Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.071%

Price spread now: Coinbase International against Phemex−0.078%7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1261.265% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.506%+$51 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now −0.078%, 7d avg +0.078%

Together, before fees+0.735%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.156% cheaper against Phemex than usual: you would sell low and buy high (spread −0.078% now, against its 7-day average of +0.078%). If the spread goes back, that is −$16 on $10k: about 9.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.506% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	231.08	0	get 0.0000% / 8h	5m 49s	$1.6M	$971K	10x
Short	Coinbase International NBIS-PERP-INTX	230.90	0.0056	get 0.0007% / 1h	5m 49s	$357K	$811K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.078%Rate

Funding earned: $11.76
Price spread: −0.078% → +0.078%: −$15.55
Slippage, 4 orders: −$104.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$130.27
Costs to cover: 1.265%
Break-even: 84.5 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 32 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 Phemex live order book, 2 min ago	1.73 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 32 min ago	6.27 bp	12.3 bp −$12	21.0 bp −$210	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	−0.0369%	8h	231.14	+0.026%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.18	+0.043%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.02	−0.024%	$144K	$876K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.08	0.000%	$18.8M	$88.0M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.06	−0.009%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.93	−0.065%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.03	−0.022%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.07	−0.003%	$2.8M	$590K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.93	−0.063%	$4K	$115K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	231.10	+0.009%	$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	231.00	−0.035%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.01	−0.030%	$15K	$57K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	231.08	long leg	$1.6M	$971K	10x
BloFin NBIS-USDT	+0.0011%	8h	231.03	−0.022%	$204K	$212K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.87	−0.091%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	231.01	−0.030%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.90	−0.078%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.95	−0.056%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.04	−0.017%	$83	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.97	−0.048%	$150K	$542K	10x	as long as short
Coinbase International NBIS-PERP-INTXshort	+0.0056%	1h	230.90	−0.078%	$357K	$811K	10x
KuCoin NBISUSDTM	+0.0100%	8h	230.85	−0.100%	$476K	$27K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.08	0.000%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.03	−0.024%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0118%	1h	231.03	−0.022%	$54.1M	$21.2M	10x	as long as short
Nado NBIS-PERP	+0.0182%	1h	230.99	−0.039%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0264%	1h	231.02	−0.026%	$939K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.04	−0.017%	$7K	$125K	10x	as long as short
edgeX NBISUSDC	+0.0347%	4h	230.92	−0.071%	$37K	$226K	10x	as long as short
Entropy io:NBIS	+0.0408%	1h	231.01	−0.030%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0540%	1h	231.03	−0.022%	$23K	$15K	20x	as long as short