Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.101%

Price spread now: Phemex against Lighter+0.064%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$1061.057% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.552%−$55 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.064%, 7d avg −0.046%

Together, before fees−0.754%+ Points / potential airdropLighter: Season 3 · farm board−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.110% dearer against Lighter than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of −0.046%): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.32	0.0160	pay 0.0020% / 1h	10m 24s	$903K	$4.1M	10x
Short	Phemex NBISUSDT	235.47	0	get 0.0000% / 8h	4h 10m	$1.6M	$955K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$33.6
Price spread: +0.064% → −0.046%: $10.99
Slippage, 4 orders: −$93.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$128.34
Costs to cover: 1.057%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 3 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	1.1 bp −$1	3.8 bp −$38	59.4 bp −$5,940	doesn't fit
Sell Phemex live order book, 3 min ago	1.70 bp	48.6 bp −$49	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
Nado NBIS-PERP	−0.0055%	1h	235.26	−0.024%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.40	+0.034%	$5.0M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.34	+0.008%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.39	+0.030%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.39	+0.030%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	235.40	+0.035%	$2.9M	$561K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.29	−0.013%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.44	+0.051%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.32	0.000%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	235.47	+0.064%	$1.6M	$955K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX NBISUSDC	+0.0029%	4h	235.20	−0.051%	$38K	$227K	10x	as long as short
Aster NBISUSDT	+0.0036%	8h	235.33	+0.004%	$79K	$310K	50x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.34	+0.008%	$1.5M	$4.2M	10x	as long as short
Extended NBIS-USD	+0.0040%	1h	235.32	+0.002%	$150K	$701K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.22	−0.042%	$43K	$132K	5x	as long as short
Binance NBISUSDT	+0.0041%	8h	235.35	+0.013%	$19.4M	$84.5M	25x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.61	+0.123%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.34	+0.008%	$54.9M	$19.9M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.28	−0.017%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.34	+0.008%	$52	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.24	−0.034%	$161K	$503K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.56	+0.102%	$389K	$724K	10x	as long as short
BloFin NBIS-USDT	+0.0058%	8h	235.45	+0.055%	$207K	$205K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.18	−0.059%	$485K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.31	−0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.27	−0.023%	—	—	10x	as long as short
Lighter NBISlong	+0.0160%	1h	235.32	long leg	$903K	$4.1M	10x
Phoenix NBIS	+0.0272%	1h	235.26	−0.025%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0426%	1h	235.25	−0.030%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.41	+0.037%	$24K	$15K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0899%	1h	235.30	−0.008%	$35K	$49K	10x	as long as short