Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.018%

Price spread now: Extended against Phemex−0.021%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1211.211% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.021%, 7d avg −0.047%

Together, before fees+0.128%+ Points / potential airdropExtended: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Extended is 0.026% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.047%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.089% in total (about 4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

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	Extended NBIS-USD	233.79	0.0184	get 0.0023% / 1h	43m 47s	$149K	$842K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.021%Rate

Funding earned: $38.64
Price spread: −0.021% → −0.047%: $2.61
Slippage, 4 orders: −$104.07
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$79.82
Costs to cover: 1.211%
Break-even: 21.5 days

Slippage from Phemex: live order book, 2 min ago; Extended: live order book, 2 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	2.99 bp	44.2 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	2.57 bp	12.3 bp −$12	110.1 bp −$1,101	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	233.97	+0.056%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.80	−0.017%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.97	+0.056%	$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	234.12	+0.120%	—	$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	233.85	+0.004%	$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	233.68	−0.068%	$474K	$185K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.83	−0.004%	$2K	$3K	10x	as long as short
Bybit NBISUSDT	+0.0104%	8h	234.01	+0.073%	$5.4M	$7.0M	50x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.84	+0.002%	—	—	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	+0.0120%	1h	233.81	−0.013%	$133K	$476K	10x	as long as short
edgeX NBISUSDC	+0.0130%	4h	234.18	+0.146%	$31K	$234K	10x	as long as short
Aster NBISUSDT	+0.0145%	8h	234.40	+0.239%	$81K	$314K	50x	as long as short
Binance NBISUSDT	+0.0180%	8h	233.95	+0.047%	$20.6M	$91.5M	25x	as long as short
Extended NBIS-USDshort	+0.0184%	1h	233.79	−0.021%	$149K	$842K	10x
BloFin NBIS-USDT	+0.0197%	8h	233.87	+0.013%	$207K	$217K	20x	as long as short
Nado NBIS-PERP	+0.0239%	1h	233.76	−0.034%	$38K	$85K	3x	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	+0.0394%	1h	233.97	+0.056%	$55.3M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.79	−0.021%	$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:NBIS	+0.0761%	1h	233.96	+0.051%	$10.2M	$3.0M	10x	as long as short