Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.138%

Price spread now: Phemex against Entropy−0.166%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1341.338% of the position

Long on Entropy Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.648%−$65 on $10k

Price spread, last 3 days (all we have)+0.098%+$10 · spread now −0.166%, 7d avg −0.084%

Together, before fees−0.551%−$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.082% cheaper against Entropy than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:NBIS	235.25	0.0294	pay 0.0037% / 1h	57m 23s	$10.3M	$3.4M	10x
Short	Phemex NBISUSDT	234.86	0	get 0.0000% / 8h	6h 57m	$1.6M	$972K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Entropy. 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 EntropybpFee PhemexbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$61.78
Price spread: −0.166% → −0.084%: −$8.2
Slippage, 4 orders: −$103.84
Fee Entropy: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$203.82
Costs to cover: 1.338%
Break-even: never at this rate

Slippage from Entropy: live order book, 10 min ago; Phemex: live order book, 1 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 Entropy live order book, 10 min ago	1.06 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	3.19 bp	54.0 bp −$54	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
Bybit NBISUSDT	0.0000%	8h	234.77	−0.204%	$5.1M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.87	−0.162%	$3.4M	$16.7M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.86	−0.166%	$2.8M	$4.9M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.84	−0.174%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.61	+0.153%	$15K	$66K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.86	−0.166%	$1.6M	$972K	10x
QFEX NBIS-USD	+0.0024%	1h	234.74	−0.217%	$1.5M	$4.9M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.33	+0.034%	$43K	$135K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.16	−0.038%	—	$223K	5x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0048%	1h	234.75	−0.213%	$35K	$48K	10x	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	234.82	−0.183%	$142K	$462K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.84	−0.174%	$89	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.07	−0.077%	$174K	$506K	10x	as long as short
Nado NBIS-PERP	+0.0051%	1h	234.78	−0.200%	$31K	$66K	3x	as long as short
Bitget NBISUSDT	+0.0091%	8h	234.90	−0.149%	$2.5M	$4.6M	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0095%	1h	234.66	−0.250%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.86	−0.166%	$484K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.88	−0.157%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.86	−0.164%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+0.340%	$386K	$736K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0124%	1h	234.79	−0.196%	$54.9M	$23.7M	10x	as long as short
Lighter NBIS	+0.0184%	1h	234.98	−0.115%	$916K	$4.4M	10x	as long as short
Aster NBISUSDT	+0.0257%	8h	235.16	−0.038%	$81K	$308K	50x	as long as short
Variational Omni NBIS	+0.0263%	8h	235.53	+0.119%	$2.9M	$591K	—	as long as short
Extended NBIS-USD	+0.0280%	1h	234.80	−0.190%	$151K	$705K	10x	as long as short
Binance NBISUSDT	+0.0281%	8h	234.87	−0.162%	$19.5M	$85.4M	25x	as long as short
Entropy io:NBISlong	+0.0294%	1h	235.25	long leg	$10.3M	$3.4M	10x
BloFin NBIS-USDT	+0.0310%	8h	235.50	+0.106%	$207K	$210K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0325%	8h	235.40	+0.064%	$5K	$131K	10x	as long as short
Phoenix NBIS	+0.0409%	1h	235.10	−0.064%	$7K	$152K	10x	as long as short
edgeX NBISUSDC	+0.0967%	4h	235.39	+0.058%	$38K	$225K	10x	as long as short