Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.065%

Price spread now: Lighter against Orderly−0.112%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 Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.112% cheaper against Orderly than usual: you would sell low and buy high (spread −0.112% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 4.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	232.50	0.0100	pay 0.0100% / 8h	3h 03m	$2K	$3K	10x
Short	Lighter NBIS	232.24	0.0192	get 0.0024% / 1h	3m 40s	$918K	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.112%Rate

Funding earned: $19.32
Price spread: −0.112% → 0.000%: −$11.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.14
Costs to cover: 0.060%
Break-even: 6.2 days

Slippage unknown: Orderly: no order-book sample; Lighter: 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.43 bp	0.7 bp −$1	3.5 bp −$35	50.5 bp −$5,051	doesn't fit

Orderly: 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
Aster NBISUSDT	0.0000%	8h	232.37	−0.054%	$78K	$310K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	232.10	−0.172%	$148K	$654K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	232.27	−0.099%	$18.8M	$85.5M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	232.20	−0.129%	$4.9M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	232.02	−0.206%	$3.4M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	232.35	−0.065%	$2.7M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	232.39	−0.047%	$2.3M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	232.62	+0.053%	$2.9M	$552K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	232.14	−0.157%	$5K	$118K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	232.34	−0.069%	$985	$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	232.34	−0.069%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	232.55	+0.022%	$1.6M	$956K	10x	as long as short
Nado NBIS-PERP	+0.0007%	1h	232.34	−0.070%	$38K	$115K	3x	as long as short
BloFin NBIS-USDT	+0.0009%	8h	232.15	−0.151%	$205K	$205K	20x	as long as short
QFEX NBIS-USD	+0.0034%	1h	232.47	−0.013%	$1.5M	$4.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	232.23	−0.116%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	232.49	−0.004%	—	$217K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0049%	1h	232.46	−0.019%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	232.28	−0.095%	$54.1M	$20.2M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	232.43	−0.030%	$143K	$459K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	232.43	−0.030%	$102	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	232.20	−0.129%	$160K	$508K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	232.40	−0.043%	$479K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	232.50	long leg	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	232.39	−0.047%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	232.30	−0.086%	$361K	$771K	10x	as long as short
Lighter NBISshort	+0.0192%	1h	232.24	−0.112%	$918K	$4.0M	10x
Deribit NBIS_USDC-PERPETUAL	+0.0223%	1h	232.43	−0.030%	$34K	$49K	10x	as long as short
Phoenix NBIS	+0.0239%	1h	232.36	−0.060%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0298%	1h	232.43	−0.030%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0317%	4h	231.93	−0.244%	$37K	$226K	10x	as long as short