Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0646%/8h= +70.8% APRpaid last 24h +0.050%

Price spread now: edgeX against Lighter+0.029%79s7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as 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−$380.376% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.273%+$27 on $10k

Price spread, last 4 days (all we have)+0.444%+$44 · spread now +0.029%, 7d avg −0.061%

Together, before fees+0.717%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and edgeX is 0.090% dearer against Lighter than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.061%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.273% in total (about 14.3% 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	Lighter NBIS	234.07	0.0248	pay 0.0031% / 1h	50m 06s	$903K	$4.3M	10x
Short	edgeX NBISUSDC	234.14	0.0894	get 0.0447% / 4h	1h 50m	$38K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.029%Rate

Funding earned: $135.69
Price spread: +0.029% → −0.061%: $9.03
Slippage, 4 orders: −$28.64
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $107.08
Costs to cover: 0.376%
Break-even: 1.5 days

Slippage from Lighter: live order book, 7 min ago; edgeX: live order book, 12 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, 7 min ago	0.43 bp	0.5 bp −$1	2.1 bp −$21	73.3 bp −$7,326	doesn't fit
Sell edgeX live order book, 12 min ago	6.20 bp	21.5 bp −$22	doesn't fit	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
Nado NBIS-PERP	−0.0001%	1h	234.26	+0.083%	$67K	$95K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.12	+0.021%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.09	+0.009%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.11	+0.017%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.12	+0.021%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.16	+0.037%	$5K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.11	+0.017%	$904	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.06	−0.004%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.19	+0.051%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.09	+0.009%	$1.6M	$967K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	234.16	+0.038%	$1.5M	$4.4M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.03	−0.017%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.37	+0.128%	—	$215K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	234.01	−0.026%	$54.6M	$19.7M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.05	−0.009%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.04	−0.013%	$14	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.09	+0.009%	$163K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.10	+0.013%	$482K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.12	+0.021%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.09	+0.009%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.231%	$382K	$712K	10x	as long as short
Variational Omni NBIS	+0.0121%	8h	234.14	+0.030%	$2.8M	$569K	—	as long as short
Aster NBISUSDT	+0.0143%	8h	234.26	+0.081%	$81K	$307K	50x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.14	+0.030%	$23K	$15K	20x	as long as short
Extended NBIS-USD	+0.0152%	1h	234.07	−0.001%	$147K	$698K	10x	as long as short
Binance NBISUSDT	+0.0153%	8h	234.11	+0.016%	$19.1M	$84.7M	25x	as long as short
Lighter NBISlong	+0.0248%	1h	234.07	long leg	$903K	$4.3M	10x
Phoenix NBIS	+0.0308%	1h	234.17	+0.043%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0445%	1h	234.21	+0.060%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDCshort	+0.0894%	4h	234.14	+0.029%	$38K	$226K	10x