Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0761%/8h= +83.4% APRpaid last 24h +0.131%

Price spread now: Entropy against Phemex+0.051%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1321.321% of the position

Long on Phemex Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.633%+$63 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.051%, 7d avg +0.073%

Together, before fees+0.613%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.021% cheaper against Phemex than usual: you would sell low and buy high (spread +0.051% now, against its 7-day average of +0.073%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.633% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	233.84	0	get 0.0000% / 8h	5h 43m	$1.6M	$969K	10x
Short	Entropy io:NBIS	233.96	0.0761	get 0.0095% / 1h	43m 23s	$10.2M	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Phemex. 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 PhemexbpFee EntropybpOrdersPrice spread, now +0.051%Rate

Funding earned: $159.87
Price spread: +0.051% → +0.073%: −$2.13
Slippage, 4 orders: −$102.08
Fee Phemex: 6 bp × 2 orders: −$12
Fee Entropy: 9 bp × 2 orders: −$18
Net: $25.66
Costs to cover: 1.321%
Break-even: 5.9 days

Slippage from Phemex: live order book, 3 min ago; Entropy: live order book, 7 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, 3 min ago	2.99 bp	44.2 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 7 min ago	0.43 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	234.03	+0.081%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.01	+0.073%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.03	+0.081%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.59	−0.107%	$1K	$1.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.57	−0.115%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.47	+0.269%	$13K	$62K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	233.84	long leg	$1.6M	$969K	10x
Vest NBIS-USD-PERP	+0.0046%	1h	234.13	+0.124%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.37	−0.201%	$152K	$532K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.88	+0.017%	$1.6M	$3.6M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NBISUSDTM	+0.0100%	8h	233.79	−0.021%	$474K	$186K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.94	+0.043%	$2K	$3K	10x	as long as short
Bybit NBISUSDT	+0.0104%	8h	234.14	+0.128%	$5.4M	$7.0M	50x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.06	+0.093%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.094%	$383K	$883K	10x	as long as short
Variational Omni NBIS	+0.0111%	8h	233.75	−0.040%	$2.9M	$646K	—	as long as short
Polymarket Perps NBIS-USD	+0.0114%	1h	233.98	+0.060%	$134K	$476K	10x	as long as short
Aster NBISUSDT	+0.0145%	8h	234.35	+0.220%	$81K	$314K	50x	as long as short
Extended NBIS-USD	+0.0176%	1h	233.92	+0.033%	$149K	$842K	10x	as long as short
Binance NBISUSDT	+0.0180%	8h	234.00	+0.068%	$20.6M	$91.5M	25x	as long as short
BloFin NBIS-USDT	+0.0197%	8h	233.87	+0.013%	$207K	$217K	20x	as long as short
Nado NBIS-PERP	+0.0222%	1h	233.98	+0.061%	$38K	$85K	3x	as long as short
edgeX NBISUSDC	+0.0334%	4h	233.78	−0.025%	$31K	$234K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0370%	1h	233.49	−0.151%	$22K	$11K	20x	as long as short
Lighter NBIS	+0.0376%	1h	234.04	+0.086%	$946K	$3.8M	10x	as long as short
Phoenix NBIS	+0.0377%	1h	233.68	−0.068%	$7K	$127K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0387%	1h	234.12	+0.120%	$55.4M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.98	+0.060%	$42K	$119K	5x	as long as short
SoDEX NBIS-USD	+0.0495%	1h	233.85	+0.004%	$84	$19K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0560%	8h	234.24	+0.172%	$4K	$101K	10x	as long as short
Entropy io:NBISshort	+0.0761%	1h	233.96	+0.051%	$10.2M	$3.0M	10x