Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Bybit against Ondo Perps+0.076%7-day average +0.021% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.076%, 7d avg +0.021%

Together, before fees−0.098%+ Points / potential airdropOndo Perps: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.056% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of +0.021%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NBIS-USD.P	235.30	0.0050	pay 0.0006% / 1h	8m 39s	$161K	$502K	10x
Short	Bybit NBISUSDT	235.48	0	get 0.0000% / 8h	4h 08m	$5.0M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$10.58
Price spread: +0.076% → +0.021%: $5.55
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.03
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.49 bp	12.4 bp −$12	77.9 bp −$779	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0052%	1h	235.35	+0.020%	$38K	$115K	3x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	235.48	+0.076%	$5.0M	$6.3M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	235.40	+0.042%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.40	+0.042%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.40	+0.042%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	235.40	+0.043%	$2.9M	$561K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.47	+0.072%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.42	+0.051%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.36	+0.025%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.32	+0.008%	$15K	$60K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NBISUSDT	0.0000%	8h	235.46	+0.068%	$1.6M	$955K	10x	as long as short
BloFin NBIS-USDT	+0.0030%	8h	235.40	+0.042%	$207K	$205K	20x	as long as short
Aster NBISUSDT	+0.0035%	8h	235.39	+0.036%	$79K	$310K	50x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.29	−0.004%	$1.5M	$4.1M	10x	as long as short
Binance NBISUSDT	+0.0039%	8h	235.41	+0.047%	$19.4M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0040%	1h	235.34	+0.019%	$150K	$701K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.24	−0.025%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.68	+0.161%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.38	+0.034%	$54.9M	$19.9M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.36	+0.025%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.42	+0.051%	$66	$21K	10x	as long as short
Ondo Perps NBIS-USD.Plong	+0.0050%	1h	235.30	long leg	$161K	$502K	10x
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.56	+0.110%	$389K	$724K	10x	as long as short
edgeX NBISUSDC	+0.0074%	4h	235.41	+0.047%	$38K	$226K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.22	−0.034%	$485K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.39	+0.038%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.39	+0.039%	—	—	10x	as long as short
Lighter NBIS	+0.0168%	1h	235.50	+0.085%	$904K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0272%	1h	235.58	+0.119%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0426%	1h	235.36	+0.025%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0476%	1h	235.42	+0.051%	$24K	$15K	20x	as long as short