Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0039%/8h= −4.2% APRpaid last 24h −0.061%

Price spread now: Phemex against Nado+0.096%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1451.452% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.096%, 7d avg +0.029%

Together, before fees−0.170%+ Points / potential airdropNado: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.067% dearer against Nado than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of +0.029%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.8 days. At the pace of the last 3 days (−0.101% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado NBIS-PERP	232.02	0.0039	pay 0.0005% / 1h	8m 15s	$38K	$115K	3x
Short	Phemex NBISUSDT	232.24	0	get 0.0000% / 8h	2h 08m	$1.6M	$957K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$8.11
Price spread: +0.096% → +0.029%: $6.75
Slippage, 4 orders: −$126.19
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$146.56
Costs to cover: 1.452%
Break-even: never at this rate

Slippage from Nado: live order book, 35 min ago; Phemex: 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 Nado live order book, 35 min ago	11.23 bp	29.0 bp −$29	516.7 bp −$5,167	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	5.39 bp	47.1 bp −$47	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
Bitget NBISUSDT	−0.0456%	8h	232.28	+0.113%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	232.07	+0.021%	$85K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	232.15	+0.056%	$146K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	232.21	+0.082%	$18.6M	$87.0M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	232.24	+0.096%	$4.9M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	232.21	+0.083%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	232.23	+0.092%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	232.26	+0.106%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	232.32	+0.131%	$5K	$117K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	232.23	+0.092%	$1K	$1.6M	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	232.24	+0.096%	$15K	$61K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	232.24	+0.096%	$1.6M	$957K	10x
BloFin NBIS-USDT	+0.0003%	8h	232.30	+0.122%	$202K	$206K	20x	as long as short
QFEX NBIS-USD	+0.0029%	1h	232.20	+0.079%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERPlong	+0.0039%	1h	232.02	long leg	$38K	$115K	3x
Arcus NBIS-USD	+0.0040%	1h	231.98	−0.016%	$42K	$132K	5x	as long as short
edgeX NBISUSDC	+0.0045%	4h	232.19	+0.075%	$37K	$226K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	232.27	+0.109%	—	$220K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	232.15	+0.057%	$138K	$473K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	232.09	+0.031%	$152K	$548K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	232.03	+0.005%	$478K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	232.24	+0.096%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	232.20	+0.079%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0111%	1h	232.18	+0.070%	$54.6M	$21.1M	10x	as long as short
SoDEX NBIS-USD	+0.0156%	1h	232.24	+0.096%	$88	$20K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	231.92	−0.042%	$351K	$815K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0222%	1h	232.25	+0.099%	$23K	$15K	20x	as long as short
Phoenix NBIS	+0.0242%	1h	232.31	+0.126%	$7K	$150K	10x	as long as short
Lighter NBIS	+0.0248%	1h	232.21	+0.083%	$939K	$4.0M	10x	as long as short
Entropy io:NBIS	+0.0384%	1h	231.96	−0.025%	$10.1M	$3.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0440%	1h	232.16	+0.062%	$34K	$49K	10x	as long as short