NBIS

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0184%/8h= −20.1% APRnext payment −$0.23 per $10,000 · paid last 24h −0.026%

Price spread now: Coinbase International against Lighter+1.014%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs+$75as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.947%−$95 · spread now +1.014%, 7d avg +0.033%

Together, before fees−0.991%+ Points / potential airdropLighter: Season 3 · farm board−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.981% dearer against Lighter than usual: you sell high and buy low (spread +1.014% now, against its 7-day average of +0.033%): +$98 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 7 days (−0.043% in total) that is about 5 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.23 per $10,000. 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	Lighter NBIS	233.68	0.0296	pay 0.0037% / 1h	33m 45s	$902K	$4.4M	10x
Short	Coinbase International NBIS-PERP-INTX	236.05	0.0112	get 0.0014% / 1h	33m 45s	$386K	$721K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.014%Rate

Funding earned: −$38.64
Price spread: +1.014% → +0.033%: $98.07
Slippage, 4 orders: −$13.34
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $36.09
Costs to cover: 0.233%
Break-even: from the start

Slippage from Lighter: live order book, 4 min ago; Coinbase International: live order book, 35 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, 4 min ago	0.64 bp	0.6 bp −$1	2.4 bp −$24	77.4 bp −$7,745	doesn't fit
Sell Coinbase International live order book, 35 min ago	4.88 bp	10.4 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit

NBIS on 30 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	233.79	+0.047%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.64	−0.017%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.71	+0.013%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.70	+0.009%	$2.4M	$4.5M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.56	−0.051%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.40	−0.120%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.71	+0.013%	$1.6M	$971K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0016%	8h	233.46	−0.092%	$5K	$129K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.58	−0.043%	$1.5M	$4.6M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.38	−0.128%	$42K	$132K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	233.68	0.000%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.51	−0.073%	$148K	$454K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.56	−0.051%	$79	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.49	−0.081%	$163K	$499K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0093%	1h	233.60	−0.034%	$35K	$48K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.48	−0.087%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.56	−0.051%	$482K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.58	−0.043%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.59	−0.039%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0109%	1h	233.59	−0.039%	$54.7M	$20.0M	10x	as long as short
Coinbase International NBIS-PERP-INTXshort	+0.0112%	1h	236.05	+1.014%	$386K	$721K	10x
Nado NBIS-PERP	+0.0144%	1h	233.41	−0.115%	$67K	$94K	3x	as long as short
Variational Omni NBIS	+0.0207%	8h	233.54	−0.060%	$2.8M	$571K	—	as long as short
Aster NBISUSDT	+0.0210%	8h	233.82	+0.058%	$81K	$314K	50x	as long as short
Binance NBISUSDT	+0.0231%	8h	233.65	−0.011%	$19.2M	$85.0M	25x	as long as short
Extended NBIS-USD	+0.0232%	1h	233.58	−0.042%	$150K	$701K	10x	as long as short
Lighter NBISlong	+0.0296%	1h	233.68	long leg	$902K	$4.4M	10x
Phoenix NBIS	+0.0306%	1h	233.42	−0.111%	$7K	$152K	10x	as long as short
Entropy io:NBIS	+0.0384%	1h	233.56	−0.051%	$10.1M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0636%	4h	233.36	−0.136%	$37K	$226K	10x	as long as short