Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0264%/8h= −28.9% APRpaid last 24h −0.106%

Price spread now: Bitget against Lighter−0.055%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.384%−$38 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.055%, 7d avg −0.018%

Together, before fees−0.385%+ Points / potential airdropLighter: Season 3 · farm board−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bitget is 0.037% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.41	0.0264	pay 0.0033% / 1h	3m 00s	$901K	$4.3M	10x
Short	Bitget NBISUSDT	235.28	0	get 0.0000% / 8h	5h 03m	$2.4M	$4.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$55.44
Price spread: −0.055% → −0.018%: −$3.71
Slippage, 4 orders: −$20.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$91.68
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bitget: 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 Lighter live order book, 5 min ago	0.43 bp	1.0 bp −$1	2.8 bp −$28	64.2 bp −$6,420	doesn't fit
Sell Bitget live order book, 5 min ago	2.34 bp	15.4 bp −$15	24.5 bp −$245	46.9 bp −$4,692	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
Nado NBIS-PERP	−0.0015%	1h	235.35	−0.026%	$64K	$100K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.35	−0.025%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.41	0.000%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.37	−0.017%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDTshort	0.0000%	8h	235.28	−0.055%	$2.4M	$4.4M	20x
GRVT NBIS_USDT_Perp	0.0000%	8h	235.56	+0.065%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.27	−0.059%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.22	−0.081%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.57	+0.068%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.38	−0.013%	$1.6M	$960K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	235.28	−0.055%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.27	−0.059%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.55	+0.059%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.30	−0.047%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.39	−0.008%	$56	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	+0.047%	$165K	$500K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0065%	1h	235.28	−0.055%	$55.2M	$19.6M	10x	as long as short
Variational Omni NBIS	+0.0075%	8h	235.50	+0.038%	$2.9M	$565K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.19	−0.093%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.40	−0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.36	−0.021%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.35	−0.025%	$389K	$725K	10x	as long as short
Aster NBISUSDT	+0.0112%	8h	235.37	−0.019%	$81K	$307K	50x	as long as short
Binance NBISUSDT	+0.0116%	8h	235.32	−0.038%	$19.2M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.30	−0.047%	$147K	$706K	10x	as long as short
BloFin NBIS-USDT	+0.0145%	8h	235.27	−0.059%	$207K	$204K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.19	−0.093%	$24K	$15K	20x	as long as short
Lighter NBISlong	+0.0264%	1h	235.41	long leg	$901K	$4.3M	10x
Phoenix NBIS	+0.0308%	1h	235.50	+0.038%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0518%	1h	235.39	−0.008%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0535%	4h	235.54	+0.057%	$38K	$227K	10x	as long as short