Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.016%

Price spread now: Ondo Perps against Phemex−0.121%7-day average −0.036% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$17 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.121%, 7d avg −0.036%

Together, before fees+0.301%+ Points / potential airdropOndo Perps: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.085% cheaper against Phemex than usual: you would sell low and buy high (spread −0.121% now, against its 7-day average of −0.036%). If the spread goes back, that is −$8 on $10k: about 5.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	231.22	0	get 0.0000% / 8h	4m 15s	$1.6M	$971K	10x
Short	Ondo Perps NBIS-USD.P	230.94	0.0050	get 0.0006% / 1h	4m 15s	$150K	$542K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.121%Rate

Funding earned: $10.58
Price spread: −0.121% → −0.036%: −$8.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$14.9
Costs to cover: 0.170%
Break-even: 16.9 days

Slippage unknown: Phemex: live order book, 4 min ago; Ondo Perps: 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 Phemex live order book, 4 min ago	1.73 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Bitget NBISUSDT	−0.0365%	8h	231.19	−0.013%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.18	−0.018%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.07	−0.067%	$144K	$876K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.15	−0.029%	$18.8M	$88.0M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	231.19	−0.013%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.09	−0.056%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.11	−0.048%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.07	−0.063%	$2.8M	$590K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.02	−0.087%	$4K	$115K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	231.16	−0.026%	$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	230.99	−0.099%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.04	−0.078%	$15K	$57K	20x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	231.22	long leg	$1.6M	$971K	10x
BloFin NBIS-USDT	+0.0005%	8h	231.07	−0.065%	$204K	$212K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.90	−0.138%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	231.13	−0.039%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.00	−0.095%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.04	−0.078%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.13	−0.039%	$83	$20K	10x	as long as short
Ondo Perps NBIS-USD.Pshort	+0.0050%	1h	230.94	−0.121%	$150K	$542K	10x
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.90	−0.138%	$357K	$811K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.90	−0.138%	$476K	$30K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.10	−0.052%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.10	−0.052%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0117%	1h	231.04	−0.078%	$54.1M	$21.2M	10x	as long as short
Nado NBIS-PERP	+0.0173%	1h	231.04	−0.079%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0256%	1h	231.17	−0.022%	$939K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.11	−0.048%	$7K	$125K	10x	as long as short
Entropy io:NBIS	+0.0405%	1h	231.02	−0.086%	$10.1M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0505%	4h	230.94	−0.123%	$37K	$227K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0540%	1h	231.09	−0.055%	$23K	$15K	20x	as long as short