Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.009%

Price spread now: Deribit against Orderly−0.055%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.055% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	234.90	0.0100	pay 0.0100% / 8h	14m 23s	$2K	$3K	10x
Short	Deribit NBIS_USDC-PERPETUAL	234.77	0	get 0.0000% / 1h	14m 23s	$35K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$21
Price spread: −0.055% → 0.000%: −$5.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$39.53
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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
Bybit NBISUSDT	0.0000%	8h	234.88	−0.009%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.93	+0.013%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.89	−0.004%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.86	−0.017%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.04	+0.060%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUALshort	0.0000%	1h	234.77	−0.055%	$35K	$48K	10x
Coinbase International NBIS-PERP-INTX	0.0000%	1h	234.81	−0.038%	$360K	$679K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.07	+0.072%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.92	+0.009%	$1.6M	$975K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.12	+0.094%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.95	+0.021%	$142K	$738K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.88	−0.009%	$28	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.84	−0.026%	$1.5M	$5.2M	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0061%	1h	234.98	+0.034%	$174K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.77	−0.055%	$484K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	234.90	long leg	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	234.93	+0.013%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0197%	1h	234.88	−0.007%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	235.11	+0.088%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0235%	8h	235.18	+0.120%	$81K	$308K	50x	as long as short
BloFin NBIS-USDT	+0.0247%	8h	234.93	+0.013%	$206K	$214K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.60	−0.127%	$24K	$15K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0249%	8h	235.06	+0.067%	$5K	$138K	10x	as long as short
Binance NBISUSDT	+0.0253%	8h	234.87	−0.013%	$19.4M	$86.5M	25x	as long as short
Extended NBIS-USD	+0.0256%	1h	234.83	−0.031%	$139K	$703K	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.94	+0.017%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0305%	1h	234.95	+0.021%	$54.8M	$23.4M	10x	as long as short
Lighter NBIS	+0.0368%	1h	235.00	+0.043%	$930K	$4.6M	10x	as long as short
Phoenix NBIS	+0.0376%	1h	235.07	+0.072%	$7K	$163K	10x	as long as short
Entropy io:NBIS	+0.0490%	1h	234.93	+0.013%	$10.3M	$3.4M	10x	as long as short
edgeX NBISUSDC	+0.0874%	4h	235.04	+0.060%	$38K	$236K	10x	as long as short