short
edgeX NBISUSDClong	+0.0184%	4h	235.95	long leg	$38K	$228K	10x
Variational Omni NBIS	+0.0240%	8h	236.09	+0.061%	$2.9M	$820K	—	as long as short
Aster NBISUSDT	+0.0248%	8h	235.74	−0.087%	$81K	$308K	50x	as long as short
BloFin NBIS-USDT	+0.0255%	8h	235.72	−0.096%	$207K	$211K	20x	as long as short
Binance NBISUSDT	+0.0270%	8h	235.71	−0.102%	$19.6M	$85.6M	25x	as long as short
Extended NBIS-USD	+0.0272%	1h	235.49	−0.194%	$151K	$812K	10x	as long as short
Polymarket Perps NBIS-USD	+0.0311%	1h	235.66	−0.122%	$134K	$444K	10x	as long as short
Lighter NBIS	+0.0328%	1h	235.79	−0.067%	$926K	$4.5M	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.76	−0.079%	$44K	$132K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0406%	1h	235.65	−0.126%	$55.1M	$23.7M	10x	as long as short
Phoenix NBIS	+0.0409%	1h	235.89	−0.024%	$7K	$163K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0446%	8h	236.00	+0.022%	$5K	$132K	10x	as long as short
Entropy io:NBISshort	+0.0870%	1h	235.75	−0.084%	$10.3M	$3.4M	10x