Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0340%/8hnext payment +$0.42 per $10,000 · paid last 24h +0.065%

Price spread now: Phoenix against Extended−0.050%48s7-day average +0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.558% of the position

Long on Extended Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.512%+$51 on $10k

Price spread, last 3 days (all we have)+0.469%+$47 · spread now −0.050%, 7d avg +0.148%

Together, before fees+0.981%+ Points / potential airdropExtended: Active · farm board+$98 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.199% cheaper against Extended than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.148%). If the spread goes back, that is −$20 on $10k: about 47 hours of funding at the current rate (+$10 a day). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended NBIS-USD	234.42	0	get 0.0000% / 1h	22m 32s	$141K	$694K	10x
Short	Phoenix NBIS	234.30	0.0340	get 0.0042% / 1h	22m 32s	$7K	$180K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Extended. 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 ExtendedbpFee PhoenixbpOrdersPrice spread, now −0.050%Rate

Funding earned: $71.32
Price spread: −0.050% → +0.148%: −$19.86
Slippage, 4 orders: −$43.76
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$4.29
Costs to cover: 0.558%
Break-even: 7.4 days

Slippage from Extended: live order book, 10 min ago; Phoenix: 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 Extended live order book, 10 min ago	3.43 bp	14.0 bp −$14	114.3 bp −$1,143	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	4.70 bp	14.1 bp −$14	30.2 bp −$302	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	−0.0161%	1h	234.35	−0.028%	$25K	$11K	20x	as long as short
Extended NBIS-USDlong	0.0000%	1h	234.42	long leg	$141K	$694K	10x
Binance NBISUSDT	0.0000%	8h	234.37	−0.020%	$20.3M	$82.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.33	−0.037%	$5.2M	$6.1M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.49	+0.031%	$3.5M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.39	−0.012%	$2.9M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.34	−0.033%	$2.5M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.16	−0.110%	$2.9M	$923K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.23	−0.079%	$5K	$140K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.34	−0.033%	$933	$1.8M	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	234.21	−0.089%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.44	+0.010%	$1.6M	$906K	10x	as long as short
Aster NBISUSDT	+0.0001%	8h	234.43	+0.004%	$111K	$265K	50x	as long as short
BloFin NBIS-USDT	+0.0022%	8h	234.44	+0.010%	$213K	$215K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	234.40	−0.008%	$1.5M	$5.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.22	−0.084%	$40K	$118K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.53	+0.048%	—	$230K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.44	+0.010%	$135K	$554K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.39	−0.012%	$98	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.18	−0.101%	$160K	$491K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.17	−0.106%	$494K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.36	−0.025%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.31	−0.044%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0113%	1h	234.35	−0.029%	$54.8M	$22.3M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	235.35	+0.398%	$370K	$652K	10x	as long as short
Entropy io:NBIS	+0.0127%	1h	234.18	−0.101%	$10.3M	$3.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0134%	1h	234.29	−0.054%	$36K	$88K	10x	as long as short
edgeX NBISUSDC	+0.0141%	4h	234.26	−0.068%	$38K	$238K	10x	as long as short
Nado NBIS-PERP	+0.0166%	1h	234.22	−0.086%	$29K	$65K	3x	as long as short
Lighter NBIS	+0.0208%	1h	234.52	+0.044%	$985K	$4.4M	10x	as long as short
Phoenix NBISshort	+0.0340%	1h	234.30	−0.050%	$7K	$180K	10x