Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.016%

Price spread now: Phemex against Ondo Perps+0.121%7-day average +0.036% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$17 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.121%, 7d avg +0.036%

Together, before fees−0.301%+ Points / potential airdropOndo Perps: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.085% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.121% now, against its 7-day average of +0.036%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NBIS-USD.P	230.94	0.0050	pay 0.0006% / 1h	4m 02s	$150K	$542K	10x
Short	Phemex NBISUSDT	231.22	0	get 0.0000% / 8h	4m 02s	$1.6M	$971K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now +0.121%Rate

Funding earned: −$10.58
Price spread: +0.121% → +0.036%: $8.5
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$19.08
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: 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 Phemex live order book, 4 min ago	1.73 bp	42.6 bp −$43	doesn't fit	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
Bitget NBISUSDT	−0.0365%	8h	231.23	+0.126%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.21	+0.115%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.16	+0.097%	$145K	$876K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.21	+0.118%	$18.8M	$88.0M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.23	+0.126%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.09	+0.065%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.16	+0.095%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.07	+0.058%	$2.8M	$590K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.02	+0.034%	$4K	$115K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	231.16	+0.095%	$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
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.99	+0.022%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.04	+0.043%	$15K	$57K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	231.22	+0.121%	$1.6M	$971K	10x
BloFin NBIS-USDT	+0.0005%	8h	231.07	+0.056%	$204K	$212K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.90	−0.017%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	231.13	+0.082%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.00	+0.026%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.04	+0.043%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.13	+0.082%	$83	$20K	10x	as long as short
Ondo Perps NBIS-USD.Plong	+0.0050%	1h	230.94	long leg	$150K	$542K	10x
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.90	−0.017%	$357K	$811K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.90	−0.017%	$476K	$30K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.10	+0.069%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.10	+0.069%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0118%	1h	231.12	+0.078%	$54.1M	$21.2M	10x	as long as short
Nado NBIS-PERP	+0.0173%	1h	231.04	+0.042%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0256%	1h	231.17	+0.100%	$939K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.11	+0.074%	$7K	$125K	10x	as long as short
Entropy io:NBIS	+0.0405%	1h	231.02	+0.035%	$10.1M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0505%	4h	230.94	−0.002%	$37K	$227K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0540%	1h	231.09	+0.066%	$23K	$15K	20x	as long as short